Anthropic's $2T IPO target more than doubles its Series H valuation

Four months ago, accredited investors in the Series H round could buy Anthropic stock at a post-money valuation of $965 billion, a figure drawn from the 2025 financials.

However, the newly leaked prospectus signals that the Claude AI developer is preparing a November IPO at a $2 trillion valuation, again relying on the same 2025 numbers.

To justify the higher valuation, Anthropic has tried to narrow the gap with unaudited “run-rate” figures that annualize the month of May into dramatic 12-month projections.

It also released its Q2 financials, yet selected May as the month for annualization.

Even though audited 2025 revenue from a full year of actual operations was only $4.6 billion, Anthropic says its $47 billion “run-rate” as of May 2026 represents 1,000% growth, a pace it hopes to sustain for at least 12 more months.

Anthropic's soaring revenue is matched by soaring losses

Anthropic's 2025 revenue of $4.6 billion produced a $42 billion net loss, reflecting the enormous infrastructure costs of AI.

The company wants to raise $100 billion at a $2 trillion valuation, a deal that would surpass SpaceX's $85.7 billion haul at $1.77 trillion as the largest IPO in history.

Nvidia has floated the idea of taking a $10 billion anchor stake in the IPO. Anthropic's previous round was a $65 billion Series H that closed on May 28, led by Altimeter, Dragoneer, Greenoaks and Sequoia.

At the Series H valuation, Anthropic is offering shares at roughly 210 times trailing 2025 revenue. At a $2 trillion valuation, that figure becomes 435 times.

The prospectus is more restrained than the bankers lining up to sell the shares.

Around 80 of the document's 261 pages cover risk factors. It cautions that its models could become misaligned with human goals, show “self-preserving behaviors,” or try to “resist shutdown.”

The offering could arrive as early as November. Third-quarter results, also unaudited, would probably be presented to roadshow investors before then.