Anthropic plans to inform investors of a market potential exceeding $30 trillion, with an IPO valuation target of around $2 trillion.

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Anthropic is currently preparing for an IPO and is presenting investors with an unprecedented market vision.

On August 25, according to the Wall Street Journal citing informed sources, the manufacturer of the Claude chatbot plans to inform investors that its total addressable market (TAM) will exceed $30 trillion, surpassing the previous record of $28.5 trillion set by SpaceX.

Anthropic expects revenue of about $190 billion to $200 billion in 2028, with a targeted IPO valuation of around $2 trillion, higher than SpaceX’s $1.77 trillion valuation at its IPO. The company’s planned fundraising scale could reach up to $100 billion.

The company is expected to disclose IPO financial documents in the coming weeks, with listing possibly completed as early as September or early October.

Meanwhile, prediction market platform Polymarket shows that Anthropic has a 74% probability of launching a new generation Mythos-level model before September 9, which may further strengthen its IPO momentum.

$30 Trillion TAM: Surpassing SpaceX’s “Largest Market in Human History”

TAM (Total Addressable Market) refers to the theoretical upper limit of annual revenue a company could achieve if it captured 100% share in the relevant market, usually calculated through industry data and investment bank models.

According to the Wall Street Journal, Anthropic quantifies TAM by including the full scope of work that AI models can accomplish. Sources say the company’s related plans are still under discussion, so the figures may change.

Previously, in its IPO filing in May this year, SpaceX defined its TAM as “the largest executable market in human history,” with $26.5 trillion coming from AI-related opportunities.

SpaceX’s figures have sparked some skepticism on Wall Street. New York University finance professor and renowned valuation expert Aswath Damodaran told the Wall Street Journal before SpaceX’s June IPO that SpaceX’s TAM estimate for AI “has touched the boundaries of reason and is starting to break through them.”

In comparison, the number given by Anthropic further raises the ceiling of this narrative. For reference, according to FactSet, the combined revenue of 191 tech companies in the S&P 1500 Index was $2.4 trillion last year.

IPO Timing Window Approaching, Scale May Surpass SpaceX

Reportedly, Anthropic expects to disclose IPO prospectuses and financial documents in the coming weeks, and may be officially listed as early as September or early October this year.

If successful, this IPO is expected to surpass SpaceX on several metrics:

In terms of fundraising scale, Anthropic may raise up to $100 billion, higher than SpaceX’s $86 billion;In terms of valuation, Anthropic targets about $2 trillion, also higher than SpaceX’s $1.77 trillion at IPO.

However, SpaceX’s post-IPO stock performance offers a cautionary comparison—its stock dropped below $105 a share in early August and is currently hovering near the $135 offering price.

Additionally, on August 25, Anthropic announced the launch of a $5 million AI User Wellbeing Grant Program, stating that it aims to fund independent research, indicating that while accelerating commercialization, the company is also building its public image in AI ethics and societal impact.

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