Early Anthropic backer sees shares trading above $2.3 trillion

An early investor in Anthropic said he expects the artificial intelligence company's initial public offering to be priced at roughly $1.8 trillion and then to trade at $2.3 trillion to $2.4 trillion, which would make it the largest IPO ever, according to Fortune, which published the interview on October 15, 2026.

The investor, who asked not to be identified so he could speak freely, said the pricing would come in below Anthropic's reported $2 trillion target but that the shares would jump once trading began. He argued the higher figure reflects the company's underlying value rather than a temporary surge. SpaceX closed its first day of trading at a market capitalization of $2.1 trillion and is now around $2.03 trillion, Fortune reported.

The investor said he backed Anthropic because it leaned toward enterprise customers rather than consumers and because of the success of its Claude product. Anthropic draws about 80% of its revenue from enterprise customers, while roughly half of OpenAI's sales come from its business segment.

Comparing the two companies, he said both are strong but that Anthropic is "a little less chaotic," and credited chief executive Dario Amodei with being principled about the company he is building. He also said Anthropic would reach large-scale profitability sooner than SpaceX.

Anthropic has not yet filed its S-1.

This story was first reported by Fortune.