Anthropic prepares for potential record IPO with $30T market pitch

Artificial intelligence company Anthropic is preparing for a potential stock market debut that could become the largest initial public offering in history, with the Claude-maker expected to tell investors that the market for its AI technology exceeds $30 trillion, The Wall Street Journal reported Tuesday.

The figure represents a total addressable market — the theoretical annual revenue opportunity if a company captured all of its potential market — rather than a forecast of Anthropic's actual revenue. The estimate is based on the broad range of work that could potentially be performed using AI models, according to the report.

Anthropic could seek to raise as much as $100 billion and potentially be valued at about $2 trillion, according to the Journal. The company is reportedly considering a listing as early as September or October, although the size, valuation, and timing have not been finalized.

Anthropic has officially confirmed only that it confidentially submitted a draft registration statement to the US Securities and Exchange Commission on June 1 for a proposed initial public offering (IPO). The company said the filing gives it the option to go public after SEC review and that the offering would depend on market conditions and other factors.

The potential offering comes after a rapid rise in Anthropic's valuation and revenue as demand for its Claude AI models and Claude Code software has surged. The company was valued at about $965 billion following a $65 billion funding round in May, while its quarterly revenue more than doubled to about $11.6 billion, according to the Journal.

If completed at the reported scale, Anthropic's IPO could surpass SpaceX's record $75 billion offering in June, which valued Elon Musk's space, satellite, and AI company at about $1.77 trillion. SpaceX's IPO broke the previous record held by Saudi oil giant Aramco, which raised about $26 billion in 2019.