Anthropic IPO: The Case Behind the $2 Trillion Valuation

Anthropic’s enterprise traction, revenue acceleration and infrastructure commitments could justify a valuation near $2 trillion if growth converts into durable profitability.

• Prediction markets put the probability of an IPO announcement before December 1 at 67%, before January 1 at 75% and before February 1 at 88%, while Reuters expects a debut after the U.S. midterm elections.
• Anthropic’s enterprise focus is reflected in Ramp’s September 2026 data, where it won 61% of first-time foundational-model purchases, and Menlo Ventures estimated its share of enterprise AI coding at 54% in late 2025 versus 21% for OpenAI.
• Estimated annualized recurring revenue increased from about $9 billion at the end of 2025 to more than $65 billion by the end of July 2026, supporting expectations of a potential IPO.
• Reuters reported $518 billion of future infrastructure commitments, around 80% of them non-cancellable, while company projections reportedly indicate $190–200 billion of annual revenue by 2028.
• Hyperliquid implied a valuation of $2.09 trillion on October 5, 2026, versus a $965 billion May funding valuation, equivalent to roughly 10.5–11 times projected 2028 sales.

Takeaway: The valuation case depends on Anthropic retaining its enterprise and coding lead, converting infrastructure spending into superior products and reliable capacity, and improving profitability; Tema also owns the company through LAZR because its AI expansion supports demand for photonic infrastructure.