Anthropic plans to disclose third-quarter financial results Wednesday to institutional investors at its San Francisco headquarters, ahead of what could be the largest initial public offering in history.
The company is projecting a $2 trillion valuation based on revenue topping $100 billion by year-end, according to people familiar with the plans. That would exceed SpaceX's market debut. Anthropic confidentially filed with the Securities and Exchange Commission earlier this year, though its S-1 financials remain private.
The disclosure matters because the AI market is rapidly repricing. Last week, confusion over OpenAI's updated revenue figures — reported at $50 billion rather than the widely circulated $70 billion, after excluding cloud partner revenue — triggered a sell-off in semiconductor stocks and the broader Nasdaq. Anthropic has not specified whether its disclosure will include partner revenue, a distinction that could significantly alter how investors interpret the numbers.
Capital constraints are tightening. Broadcom CEO Hock Tan said Monday that rising interest rates mean access to capital could become the primary constraint for AI companies. Chip stocks fell Tuesday, extending a broader sell-off driven by concerns over whether the economics of AI infrastructure justify the deployment spending.
Market conditions are now a decisive factor for Anthropic's path to public markets. Bankers are monitoring investor appetite for high-growth AI stocks as the company prepares for a potential November listing.
