Anthropic, an AI startup co-founded by former OpenAI executives led by CEO Dario Amodei, projects its total addressable market (TAM) to exceed $30 trillion, surpassing SpaceX’s recent $28.5 trillion estimate largely driven by AI technology [1, 2, 3, 4, 5, 6]. Analysts say the TAM figure is ambitious, reflecting the company’s broad vision on AI’s potential impact on global work sectors [3].

The company plans to file its IPO prospectus shortly after the US Labor Day holiday on September 7, 2026, targeting a public listing in late September or early October 2026 [7, 8, 6]. Anthropic aims to raise up to $100 billion in the offering, with a target valuation around $2 trillion, though final fundraising and valuation figures may still shift before filing [3, 8, 5, 6].

Anthropic forecasts revenues between $190 billion and $200 billion by 2028, signaling rapid growth in the AI market segment it serves [1, 2, 3, 8, 5]. As of July 2026, the company’s annualized revenue exceeded $65 billion, up about 38% from $47 billion in May 2026 [3]. Its Q2 2026 revenue surpassed $11.5 billion according to some reports, marking roughly 14-fold growth from the prior year; others estimate Q2 revenue was at least $10.9 billion [3, 5].

To support its computing demands, Anthropic has raised at least $130 billion in capital, exceeding the $86 billion raised by SpaceX at its IPO [7, 3, 8, 6]. The company signed a $45 billion, six-year deal to lease AI computing capacity from UK cloud provider Nscale, with the data center located in West Virginia [8].

Unlike SpaceX and Cerebras, Anthropic is considering allowing existing shareholders to sell shares in the IPO, along with potentially adopting a longer lock-up period than the typical 180 days, according to industry sources [7, 8].

Anthropic abandoned its plan to acquire AI chip startup MatX for about $7 billion but continues to discuss a partnership arrangement with the company [9, 10]. MatX had a reported valuation near $4 billion.

The company continues to face legal and political hurdles, including US government blacklisting and contract cancellations related to military use restrictions [6]. Despite a roughly $42 billion loss in 2025, Anthropic expects to continue operating at a loss for several years as it invests in scale and technology [6].

IPO filing is expected soon after September 7, 2026, followed by an offering planned for late September or early October 2026 [7, 8, 6].