A new report says that some Anthropic investors expect the company to seek a $2 trillion to $3 trillion valuation, above SpaceX's $1.7 trillion milestone

Anthropic's run-rate revenue stood at about $49 billion as of May, but investors expect it to double by the end of 2026.

Anthropic's investors are reportedly expecting the artificial-intelligence lab to go public next quarter - and overshadow SpaceX's initial public offering.

Several investors told the Financial Times that they expect Anthropic to seek a valuation of $2 trillion, or even $3 trillion, in October. Almost exactly two months ago, SpaceX $(SPCX)$ smashed the prior record for the world's largest IPO when it achieved a valuation of more than $1.7 trillion and raised nearly $75 billion, excluding a green-shoe option.

A $2 trillion valuation would put Anthropic more or less on par with the likes of Broadcom $(AVGO)$, SpaceX and TSMC (TW:2330). Just five companies have even touched the $3 trillion mark, including Microsoft $(MSFT)$ and Amazon.com (AMZN).

While experts and analysts have been concerned about the strength and longevity of the AI boom, Anthropic's investors say the demand for the company's services would justify that valuation, the Financial Times reported Thursday. The company's early meetings with prospective investors have not included valuation discussions, CNBC reported.

According to the Financial Times, investors expect Anthropic's annualized revenue to come in at between $100 billion and $120 billion by the end of the year. If achieved, that would mark major growth for the company and match SpaceX CEO Elon Musk's own end-of-year revenue target.

A representative for Anthropic did not immediately return a request for comment.

Anthropic in February said its run-rate revenue had increased by more than 10 times annually over the past three years. In May, the maker of the Claude large language model said its run-rate revenue was $47 billion, already a big leap compared to the $9 billion Anthropic said it generated in 2025.

Much of that is likely tied to its gains in the enterprise market, where it has consistently outperformed rivals like OpenAI and Alphabet $(GOOG)$ $(GOOGL)$. About 43.5% of U.S. businesses paid for subscriptions or tokens from Anthropic last month, compared with 39.7% for OpenAI and 6.2% for Google, according to data from Ramp.

Anthropic's AI models are also at the top of Arena AI's model leaderboards, at least for now. Anthropic's Claude Opus 5 was released last month and is the best on the market, according to Arena, while its more expensive Claude Fable 5 is also highly ranked.

Anthropic, which has confidentially filed to go public, is expected to launch its IPO before OpenAI. The ChatGPT maker is reportedly considering whether to push its IPO plans to 2027 in the wake of SpaceX's volatility on the market, according to the New York Times. SpaceX's stock resurfaced above its $135 IPO price on Monday after weeks of turbulence sent shares to as low as $104.83 a share.

A representative for OpenAI did not immediately return a request for comment.

OpenAI was most recently valued at $852 billion and is seeking a valuation of at least $1 trillion in its IPO, according to reports. As of March, it was generating $2 billion a month in revenue. But OpenAI appears to have struggled somewhat.

"We did not have our best last 12 months ever, which is mostly my fault, but we are about to have our best 12 months to date," OpenAI CEO Sam Altman said in July.

Since then, there have been some internal shakeups at OpenAI. Brad Lightcap, OpenAI's COO, left the company this week to "start something new," just a few weeks after Altman's second-in-command, Fidji Simo, stepped down over health issues.

On Thursday, Chief Revenue Officer Denise Dresser stepped down to "pursue other opportunities" after a transition period. She will be replaced by Dali Rajic, the president of the cloud security company Wiz.

"Dali will turn what we've learned into repeatable execution as we build out the full system to make AI broadly useful for people and businesses," OpenAI President Greg Brockman said in a statement.

-William Gavin