Anthropic (Claude) May Be the Only $1 Trillion IPO Worth Buying

With SpaceX potentially just days away from going public, I think many investors expected OpenAI, the parent company of ChatGPT, to be the next trillion-dollar initial public offering (IPO).

However, Anthropic, the parent company of Claude, has beaten them to the punch. The company announced on June 1 that it has confidentially filed to go public with the U.S. Securities and Exchange Commission (SEC).

Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue "

This filing allows the company to go public following the SEC's review, although Anthropic made it clear that whether it actually follows through with an IPO will depend on market conditions and other factors.

While many details about the company remain unknown, Anthropic could end up being the only $1 trillion IPO worth buying.

These trillion-dollar IPOs will launch with sky-high valuations

Interestingly, Anthropic is planning an IPO after just announcing a $65 billion series H private funding round at a post-money valuation of $965 billion.

Investors might have assumed that would give the company some runway, but perhaps the company wants to take advantage of strong market conditions for AI companies to raise more money at a higher valuation.

The $965 billion valuation officially eclipsed OpenAI, which earlier this year closed a $122 billion private funding round at an $852 billion valuation.

SpaceX, Anthropic, and OpenAI all promise to be game-changing companies and already have begun to change the game to an extent. But Anthropic could offer investors a more realistic valuation.

SpaceX is not yet profitable and grew revenue 33% year over year in 2025 -- a massive increase for any company, but still perhaps slower than investors are looking for. With nearly $18.7 billion of revenue in 2025, SpaceX, at a $1.8 trillion valuation, would be asking for a trailing-12-month revenue multiple of 100x.

Now, of course, these companies aren't going to be valued on fundamentals and could define new sectors with tremendous runways. The problem is that these valuations are baking in an incredible amount of success and may not account for roadblocks that could arise.

In March, OpenAI reportedly hit a $25 billion annualized revenue run rate. Reports also suggest that the company will seek an IPO valuation of $1 trillion or more. If this were to be the case, it would be asking for a 40x forward revenue multiple because revenue run rate essentially annualizes one month's number.