Some investors in Anthropic, the U.S. artificial intelligence startup, expect the company to command a valuation of more than $2 trillion (about 2,814 trillion won) when it goes public in October. That would exceed the $1.77 trillion valuation at which SpaceX listed, making it the largest ever.
The Financial Times reported the expectations on the 13th, saying six Anthropic investors believe the company could be valued at more than double its current worth in this fall's listing, based on its rapidly growing revenue.
The investors project that the annualized revenue of Anthropic, the developer of Claude, will reach $100 billion to $120 billion (about 142 trillion to 170 trillion won) by the end of the year, more than 10 times the level at the start of the year.
"If Anthropic is growing 800% a year, it should be trading at at least 30 times revenue, even by the most conservative estimate," one investor said. "In that case, it would be a $3 trillion company (about 4,269 trillion won)."
Anthropic has no comparable listed peers in the United States to use as a benchmark, while AI beneficiaries such as Palantir and Nebius have traded at about 55 times this year's revenue.
Anthropic filed for a listing with the U.S. Securities and Exchange Commission in June and is now subject to a quiet period rule that restricts the release of earnings for a set time. In May, it announced that its annualized revenue had passed $47 billion (about 66.8 trillion won), and its valuation reached $965 billion (about 1,358 trillion won), surpassing OpenAI for the first time.
Anthropic also faces significant risks. It has repeatedly clashed with the Donald Trump administration and is in litigation with the U.S. Department of Defense, which has labeled the company a "supply chain risk." In June, an export control measure by the Commerce Department temporarily suspended foreign access to its flagship models, Fable 5 and Mythos 5.
Anthropic's flagship models cost more than 2.5 times as much to use as OpenAI's flagship models. As the performance of Chinese open-weight models has improved, some corporate clients have adopted cheaper alternatives.
One Anthropic investor stressed that the company still holds the top position. "It's easy to find flaws, but this company still holds the No. 1 spot in performance, positioning and being what people want to be exposed to," the investor said.
