Anthropic’s IPO doubles the price of its own books

Four months ago, accredited investors in Anthropic’s Series H round were able to buy equity in the company at a $965 billion post-money valuation — a figure based on its 2025 book of financials.

The company’s new prospectus, leaked this week, however, shows the Claude AI owner preparing a November IPO seeking a $2 trillion valuation using those same 2025 numbers.

To justify its higher valuation, Anthropic has attempted to bridge the gap with unaudited, “run-rate” figures that annualize the month of May to incredible 12-month estimates.

It also disclosed Q2 financials yet used the month of May for annualization prospects.

Despite audited 2025 revenue of just $4.6 billion for an entire year of actual operations, Anthropic claims its “run-rate” as of May 2026 has become $47 billion — revenue growth of 1,000% that it somehow hopes to sustain for at least 12 additional months.

Runaway revenue and losses at Anthropic

Anthropic’s $4.6 billion revenue in 2025 incurred a $42 billion net loss due to the tremendous infrastructure costs of AI.

The company is trying to raise $100 billion at $2 trillion in what would be the largest IPO in history, topping SpaceX’s $85.7 billion haul at $1.77 trillion.

Nvidia has floated the idea of a $10 billion anchor stake in Anthropic’s IPO. Anthropic’s prior funding round closed on May 28, a $65 billion Series H with Altimeter, Dragoneer, Greenoaks, and Sequoia leading.

Read more: Crypto traders paid 8,700% annualized fees to bet on Anthropic

At its Series H valuation, Anthropic is selling shares for roughly 210 times its trailing 2025 revenue. At $2 trillion, that multiple becomes 435 times.

The prospectus is less bullish than the bankers lining up to sell shares.

Roughly 80 of its 261 pages are dedicated to risk factors. It warns that its models could become misaligned with human goals, display “self-preserving behaviors,” or attempt to “resist shutdown.”

At the earliest, Anthropic’s IPO would occur in November. Third quarter results, also unaudited, would probably reach roadshow audiences before that debut.

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