[Edaily Reporter KIM YOON JI ] The Financial Times (FT) reported on the 13th (local time) that some investors expect AI company Anthropic to be valued at over $2 trillion (approximately 2,800 trillion won) if it proceeds with an initial public offering (IPO) this October. This valuation would surpass that of SpaceX, and if Anthropic goes public as planned, it would mark the largest IPO in history.
According to the FT, some of Anthropic’s six investors believe that, given the company’s rapidly growing revenue, it could be valued at more than double its current valuation during its planned listing this fall.
If the listing proceeds as planned, early investors in Anthropic—now in its fifth year—could realize billions of dollars in paper gains. At the same time, it could serve as a test of investor sentiment in the public markets, which are growing increasingly uneasy about the AI boom.
Anthropic’s investors argue that the explosive demand for the company’s cutting-edge AI models and tools justifies these high expectations. Based on annualized revenue—Anthropic’s preferred metric—investors expect revenue to reach $100 billion to $120 billion (approximately 142 trillion to 170 trillion won) by the end of 2026. This represents more than a tenfold increase from the beginning of the year.

One investor said, “If Anthropic is growing at an annual rate of 800%, one could reasonably expect it to trade at 30 times revenue, even using the most conservative estimates,” adding, “If that happens, Anthropic would become a $3 trillion (approximately 4,200 trillion won) company.”
Anthropic has no comparable publicly traded U.S. peers for enterprise value. Companies like Palantir and Navius, which are considered AI beneficiaries, traded at roughly 55 times revenue this year.
While Anthropic’s senior management has not yet finalized its target enterprise value for the IPO, the company’s most recent valuation stood at $965 billion (approximately 1,373 trillion won), surpassing that of OpenAI.
Of course, Anthropic faces no shortage of challenges. Key issues include the rise of Chinese competitors, regulatory pressure on AI, and ongoing conflicts with the U.S. government. According to investors, Anthropic’s overall revenue growth slowed in June after the U.S. Department of Commerce temporarily banned the use of “Mitos,” Anthropic’s top-performing model.
Customers are also becoming increasingly price-sensitive when it comes to using top-performing AI models. As costs have skyrocketed, some companies have rescinded guidelines that encouraged employees to maximize AI usage and have opted for models that are slightly less powerful but more affordable.
Anthropic filed relevant documents with the U.S. Securities and Exchange Commission (SEC) in June of this year. As a result, the company has entered a “quiet period,” during which public announcements regarding its financial performance and other matters are restricted.