Anthropic's $2 Trillion IPO: Why Waiting Beats Buying

Anthropic is targeting a $2 trillion valuation for its IPO, aiming to raise a record $100 billion, surpassing SpaceX's June fundraising of $85.7 billion at a $1.77 trillion valuation. The AI lab's revenue run rate grew from $100 million in 2023 to $10 billion in 2025, with Q2 2026 revenue hitting $11.6 billion, up tenfold year-over-year. However, the company relies on a single product, AI coding tools, and its profitability claims remain unverified until audited S-1 financials are released. Historical data shows IPO stocks typically underperform benchmark indexes over three years due to high expectations and insider selling after lockup periods, suggesting investors may benefit from waiting.