Anthropic, the artificial intelligence company behind Claude, could be valued at $2 trillion when it goes public, according to some investors. That would put Anthropic above SpaceX, which became the biggest IPO in history after going public at a $1.77 trillion valuation in June.
SpaceX raised $86 billion in its IPO, setting records for both the valuation and money raised. Anthropic confidentially filed its IPO prospectus with the Securities and Exchange Commission in early June. The company could go public before the end of 2026.
Anthropic IPO valuation
Anthropic was valued at $965 billion in its latest funding round in May. Investors now believe its valuation could more than double to $2 trillion by the time of its IPO, according to The Motley Fool. The biggest reason behind that optimism is the company's extremely fast revenue growth. Anthropic has been growing at a pace that could make it one of the fastest-growing software companies ever.
Anthropic reached a $65 billion annualised revenue run rate in July, according to The Motley Fool. A revenue run rate means the company is using its current revenue pace to estimate what it could make over a full year. The jump is huge compared with where the company stood recently.
Anthropic started 2026 with a $9 billion annualised revenue run rate. That was already up from $5 billion in August 2025. At the beginning of 2025, the company had a run rate of just $1 billion. This means Anthropic has gone from $1 billion to $65 billion in annualised revenue in roughly a year and a half.
Anthropic $2 trillion valuation
{{/usCountry}}Anthropic started 2026 with a $9 billion annualised revenue run rate. That was already up from $5 billion in August 2025. At the beginning of 2025, the company had a run rate of just $1 billion. This means Anthropic has gone from $1 billion to $65 billion in annualised revenue in roughly a year and a half.
Anthropic $2 trillion valuation
{{/usCountry}}Investors expect Anthropic's annualised revenue to reach $100 billion to $120 billion by the end of 2026. The company is also reportedly projecting $190 billion to $200 billion in revenue for 2028. That growth is especially notable because Anthropic is only about five and a half years old. If those projections are achieved, investors could have a strong reason to support a valuation close to or above $2 trillion.
Also read: Anthropic IPO could beat SpaceX for biggest IPO of 2026 as revenue nears $65 billion
SpaceX revenue
SpaceX is not only a rocket company anymore. Its plans also include a major artificial intelligence and computing business. Elon Musk has said SpaceX's internal projections show the company could reach $1 trillion in revenue by 2030, The Motley Fool.
Musk has also said SpaceX could have 10 gigawatts of computing capacity online by the end of 2027. He expects that computing capacity could generate $300 billion to $500 billion in revenue in 2028. However, investors should be cautious about these projections because Musk has a history of making very ambitious forecasts.
SpaceX recently reported $7.8 billion in quarterly revenue. That works out to an annualised revenue run rate of about $31.2 billion. Anthropic's $65 billion run rate is therefore more than twice SpaceX's current annualised revenue. SpaceX's numbers could rise quickly, though.
The company only started bringing cloud-computing customers onboard late in the quarter. SpaceX management expects the business to reach a $100 billion annualised revenue run rate by the end of 2026. That would bring SpaceX closer to the revenue levels investors expect from Anthropic.
Anthropic AI models
Rapid revenue growth alone may not be enough to justify a $2 trillion valuation. Investors will want to know whether Anthropic can keep its lead as the AI industry becomes more competitive. Anthropic's AI models regularly rank among the leading frontier models.
The company has also turned those models into products such as Claude Code and Claude Cowork. Other AI companies have launched similar products, but Anthropic has continued to show strong performance. Its rapid revenue growth is one sign that customers are willing to pay for its technology.
Anthropic vs OpenAI
The company is also reportedly charging 2.5 times the rate of OpenAI for its leading model. That suggests some customers may be willing to pay more for Anthropic's AI capabilities. If Anthropic can maintain that pricing power, it could strengthen the case for a higher IPO valuation. However, investors will need more information from Anthropic's public IPO filing before deciding whether the premium is sustainable.
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SpaceX's AI revenue growth is partly based on its ability to provide computing capacity at a time when demand is extremely high. Anthropic and Google are among its biggest customers. Google's decision to buy SpaceX capacity is also important because the company has said it is using that capacity as a temporary way to make sure it can serve its biggest and most valuable customers.
Investors also need to look beyond revenue and ask whether these companies can actually make money. Huge revenue growth does not automatically mean a company deserves a huge valuation if its costs are growing even faster.
SpaceX's AI business reported an adjusted operating loss of $741 million in the latest quarter. That was an improvement from a $2.09 billion loss in the first quarter. But SpaceX is also planning to spend heavily on computing infrastructure, meaning its AI business could continue losing money for some time.
Anthropic, meanwhile, is reportedly already generating a positive operating profit. The company was projected to post $559 million in adjusted operating profit in the second quarter, according to The Motley Fool.
Anthropic vs SpaceX
Anthropic currently has a higher revenue run rate than SpaceX. Its revenue is also growing extremely quickly. Its AI models have continued to rank among the strongest in the market. The company has built products such as Claude Code and Claude Cowork around those models.
Anthropic is also reportedly generating an operating profit, while SpaceX's AI business is still losing money. These factors could give investors more confidence in Anthropic's ability to turn its AI growth into profits.
SpaceX currently has a market value of about $1.85 trillion, according to The Motley Fool. That makes a potential $2 trillion Anthropic valuation look less surprising to investors. But Anthropic still has to prove that its explosive growth can continue after going public.
Investors will also want to see whether its AI models can stay ahead of rivals and whether its profits can grow as computing costs rise. Anthropic's public IPO prospectus should give investors much more information about its revenue, costs, customers and future plans.