Anthropic plans to go public: $2T expected — who sets that price?

AI company Anthropic is preparing to go public through an IPO. A valuation of around $2 trillion is being discussed. But where does that number come from, and why does another analyst put it more than ten times lower? Three questions.

The key point first: the company has not confirmed either the IPO date or the price. What follows are press reports and analyst estimates.

AnthropicNasdaq

What happened

An IPO (initial public offering) is when a company sells its shares to the public for the first time. Until then shares are held only by founders, employees and a few funds; after the IPO they trade freely on an exchange.

• June 1, 2026: Anthropic confidentially filed its IPO prospectus with the SEC (CNBC). The prospectus has not been made public yet.
• October 1: according to Bloomberg, the formal marketing could start the week of November 9 (Bloomberg), with a debut before year-end (Bloomberg).
• The company itself has only said the IPO depends on market conditions and other factors (CNBC).

The valuation path

The official figures the company announced — private funding rounds:

• February 12, 2026: $30 billion raised at a $380 billion valuation (Anthropic);
• May 28, 2026: $65 billion raised at a $965 billion valuation (Anthropic).

The ~$2 trillion IPO figure is not official: Bloomberg Intelligence estimates $1.8–2 trillion, and CNBC reported that the number comes from investors' calculations, not from the company.

How investors reacted

One company, two very different valuations:

• market expectation — ~$2 trillion;
• independent research firm New Constructs — ~$150 billion. It called the deal "the most ridiculous IPO of the year", citing losses and competition from open-source models (CNBC). That estimate, too, is based on reported figures rather than a public prospectus.

That is what the price is a negotiation means. The final share price is agreed between the company, the underwriting banks and large investors during the marketing process. Strong demand pushes it up; weak demand pushes it down or delays the IPO.

SpaceX

For comparison: SpaceX raised $75 billion in its IPO on June 11, 2026 (shares at $135) — the largest IPO ever, at a valuation of about $1.77 trillion (CNBC).

What to watch next

• The public prospectus. Before the IPO the prospectus is made public, with official revenue, losses, costs and risks. Most numbers today are leaked or based on sources.
• The price range. When marketing starts, the banks announce a price range for the shares — that is when a real number replaces the "$2 trillion".
• The short lesson: an expectation is not a price yet. The valuation in the headlines and the price on IPO day are often not the same.

For information only — not investment advice. The company is not listed, so it has no halal screening status. Figures refer to the dates shown.