Anthropic Valuation Jumps 154% to $965B Amid $2T IPO Speculation

Anthropic’s private valuation surged 154% to $965B as it files for IPO, with revenue tripling to $47B. Massive capex commitments test profitability logic.

Woofun AI reports that Anthropic submitted a confidential listing application on June 1, positioning its potential public debut as a critical stress test for AI investment theses. The company's annualized revenue expanded from $14 billion in February to over $47 billion by May, while its private valuation climbed from $380 billion to $965 billion. Market speculation suggests an IPO valuation exceeding $2 trillion, though no issue price or listing date has been confirmed.

To sustain competitive advantage, Anthropic secured $65 billion in May funding and committed to over $100 billion in Amazon cloud services across the next decade. Infrastructure agreements include up to 5GW of additional computing power with Amazon, plus 5GW of next-generation TPU capacity via Google and Broadcom, alongside access to SpaceX GPU resources. Analysts emphasize that investor focus must shift from pure growth metrics to profit distribution dynamics among model developers, chipmakers, and cloud providers, highlighting risks related to cash conversion and pricing power amid intensifying competition.