Investors backing Anthropic are modeling a possible initial public offering as soon as October 2026 at a valuation of roughly $2 trillion, which would make it the largest IPO in history, surpassing SpaceX's $1.77 trillion debut in June, according to Fortune and Forbes reporting on August 13. The investor models rest on Anthropic's annualized revenue reaching $100-120 billion by year-end 2026, more than tenfold its level at the start of the year; Anthropic executives have not finalized an official valuation target, and the company most recently raised capital in May at a $965 billion valuation.
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