Anthropic, the artificial intelligence company behind the Claude family of models, is positioning itself for what could become the largest initial public offering in history.

According to multiple reports citing people familiar with the discussions, the company’s bankers have told potential investors that Anthropic could raise more than $100 billion in an IPO. That sum would eclipse the roughly $85.7 billion raised by SpaceX in its June 2026 debut and would support a valuation of around $2 trillion—more than double Anthropic’s private-market valuation of $965 billion from its May financing round.

The figures have circulated widely among investors this week. Some models discussed by backers reach as high as $3 trillion. Senior Anthropic executives have not publicly set a formal valuation target, and the company has declined to comment on the specific numbers.

The timeline is aggressive. Anthropic confidentially filed its S-1 registration statement with the U.S. Securities and Exchange Commission on June 1. Reports indicate a public filing could arrive as soon as the end of August, with a listing possible in October. That would place the Claude maker ahead of OpenAI, which is widely expected to list later.

Morgan Stanley and Goldman Sachs are leading the underwriting syndicate, with JPMorgan Chase and Citi also involved, according to earlier reporting on the banking lineup.

The valuation ambitions rest on extraordinary revenue growth. Anthropic’s annualized revenue run rate—the company’s preferred metric that extrapolates recent sales into a full-year figure—reached more than $65 billion by the end of July. That is up from $47 billion in May and roughly $9 billion at the end of 2025. Second-quarter revenue alone exceeded $11 billion in preliminary figures shared with investors.

Investors expect the run rate to climb further, potentially finishing 2026 between $100 billion and $120 billion. Longer-term internal forecasts cited in reporting project $190 billion to $200 billion in revenue by 2028. Those numbers underpin the bullish case for a multi-trillion-dollar public market debut.

Anthropic has distinguished itself through rapid adoption of its Claude models, particularly in coding, enterprise knowledge work, and agentic applications. The company has also emphasized safety research and constitutional AI approaches as differentiators from competitors.

The IPO comes as Anthropic expands its infrastructure strategy. The company recently hired Amir Salek, a former Google executive who helped lead the Tensor Processing Unit program and delivered its first seven generations of chips. Salek is joining Anthropic’s compute team as the lab explores custom silicon to reduce long-term dependence on external suppliers while continuing partnerships with Nvidia, Google, Amazon, and others.

The broader market context is favorable for large technology offerings but not without risks. SpaceX’s June IPO set records yet experienced volatility in subsequent trading. Public investors have grown more selective about AI valuations after years of private-market exuberance. Anthropic’s path will test whether revenue growth of this magnitude can support premium multiples once the company is subject to quarterly reporting and market scrutiny.

If completed at the scale discussed, the offering would rank among the defining capital-markets events of the decade. It would also mark a major milestone in the commercialization of frontier AI systems, converting one of the sector’s fastest-growing private companies into a publicly traded entity with the resources to compete at global scale on models, infrastructure, and talent.

Anthropic has not confirmed the exact size, valuation, or timing of any offering. The company has previously stated that any IPO decision will depend on market conditions and other factors. Further details are expected as the confidential filing process advances and the company prepares its public registration statement.

For now, the combination of explosive revenue, strategic positioning in the AI race, and the sheer scale of the proposed raise has made Anthropic’s potential IPO one of the most closely watched stories in technology and finance.