Anthropic is reportedly plotting a stock market listing that could raise around $100 billion, with backers modeling a valuation of at least $2 trillion.
The Financial Times reports the AI lab could go public as soon as October. Investors briefed on early plans are already sketching out that $2 trillion figure, but FT sources say Anthropic's own executives have not agreed on a target valuation even privately. The reporting frames the raise as roughly ten times the size of Europe's largest listing in decades, and claims it would exceed the fundraising record set by SpaceX. No banks, filing dates, or share structure have been confirmed.
The headline number matters less than what it signals: investors are pricing in an AI leader before it has filed a single public document, let alone proven the business can sustain that price outside private fundraising rounds. It also matters because none of these figures come from Anthropic itself, just from investors and their models, which is a wide gap for a deal this size.
The SpaceX comparison is doing a lot of work here. SpaceX has never gone public, so its record is for a private funding round, not a stock listing, which makes the two numbers not really comparable at all.