Anthropic is preparing for a historic IPO: a listing of up to $100 billion could rewrite the rules of the game.
Anthropic, the company behind the Claude language model, is targeting one of the largest initial public offerings (IPOs) in history. By my estimates, the amount raised could reach $100 billion, which would not just match SpaceX's record but surpass it.
Preparation for the stock market debut is accelerating: documents for the offering could be filed as early as the end of August. Chief Financial Officer Krishna Rao appears to be deliberately avoiding public valuations of the company in meetings with investors, which only fuels interest in the deal.
The $85.7 billion bar: benchmarking against SpaceX
The record to be broken was set by SpaceX in June. Elon Musk's company raised $75 billion by selling shares at $135 each, and then, after exercising options on 83.3 million shares on June 15, brought the total to $85.7 billion. This is historic in scale: since 2019, the record belonged to Saudi Aramco with $25.6 billion, and the largest U.S. offering before that was Visa in 2008 with $17.9 billion. SpaceX effectively surpassed the three largest IPOs combined.
For Anthropic, the $100 billion target means exceeding SpaceX's figure by roughly 17%. And this is not just ambition—the company has every reason for confidence.
Financial foundation: $65 billion in revenue and a round valued at $965 billion
Anthropic is not starting from scratch. On May 28, the company closed a $65 billion funding round at a $965 billion valuation, with participation from Altimeter, Dragoneer, Greenoaks, and Sequoia, while Amazon added another $5 billion. Thus, a $100 billion IPO would exceed that private round by approximately 54%.
The key driver is revenue. As of July, the annualized revenue run rate reached $65 billion, whereas in May it stood at $47 billion. For comparison, over the entire 2025, the company earned about $10 billion. Such explosive growth has allowed Anthropic to overtake OpenAI, which in August conducted an internal deal worth $7 billion at an $852 billion valuation. Now some investors are seriously discussing the possibility of an Anthropic IPO at a $2 trillion valuation.
Crypto market: the stake is minimal, but the potential is enormous
Crypto enthusiasts have been waiting for this offering for several months. PreStocks issues pre-IPO tokens on Solana reflecting Anthropic's estimated value. However, holders of these tokens receive neither shares nor voting rights—it is a purely speculative instrument.
For now, the market remains niche: according to CoinGecko, the market capitalization of the ANTHROPIC token on Thursday was only $6.5 million, with a daily trading volume of $278,000. If the company manages to raise $100 billion, it would exceed the current market size by roughly 15,000 times. After the filing, audited figures will emerge, and the offering itself will likely take place earlier than OpenAI's planned listing in 2027.
My analysis: The market is clearly underestimating the scale of the upcoming event. Anthropic is demonstrating growth rates that place it alongside the new generation of tech giants. If the IPO happens at the $100 billion level, it will not only rewrite the history of public offerings but also create a powerful precedent for the entire AI industry, forcing investors to reconsider their valuation models.