Bottom line: Ahead of a possible October IPO, investors are pricing Anthropic at at least $2 trillion, based on annualized revenue growth from $47 billion to as much as $120 billion within a year, while a possible $6 billion acquisition of Decart and pricing and legal risks loom at the same time.
According to the Financial Times, investors expect an Anthropic IPO in October at a valuation of at least $2 trillion. This is based on the investors’ own financial models rather than official targets set by the company.
Around half a dozen Anthropic backers spoke to the Financial Times to that effect. The company’s own leadership has not yet set a concrete valuation target for the IPO, even in internal discussions, according to the report. The figures cited reportedly stem from investors’ financial models, which are based primarily on recent revenue growth. Anthropic reached a valuation of $965 billion in a funding round in May and confidentially filed paperwork for an IPO with the US Securities and Exchange Commission (SEC) in June. Morgan Stanley, Goldman Sachs and JPMorgan are named as the banks involved.
Investors expect Anthropic’s annualized revenue to reach between $100 billion and $120 billion by year-end, up from around $47 billion in May – more than a tenfold increase within a year. One investor involved in the report told the Financial Times that with growth of 800 percent per year, even at the lower end a revenue multiple of 30 could be expected, which would make the company a $3 trillion company.
At the same time, Bloomberg and Reuters reported that Anthropic is in advanced talks to acquire the Israeli AI infrastructure company Decart for around $6 billion – the largest conceivable acquisition in the company’s history to date. Decart develops so-called world models as well as software called the Decart Optimization Stack, which is designed to significantly increase the computational efficiency of existing chips. According to Bloomberg, if the deal is completed, the Decart team would be integrated into Anthropic’s organizational unit responsible for inference and performance. Both news agencies emphasize that the talks are at an early stage and could fall through.
Several of the cited reports also point to factors that could call the targeted valuation into question. According to data from analytics firm Artificial Analysis, the pricing of Anthropic’s top-tier model is more than 2.5 times higher than that of OpenAI’s flagship model, while Chinese, openly accessible alternatives are available at significantly lower cost. Revenue growth slowed in June after the US Department of Commerce temporarily imposed export controls on Anthropic’s most capable models. In addition, the company remains embroiled in an ongoing legal dispute with the US Department of Defense, which had previously classified Anthropic as a supply-chain risk.
Source: www.it-daily.net · Published August 16, 2026
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