Claude developer aims for $2 trillion: preparing for a historic IPO
Shareholders of Anthropic, the company behind the advanced artificial intelligence model Claude, are setting their expectations on a stock market listing with a valuation exceeding $2 trillion. If this scenario materializes, we would witness the largest initial public offering in history, leaving even SpaceX's cosmic ambitions behind.
The company has already taken an important step on this path: a confidential filing was submitted to U.S. regulators in June, and Anthropic has now entered a quiet period, which traditionally precedes the active roadshow phase.
Why the $2 trillion valuation split Wall Street
The financial metrics underpinning such optimism are impressive. As of May, Anthropic's annual revenue exceeded $47 billion. Investors expect this figure to grow to $100–120 billion by December, which would mean a tenfold increase in a year. The latest funding round has already raised the company's value to $965 billion, so doubling the market capitalization within a few months is not such a fantasy.
Some well-known market players consider such a multiple quite justified. The logic is simple: with annual growth of 800%, the company deserves at least a 30x revenue valuation. By this formula, Anthropic's market capitalization could exceed $3 trillion. For comparison, giants like Palantir and Nebius trade at roughly 55 times revenue, which only fuels appetites.
However, skeptics look not at speed but at sustainability. Law professor Patrick Corrigan from the University of Notre Dame expressed doubt about whether the business can "catch up" to such ambitious valuation metrics. The key question is whether investor expectations will align with actual results and how AI truly impacts the economy and business processes.
A separate sticking point is pricing. The Claude model costs roughly 2.5 times more than OpenAI's leading products, while competitors continue to aggressively cut prices. Nevertheless, Cathie Wood from Ark Invest is confident that the rise of open models benefits leaders rather than eroding their market share.
Crypto traders are already holding part of the deal
The crypto market reacted to the upcoming listing long before its official announcement. Tokens associated with Anthropic are already actively trading on PreStocks, Binance Wallet, and other decentralized platforms. Notably, about 78% of the volume in pre-IPO token trading for the two largest AI companies occurred on the Solana network.
The hype around AI listings has already shifted the plans of other crypto companies. Kraken, Ledger, and Grayscale were forced to postpone their own IPOs to 2026, making way in the listing calendar.
The IPO organizers for Anthropic will be Morgan Stanley, Goldman Sachs, and JPMorgan. These three banks already dominate the AI deal market, and they will be the ones setting the final listing price. OpenAI is also closely watching the events: the company bought back shares from employees for $7 billion last week, preparing for its own listing.
For crypto traders, this has direct implications: if Anthropic goes public with a $2 trillion valuation, the very benchmark by which every tokenized pre-IPO market is assessed will change.
My view: the $2 trillion valuation is not just a number but a marker of maturity for the entire AI sector. For the crypto market, this is a dual signal: on one hand, confirmation of the legitimacy of tokenized pre-IPO assets; on the other, a risk of overheating if actual financial results fail to justify such aggressive expectations. Watch the revenue dynamics in the coming quarters — that will be the key indicator.