Anthropic could secure $100 billion, which is ten times the size of Europe's largest public offering in many years.

      Anthropic may achieve approximately $100 billion in a listing as soon as October, surpassing SpaceX’s record, with supporters estimating a valuation of at least $2 trillion. According to the Financial Times, senior executives have not established a valuation target even in private discussions.

      The anticipated amount for Anthropic's listing is now clear. Reports indicate the amount sought is around $100 billion, which is about 17% higher than the record set by SpaceX in June.

      The valuation involves another set of figures. The Financial Times notes that backers are estimating at least $2 trillion, with some investor models projecting up to $3 trillion, while senior executives have not specified a target even in private.

      Private markets have been ahead of the company for some time. TNW reported that secondary trades had implied a valuation of $1.2 trillion prior to any public disclosures.

      The foundation for these projections is the revenue growth. Anthropic reported generating approximately $10 billion for the entirety of 2025, reached an annualized rate of $47 billion by May, and increased to $65 billion by July.

      The revenue forecast tied to the valuation is even more ambitious. TNW shared internal predictions of $190 billion to $200 billion in revenue by 2028, which underpins the entire valuation.

      The timeline is tight. A public filing could be submitted as early as the end of this month, with a listing potentially occurring in October, well ahead of OpenAI’s anticipated timeline in 2027.

      For context, SpaceX raised $75 billion in June and reached $85.7 billion after underwriters exercised their options, surpassing Saudi Aramco’s $25.6 billion in 2019 and Visa’s $17.9 billion in 2008.

      Europe lacks a comparable example. Porsche’s 2022 listing generated approximately €9.4 billion and was the largest in the region for decades.

      A raise of $100 billion is about ten times that amount. Additionally, European exchanges have never been in a position to contend for such a transaction, regardless of the company’s customer or user base.

      What this funding does not buy is control. Anthropic is considering implementing super-voting shares for Dario Amodei, who holds around 2%, along with his co-founders.

      Thus, the valuation is being determined by those who already possess ownership of the company, as the executives reported have not set a valuation themselves.