Seaport initiates Anthropic coverage with $1.64 trillion valuation estimate

Seaport Research Partners initiated coverage of Anthropic ahead of its IPO, projecting a fair enterprise value of approximately $1.64 trillion, within the company's speculated $1.5 trillion to $2 trillion valuation range. The firm declined to assign a formal rating until the offering occurs. Anthropic grew from zero revenue to $2.2 billion in seven quarters, reaching $11.55 billion in Q2 2026 revenue, with cloud partners AWS, Google Cloud, and Microsoft Azure contributing 48% of first-half 2026 revenue. The company generated $3.19 million per employee in Q3 2026 and achieved profitability in Q2 2026. The "Anthropic Direct" transition to owned data center infrastructure will likely cause operating losses in 2027, with roughly $800 billion in purchase and lease commitments through 2033. Governance risks include a Long-Term Benefit Trust and founders controlling 50.1% of voting rights, leaving public investors with 49.9%.