Anthropic IPO: Key Facts for Investors Before the $2 Trillion Debut

Anthropic filed a confidential Form S-1 with the SEC on June 1 for its planned IPO, targeting a $2 trillion valuation that would make it the largest IPO in history, surpassing SpaceX's $1.77 trillion. The AI company's annualized revenue run rate exceeded $65 billion by late July, up from $9 billion at the end of 2025, driven by enterprise adoption of its Claude models and cloud partnerships with Amazon and Alphabet. Anthropic claims adjusted profitability in Q2 2026, but GAAP profitability remains uncertain due to equipment depreciation, interest expenses, and revenue-sharing costs. CEO Dario Amodei has called for a slowdown in AI development for safety reasons, potentially delaying the IPO timeline. At $2 trillion, the company would trade at 31 times its revenue run rate, raising concerns about valuation sustainability amid rising interest rates.