Anthropic Tops $2 Trillion in Pre-IPO Trading as Nasdaq S-1 Release Looms
Updated
Updated · Euronews · Sep 17
Anthropic Tops $2 Trillion in Pre-IPO Trading as Nasdaq S-1 Release Looms
3 articles · Updated · Euronews · Sep 17
Summary
$2.15 trillion is Anthropic’s implied valuation on Hyperliquid, after peaking near $2.36 trillion ahead of the public release of its S-1 filing.
That pricing is about 2.2 times Anthropic’s $965 billion Series H valuation from May, reflecting investor bets on a Nasdaq IPO expected to raise more than $60 billion.
$65 billion in annualized revenue by late July has fueled the optimism, even as reported 2025 losses neared $42 billion and Amazon committed up to $33 billion of investment.
The pre-IPO market remains thin despite the headline valuation, with just $6 million in 24-hour volume and $31 million in open interest, making the S-1 the first major test of sentiment.
Anthropic’s filing would cap a crowded AI listing year and could become the largest IPO ever, even as Dario Amodei’s call to slow frontier AI development complicates the equity story.
Will a record-breaking $60 billion IPO force Anthropic to abandon its strict safety-first philosophy for hyper-growth?
Can public markets truly sustain a $2 trillion valuation for an AI giant bleeding $42 billion annually?
Is this massive tech debut actually funding future AI, or just locking in a $100 billion debt to cloud providers?
Anthropic’s Historic $2 Trillion IPO: Hyper-Growth, Legal Risks, and the Coming AI Market Shakeup
Overview
Anthropic is preparing for a historic IPO in late 2026, targeting a $2 trillion valuation after filing its confidential S-1 with the SEC and rapidly growing its revenue past $65 billion. This surge is fueled by capturing a leading share of the enterprise AI market and securing massive funding rounds, but it comes with high risks. The company faces skepticism over its true profitability, as its reported margins exclude major costs, and many developers are switching to cheaper competitors. Anthropic is also locked into expensive infrastructure deals and is navigating regulatory and political challenges, including a Pentagon blacklist and public backlash over AI expansion.