Anthropic Is Preparing for an IPO at a Valuation of Over $2 Trillion
According to sources familiar with the matter, Anthropic is preparing for a potential IPO in fall 2026 and is simultaneously in talks to acquire Israeli AI startup Decart for $6 billion. The company's latest private valuation stands at $965 billion, with some investors expecting it could exceed $2 trillion at the time of listing.
In this piece, we cover what is known about Anthropic's IPO preparations, its revenue growth, and the potential deal with Decart.
What We Know About Anthropic's IPO
Anthropic filed a confidential S-1 with the U.S. Securities and Exchange Commission (SEC) on June 1, 2026 — approximately one week ahead of OpenAI, which submitted its filing on June 8. According to CNBC, the company is targeting a listing on Nasdaq in October 2026. Morgan Stanley, Goldman Sachs, and JPMorgan are leading the IPO preparations. Anthropic has not yet disclosed an exact date, share price, offering size, or final valuation.
Anthropic's latest confirmed private valuation stands at $965 billion. The company reached this figure following its Series H round of $65 billion in May 2026 — the first time Anthropic's valuation surpassed OpenAI's $852 billion.
Anthropic ARR growth dynamics, 2025–2026
Anthropic's investors expect the company could go public at a valuation of $2 trillion or more — and potentially up to $3 trillion if current growth rates hold. According to one prediction market, the probability of Anthropic's IPO becoming the largest offering of 2026 stands at 41%. That said, all figures remain projections, and Anthropic itself has not named a target market cap.
If Anthropic's valuation exceeds $2 trillion, the company could set a new IPO record, surpassing SpaceX, which raised a record $75 billion in June at an initial valuation of $1.77 trillion.
Rapid Revenue Growth Underpins the High Valuation
The key driver behind these projections is Anthropic's rapid revenue growth. The metric in focus is annual recurring revenue (ARR) — an indicator of potential annual revenue assuming current sales momentum is maintained.
The company's ARR grew approximately 47x — from $1 billion at the end of 2024 to $47 billion in May 2026. In February 2026, the figure stood at $14 billion; in March, $19 billion; in April, $30 billion; and by late July it had surpassed $65 billion. In April 2026, Anthropic also overtook OpenAI in terms of ARR.
Separately, the company reported to investors preliminary Q2 2026 revenue of over $11.5 billion — compared to $787 million in the same period of 2025. Anthropic also recorded a positive adjusted operating profit. Investors estimate ARR could reach $100–120 billion by the end of 2026. Additionally, Reuters reports that forecasts used to value Anthropic include projected revenue of $190–200 billion by 2028.
This growth trajectory explains why investors are considering a $2 trillion-plus valuation for Anthropic. One of the company's investors argues that growth of hundreds of percent per year could justify a valuation of roughly 30x annual revenue. At a projected ARR of $100 billion, that implies a market cap of around $3 trillion.
Ultimately, the final valuation will depend not only on revenue growth rates, but also on compute infrastructure costs, business margins, reliance on major clients and partners, and the company's ability to sustain demand for Claude.
The $6 Billion Decart Acquisition
Alongside its IPO preparations, Anthropic is in talks to acquire Israeli AI startup Decart for approximately $6 billion. The potential deal was first reported on August 13, 2026. Negotiations are still ongoing, and the transaction may not materialize.
Decart was founded in 2023 by Dean and Orian Leitersdorf and Moshe Shalev. The startup develops technologies for more efficient use of computing resources during the inference and training of AI models.
For Anthropic, this is strategically significant given the ever-growing demand for compute required to advance Claude. Decart's technology could help the company improve chip utilization efficiency and scale its models without a proportional increase in infrastructure costs.
Decart's most recent funding round in May 2026 valued the company at approximately $4 billion. The deal now under discussion is reportedly worth $6 billion. If the acquisition goes through, it would be the largest in Anthropic's history and could become the first deal of this scale involving an Israeli company.
Conclusion
Anthropic is entering a stage where the scale of its business demands a systematic approach to further growth. Its IPO preparations are unfolding in parallel with the search for technologies that can help the company operate more efficiently with its compute resources.
Whether Anthropic's pace of development will live up to high investor expectations — and whether the Decart deal will close — should become clear in the coming months. For now, both processes remain at the preparation and negotiation stage.
