The largest IPO in Anthropic's history is $2 trillion!

  It's the first time in the history of the world.

It's less than two months until October.

And Wall Street is waiting for a bell to ring that could rewrite the history of technology.

If all goes according to plan, this autumn, the human capital market will be home to an unprecedentedly large Anthropic giant.

US$2 trillion, the largest IPO in AI history.

In June, SpaceX set the record for the largest IPO with $1.77 trillion, but this myth may not hold up for another six months.

What's dramatic is that this $2 trillion valuation isn't the price Anthropic puts on itself.

When the FT exploded, six anthropic investors each modelled the value of the digital coin, which was valued at over $2 trillion when it was listed in October.

At least one of them, at an 800% growth rate, is more than 3 trillion.

The company's internal executives are said to have not reached a target price even on private occasions.

The company, founded by the Amodei brothers and their former core team, OpenAI, also has a small office in San Francisco five years ago.

Today, it has been pushed to the "altare" under the spontaneous grip of capital.

From 0 to 2 trillion, Anthropic took five years. It took 40 years for Apple to go from being listed to a market value of 2 trillion.

This curve of growth of the Anthropic itself is uncommon.

By the end of 2025, annual revenues (ARRs) were about $9 billion. By May this year, this figure had risen to $47 billion.

Anthropic's second quarter revenue exceeded $11.5 billion, up 14 times from $787 million in the same period last year.

Today alone, Reuters released a previously unreported digital bubble.

Anthropic Internal Forecasts that revenue will reach $190 billion to $200 billion in 2028.

From 9 billion at the end of 2025, to 47 billion today, and then to 200 billion two years from now.

The Wall Street Journal has not found the right scale to measure Anthropic.

Thus, in this valuation, banks and investors used the "corporate value/revenue multiplier" and directly used the revenue forecast for 2028.

It is not uncommon for software companies that are growing rapidly and are not yet profitable to be valued by revenue rather than profit.

But it's not uncommon to skip 2026, skip 2027, and put the price point on a report that hasn't happened yet two years later.

Since then, Anthropic and OpenAI have been the largest sectors in revenue structure.

Seventy to eighty percent of its money comes from APIs and enterprise contracts, charged by Token. Not based on subscription-based retailers, it relies on the number of calls that enterprises run out of every day.

One of the steepest sections of this curve is called Claude Code.

The annual revenue of this product line is only $500 million in September 2025, and it has jumped to $2.5 billion in February 2026.

In terms of the company's internal qualities, it now accounts for nearly two percent of total revenue.

The data on the side of the open source community is more intuitive, and in GitHub's open repository, Claude Code's submissions have climbed from 4% to 10%.

Uber's CTO has said that the company's entire AI budget was burned in four months, with Claude Code and Cursor in the lead.

The average monthly API consumption of an engineer ranges from $500 to $2000, and the internal adoption rate of Claude Code rose from 32% to 84%.

The latest round of business surveys by Menlo Ventures data: Anthropic accounts for about 40 percent of enterprise-level LLM spending, and OpenAI 27 percent; on the battlefield of this segment of programming, Anthropic accounts for about 54 percent, more than double the amount of OpenAI [21].

So the figure of 2 trillion is not known at all.

It is a one-time call by engineers from all over the world, compiled by Token.

Recently, Anthropic has also been exposed to internal fractures.

Brian Roemmele, an early investor at Anthropic, a well-known Silicon Valley blogger, posted: "It's worse than I thought it was going to be.

The root of all this is the higher echelons of the Anthropic, a "priestly class" made up of top doctors.

When CEO Dario defected from OpenAI that year with a bunch of skeletons, he brought a "saving humanity" ring.

Now, the ring has evolved into a "crazy cult system".

The company has a unique tradition of "Dario Vision Exploration".

Every two weeks at the General Assembly, Dario does not talk about specific business indicators, but with a compassionate and high-pitched tone, proclaiming the ultimate salvation of human civilization and the devastating risks of AI.

"It doesn't feel like opening a corporate conference, it feels like listening to a pastor's sermon". A former employee described it in despair.

In the eyes of those arrogant executives, the savior of the human mind is the only prophet who knows how to prevent AI from destroying the world.

Young college graduates, who are brainwashed by this grandiose narrative, write code day and night for "human security".

But as they married and had children and borrowed money, they discovered that they were in the upper echelons of the "savior" illusion, increasingly arrogant and hostile.

At the same time, the new recruits do not eat this brainwashing bag at all.

All of this has led to a rift within the company.

In an effort to escape high-level regulation, angry grassroots workers built a clandestine underground network, frantically voicing dissatisfaction with the upper "doctor-priest class".

This group of talented engineers is being painfully torn apart.

On the one hand, the company is about to have a $2 trillion IPO, and they have a lot of options in their hands, and they really don't want to give up this opportunity for wealth freedom.

The closer the IPO gets, the higher the value of the stock in hand, the higher the cost of leaving.

On the other hand, the company's extreme culture is tormenting their physical and mental health. To leave, there may be billions of dollars in wealth that will change over time; to leave is to give up a big lottery for the sake of mental freedom.

Now the Anthropic, like a giant being blown away by a giant hormone, faces an unsolved paradox.

To make the most secure AI, you need the strongest models; to train the strongest models, you need a lot of computing power; to buy computing power, you need hundreds of billions of dollars of capital.

Capital, once embedded, inevitably transforms itself into a bloodthirsty beast, demanding unlimited growth and insane returns.

Dario Amodei can't afford to accept a $2 trillion check on Wall Street with peace of mind while claiming he's out of control of business logic.

SpaceX, which set a record in June, plunged its share price from a high of 38% in the following two months.

This seems like a dangerous metaphor: a trillion-dollar fantasy that could shrink at any time in the face of reality.

Anthropic is walking on one of the finest and highest steel threads in the history of human technology.

Complex government regulation, burning computing costs, and growing internal governance tensions.

Any of the mid-winds, which may be on the market in October, will be magnified into a hurricane that will topple an elephant.

But no matter how torn inside, there is no doubt that Anthropic, with the strongest coding capability in the entire network, has steadily killed the final circle of ASI.

When the bells ring in October, everyone is waiting for an end.