Anthropic Is Reportedly Gearing Up for an IPO This Year That Could Be Bigger Than SpaceX. 3 Things Investors Should Know.

Anthropic, maker of Claude LLM, is preparing for an IPO potentially as soon as September or October 2026, aiming to raise up to $100 billion at a $2 trillion valuation—potentially exceeding SpaceX's record IPO. The company reportedly doubled Q2 revenue to $11.6 billion with positive adjusted operating income, and investors believe annualized revenue could reach $120 billion by year-end. As the first pure-play LLM company to go public, Anthropic's financial disclosures will provide unprecedented insight into the LLM business model, though investors remain skeptical about its $30 trillion TAM claim and competitive moat amid numerous alternative LLM options.