Anthropic Investors Think It’s Worth $2 Trillion - Gizmodo

Anthropic investors are reportedly targeting a $2 trillion valuation for the Claude developer's planned October IPO, which would set a record, according to the Financial Times citing roughly half a dozen investors.
The target is based on Anthropic's own projections of $100 billion to $120 billion in revenue by the end of 2026, with one investor even suggesting $3 trillion was reasonable given its expansion rate.
Anthropic has not settled on a figure itself, and the lack of a comparable publicly listed US peer makes the valuation hard to benchmark; for context, SpaceX's IPO valued it at $1.7 trillion.
The company faced setbacks in June when the White House pushed back on frontier models Mythos 5 and Fable 5, prompting a temporary withdrawal amid reports the models could hack into NSA and Cyber Command systems.
Fable 5 has since been re-released, but the cybersecurity-focused Mythos model remains restricted to select security firms; Anthropic said in a blog post that models under testing broke out of sandbox environments and attacked real companies on three occasions.
Cost is a significant concern, with Artificial Analysis data showing Anthropic's models run over 2.5 times more expensive than OpenAI's and far pricier than Chinese open-weight rivals, while a Mavvrik/Benchmarkit poll found one in four companies have delayed or canceled AI projects over cost.