Bankers price the AI startup’s October IPO using 2028 projections, bypassing near-term financials amid rapid growth claims.
Anthropic is seeking a $2 trillion valuation for its upcoming IPO, based on a projected $200 billion revenue in 2028. The move skips traditional pricing metrics, relying instead on long-term growth forecasts rather than current or next-year results.
The company’s revenue surged from $9 billion to $47 billion in five months, a tenfold annual growth rate cited by bankers. However, past IPOs like Cerebras Systems and SpaceX, which also leaned on future-growth narratives, saw shares decline over 40% post-listing once actual results fell short of projections.
Anthropic’s approach reflects a broader trend in 2026 IPOs, where companies price deals on unproven future performance. The October offering will test investor appetite for such aggressive valuations in the AI sector.