Anthropic IPO Could Rival SpaceX as AI Valuation Soars

Anthropic is preparing for a potential US stock-market debut that could rival or exceed SpaceX's record IPO, as investors place enormous expectations on the Claude maker's future revenue growth.

The artificial intelligence company has confidentially filed for a US listing, according to Bloomberg, while Reuters has reported that Anthropic is projecting $190 billion to $200 billion in revenue by 2028. The figures highlight the extraordinary expectations surrounding one of the world's fastest-growing AI companies.

Anthropic Targets Mega IPO

Anthropic's potential IPO could become one of the largest public offerings in history if the company's current valuation ambitions materialise.

Bloomberg reported that the company expects to match or surpass the size of SpaceX's record-setting IPO. The potential listing comes as investors increasingly look at future revenue rather than current earnings when valuing leading AI companies.

Anthropic has not publicly disclosed a final IPO valuation or timetable.

Revenue Growth Accelerates

The company's financial trajectory is central to the IPO story.

Reuters reported that Anthropic's annualised revenue run rate reached approximately $65 billion by the end of July, compared with around $9 billion at the end of 2025.

That figure was already significantly higher than the roughly $47 billion annualised run rate reported in May.

The rapid increase reflects growing demand for Anthropic's Claude AI products among businesses and other customers.

$200 Billion Revenue Forecast

Anthropic's reported 2028 revenue projection is substantially larger than its current run rate.

Reuters reported on August 15 that the company was forecasting revenue of approximately $190 billion to $200 billion in 2028.

If achieved, that would represent a dramatic expansion within a relatively short period.

The projection also explains why investors are examining Anthropic's future addressable market rather than relying solely on conventional measures of present-day profitability.

AI Spending Raises Questions

Anthropic's growth comes with significant costs.

Building and operating advanced AI models requires enormous computing capacity, specialised chips, data-centre infrastructure and highly skilled employees.

Those expenses can weigh heavily on profits even when revenue is expanding rapidly.

Investors therefore face a key question: how much of Anthropic's projected revenue growth can eventually translate into sustainable margins as AI infrastructure costs evolve?

SpaceX Sets Benchmark

SpaceX is among the companies being considered as a valuation reference for Anthropic, according to Reuters.

The comparison reflects the way investors sometimes value high-growth companies based on expectations of future scale rather than current earnings.

Other reference points reportedly include Palantir and Cloudflare, which offer different perspectives on software growth, AI exposure and cloud infrastructure.

Anthropic's business model remains different from each of these companies, making direct valuation comparisons difficult.

Claude Drives Expansion

Anthropic develops the Claude family of artificial intelligence models, which competes with products from other major AI companies.

The company's recent revenue acceleration suggests that enterprise demand for AI systems has become a major component of its growth strategy.

Businesses are increasingly using AI models for software development, research, customer service, document analysis and other professional tasks.

That commercial adoption is an important part of the investment case behind Anthropic's ambitious projections.

IPO Test Awaits

A public listing would expose Anthropic to much greater scrutiny from investors, analysts and regulators.

The company would have to provide detailed financial information, including revenue, expenses, risks and expectations for future growth. Public-market investors would then determine whether the company's valuation justifies its projected expansion.

For now, the Anthropic IPO remains a potential blockbuster rather than a completed transaction. Its eventual size will depend on market conditions, investor demand, the company's final valuation and whether its extraordinary revenue forecasts continue to hold.