Seaport issues preliminary view on Anthropic ahead of IPO

Seaport Research Partners has issued preliminary views on AI developer Anthropic ahead of its anticipated IPO, noting the company is shifting from renting computing power to managing its own data center infrastructure. Anthropic reportedly targets a valuation between $1.5 trillion and $2 trillion. Seaport's discounted cash flow analysis estimates an enterprise value of approximately $1.64 trillion, suggesting the rumored valuation is achievable if the company sustains aggressive growth through 2028. Anthropic grew revenue from zero to $2.2 billion in seven quarters, reaching $11.55 billion in Q2 2026, with 40 million customers and 900% customer retention in 2025. The company achieved profitability in Q2 2026 but is expected to return to operating losses in 2027 due to its "Anthropic Direct" infrastructure transition, involving approximately $800 billion in purchase and lease commitments through 2033. Governance risks include a complex structure where the Long-Term Benefit Trust and co-founders hold permanent control over public shareholders.