Anthropic $65B ARR; $2T Nasdaq IPO Takes Shape
Anthropic plans to list on Nasdaq at a $2 trillion valuation with up to $100 billion to be raised. Revenue grew from about $9 billion at end of 2025 to over $65 billion annualized by July 2026. The most recent quarter hit $11.5 billion, up 14 times year-over-year. Gross margins exceed 80%, but that excludes revenue-sharing payments and model-training costs. Analysts project $120 billion ARR by year-end and about $360 billion by end of 2027.
Nvidia is in talks to invest up to $10 billion as an anchor investor. Anthropic committed $30 billion in Azure compute loaded with Nvidia chips. The company also signed a $13.7 billion compute deal tied to Trump-affiliated interests. This creates an unusual situation: Anthropic is targeting the largest tech IPO in history while CEO Dario Amodei publicly calls for slowing AI development.
