Anthropic IPO to pitch $30 trillion AI market opportunity

Anthropic is preparing for an initial public offering that could value the artificial intelligence company at approximately $2 trillion, a figure that would make it one of the largest public market debuts in history. The listing, expected as early as September or October 2026, would surpass the record set by SpaceX's $86.2 billion IPO in June. Central to its pitch to investors is a claim that the total addressable market for AI work exceeds $30 trillion, a figure that tops SpaceX's own $28.5 trillion estimate and has drawn scrutiny from financial experts.

The San Francisco-based company, founded in 2021 by former OpenAI executives including CEO Dario Amodei, has experienced rapid growth. Anthropic's annualized revenue run rate reached $65 billion by the end of July, with second-quarter revenue more than doubling year-over-year to $11.6 billion. This performance reportedly allowed Anthropic to surpass OpenAI in quarterly sales for the first time. The company projects revenue of roughly $190 billion to $200 billion by 2028.

However, this growth is accompanied by significant financial losses. Anthropic lost nearly $42 billion in 2025 and is expected to continue burning cash for...