Anthropic is preparing to tell IPO investors that its potential revenue opportunity exceeds $30 trillion, according to The Wall Street Journal, citing people familiar with the matter.
The figure would top the $28.5 trillion estimate SpaceX presented to investors ahead of its own offering
The company is basing its total addressable market, or TAM, on the full scope of work that could be completed using AI models. The metric reflects the maximum annual revenue a company could achieve if it captured every available customer, and is routinely deployed in IPO filings to signal how much upside remains for growth. Anthropic more than doubled its revenue to $11.6 billion in the second quarter.
For comparison, FactSet data cited by the Journal shows that the 191 tech companies in the S&P 1500 collectively generated $2.4 trillion in revenue last year. The Claude maker could also aim to raise as much as $100 billion in its offering and is targeting a valuation of about $2 trillion. Both marks would surpass what SpaceX achieved — the rocket company pulled in $86 billion and debuted at a $1.77 trillion valuation when it went public in June.