Anthropic seeks an IPO valuation above 2 trillion dollars

A valuation more than double the level reached in May

A valuation above $2 trillion would put Anthrophic among the world’s most valuable publicly traded companies. Reuters cites an IPO prospectus reviewed by the news agency. The target would more than double the $965 billion valuation reached in the company’s May 2026 funding round.

The figure refers to the targeted value of the company’s total equity. How much money Anthropic actually raises in the IPO will depend on factors including the number of new shares issued and their offer price. The valuation target is therefore not yet a market capitalisation confirmed by stock market trading.

Putting a loss of 42 billion dollars in context

Anthropic’s revenue rose to around $4.6 billion in 2025. At the same time, its net loss reached approximately $42 billion. That figure should not be equated with cash consumed by day-to-day operations.

According to Reuters, roughly $34 billion reflected an accounting charge from revaluing financing instruments that could later convert into shares. The charge arose from an increase in their estimated value and did not represent an equivalent cash outflow from running the business.

Even excluding that effect, the operating loss exceeded $8 billion. For investors, the question is how quickly Anthropic can turn growing demand for its products into a profitable business.

Computing costs and AI safety influence the valuation

Training and running advanced AI models requires substantial computing capacity. A key consideration for the valuation is therefore whether additional revenue can grow faster than infrastructure and development costs over the long term. Rapid revenue growth alone does not answer that question.

Safety risks add another dimension. As news outlets reported on 29 September, rival OpenAI postponed the release of a new AI model over safety concerns. From an investor’s perspective, such delays can slow the commercial rollout of new products and create additional costs. Alongside performance, the ability to control these systems and their reliability are therefore becoming economic factors.

Trading Anthropic before its IPO with IG

It is already possible to observe how the market views the potential listing plans before the IPO takes place. The chart below shows expectations for Anthropic’s market capitalisation at the close of its first trading day, as reflected in IG’s pre-IPO market prices at the time of the screenshot. Values are quoted in billions of US dollars, so a level of 2,000 corresponds to $2 trillion.

Anthropic’s expected market capitalisation in billions of US dollars

With IG, traders can take positions on rising or falling valuation expectations through the pre-IPO market before the company lists. They do not acquire Anthropic shares or receive any entitlement to an allocation in the IPO.

To find out how the market works, how positions can be closed before the listing and what matters for settlement, read our article Trading Anthropic pre-IPO: What investors need to know.