Speculation surrounding Anthropic’s upcoming IPO has driven the estimated market value in pre-IPO trading circles above $2 trillion (around €1.73 trillion). That figure is more than double the company’s most recent private valuation and reflects investors’ high expectations for the official S-1 filing. Anthropic has confidentially submitted its paperwork to the US Securities and Exchange Commission (SEC) and has chosen Nasdaq as its exchange. However, the company has not yet made its audited financial statements public.
The most active price discovery is currently taking place in the crypto derivatives market. On Hyperliquid, a decentralised platform, perpetual futures point to a market capitalisation that peaked at almost $2.36 trillion (€2.05 trillion). The value now stands at around $2.15 trillion (€1.86 trillion). That is roughly 2.2 times the valuation of the most recent Series H funding round.
Anthropic was valued at $965 billion (€837 billion) during that funding round. The round was completed in May, with Sequoia Capital and Altimeter Capital among the investors involved. The current valuation is therefore significantly higher than the $61.5 billion dollars (€53.4 billion) the company was worth a year earlier.
Financial growth is keeping pace with the rising valuation. At the end of July, Anthropic’s annualised revenue reached $65 billion (€56.3 billion). This growth is mainly due to increasing business adoption of Claude. At the same time, the costs of developing advanced AI models remain particularly high. According to recent reporting, Anthropic’s net loss for 2025 could amount to around $42 billion (€36.4 billion).
To finance further growth, Anthropic has expanded its partnership with Amazon. Amazon has committed up to $33 billion (€28.6 billion) in investments. Anthropic, in turn, has pledged to spend more than $100 billion (€86.6 billion) on AWS technology over the next 10 years.
Morgan Stanley, JPMorgan and Goldman Sachs are being mentioned as key banks for the expected IPO. According to earlier reporting, the transaction could raise more than $60 billion (€52 billion). The final size and terms of the IPO have not yet been determined.
Market expert Heng Yu Lee of DWF Labs argues that the high premiums on the pre-IPO market point to genuine demand for Anthropic shares. At the same time, he warns that the prices mainly indicate market sentiment as long as the official S-1 filing has not been made public.
Anthropic’s move comes in an important year for IPOs of AI companies. Cerebras Systems began trading on Nasdaq in May. The chipmaker raised around $6.38 billion (€5.53 billion) with its IPO. The shares also opened well above the issue price.
SpaceX also made the move to the stock market in June. The company ultimately raised $85.7 billion (€74.3 billion) with its IPO. The shares began trading at a valuation of around $2.1 trillion (€1.82 trillion).
OpenAI, by contrast, has postponed its IPO plans. Anthropic’s rival wants to continue working on its corporate structure and AI safety for the time being before going ahead with a stock market listing.
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