Anthropic is preparing for a historic IPO: betting on $100 billion and a new market record
Anthropic, the developer of the Claude language model, is targeting its initial public offering (IPO) to become the largest in history or, at the very least, comparable to SpaceX's record. According to my data, the company plans to raise up to $100 billion, making this listing a benchmark for the entire technology sector.
Preparation for the stock market debut is in full swing: listing documents could be filed as early as the end of August. CFO Krishna Rao, it seems, is deliberately avoiding specific figures in conversations with investors, which only fuels interest in the deal and leaves room for maneuvering in valuation.
The $85.7 billion bar: how SpaceX rewrote history
The benchmark for Anthropic is SpaceX's June listing. At that time, Elon Musk's company sold shares at $135 each, raising $75 billion, and after underwriters exercised their option on 83.3 million shares on June 15, the total grew to $85.7 billion. This became an absolute record, surpassing Saudi Aramco's achievement ($25.6 billion in 2019) and the largest U.S. listing from Visa ($17.9 billion in 2008). SpaceX alone exceeded the combined total of the three largest IPOs.
To surpass this result, Anthropic needs to raise more than $85.7 billion. A $100 billion listing is roughly 17% above SpaceX's bar. This scenario looks ambitious but quite realistic, given the company's current momentum.
The foundation for a leap: $65 billion in a single round
Anthropic is not starting from scratch. On May 28, the company closed a $65 billion funding round at a $965 billion valuation. The deal was led by Altimeter, Dragoneer, Greenoaks, and Sequoia, with Amazon additionally investing $5 billion. Thus, a $100 billion IPO exceeds this private round by approximately 54%, demonstrating confidence in further growth.
The key driver is revenue. As of July, Anthropic's annualized revenue growth rate reached $65 billion, compared to $47 billion in May. For context, over the entire 2025, the company earned about $10 billion. This exponential growth allowed Anthropic to overtake OpenAI, which in August agreed to an internal deal of $7 billion at a $852 billion valuation. Against this backdrop, talks are already emerging about a possible $2 trillion valuation for Anthropic.
Crypto market: the stake is minimal, but the potential is enormous
Crypto enthusiasts have been waiting for this listing for several months. The PreStocks platform has already issued pre-IPO tokens on Solana reflecting Anthropic's estimated value. However, holders of these tokens receive neither shares nor voting rights—this is a purely speculative instrument.
The market remains niche for now: according to CoinGecko, the market cap of the ANTHROPIC token on Thursday was just $6.5 million, with a daily trading volume of $278 thousand. If the company raises $100 billion, this would exceed the current market volume by roughly 15,000 times. After the filing, audited figures will replace speculation, and the listing itself will take place earlier than OpenAI's planned 2027 debut.
My view: this IPO will be a test not only for Anthropic but for the entire AI market. A $2 trillion valuation could turn out to be inflated, but with such revenue growth rates, investors are willing to pay for the future, not the past. For the crypto industry, this is a signal: real assets are beginning to compete with digital speculation for capital attention.