- Anthropic more than doubled its Q2 revenue to $11.6 billion.
- By the end of July, Anthropic's annualized revenue run rate topped $65 billion.
- Anthropic projects 2028 revenue of $190 billion to $200 billion.
- Anthropic is expected to tell IPO investors its TAM exceeds $30 trillion, topping SpaceX's $28.5 trillion estimate.
- The company could aim to raise up to $100 billion and target a valuation of about $2 trillion.
- Anthropic's S-1 filing is expected within weeks, with a possible September or early October debut.
- The $30 trillion TAM figure arrives as Wall Street has already raised eyebrows over such estimates.
- SpaceX's May prospectus described its TAM as the largest actionable market in human history, with AI alone accounting for $26.5 trillion of that total.
- NYU finance professor Aswath Damodaran said ahead of SpaceX's offering that the AI TAM figure was reaching the end of what's plausible and pushing beyond.
- Earlier IPOs featured considerably smaller market estimates, with Uber describing a $6 trillion opportunity and WeWork citing a $3 trillion market.
Anthropic is set to inform IPO investors that its total addressable market (TAM) exceeds $30 trillion, outpacing SpaceX's $28.5 trillion estimate. This ambitious figure is based on the full scope of work achievable with AI models, as reported by sources familiar with the matter.145
The company has seen significant growth, more than doubling its revenue to $11.6 billion in the second quarter, with an annualized revenue run rate exceeding $65 billion by July's end. Anthropic projects revenues of $190 billion to $200 billion by 2028, indicating robust future growth potential.23
In its IPO, Anthropic aims to raise up to $100 billion, surpassing SpaceX's $86 billion raise, and is targeting a valuation of approximately $2 trillion, which exceeds SpaceX's $1.77 trillion valuation at its public debut. However, these figures are not final and remain subject to change as plans are finalized.6
The $30 trillion TAM figure has raised eyebrows on Wall Street, with finance professor Aswath Damodaran previously stating that such estimates are10
“The $30 trillion figure is more than 12 times the combined $2.4 trillion revenue of 191 S&P 1500 tech companies last year. Anthropic's Q2 revenue more than doubled to $11.6 billion, and its annualized run rate topped $65 billion by end of July.”
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