Anthropic’s potential $2 trillion IPO is facing fresh scrutiny after investor and venture capitalist David Sacks questioned whether the reported valuation accurately reflects the company’s eventual public-market price.
Anthropic has emerged as one of the most closely watched artificial intelligence companies ahead of a potential October listing. Investors have reportedly discussed a valuation of $2 trillion or more, which would surpass SpaceX’s record IPO valuation.
Sacks, speaking on the All-In podcast, said he was skeptical of the $2 trillion figure because IPO valuation leaks can reflect negotiations among banks and investors rather than a final price. He also suggested Anthropic could deliberately set a lower initial valuation to limit volatility after the stock begins trading.
Valuation Depends on Explosive Growth
The debate centers on whether Anthropic can sustain an extraordinary revenue expansion. Investors expect the company’s annualized revenue to reach roughly $100 billion to $120 billion by the end of 2026.
Sacks acknowledged Anthropic’s strong execution but questioned how long its current growth rate can continue. A key issue is whether demand for Claude and other AI products can support such rapid expansion while competitors such as OpenAI and Google continue investing heavily.
Anthropic’s reported financial trajectory has fueled the bullish case. Its revenue run rate rose from about $9 billion at the end of 2025 to more than $47 billion by May 2026. However, the company also faces enormous computing and infrastructure costs.
Public Markets Will Set the Real Price
The eventual IPO filing will give investors a clearer view of Anthropic’s revenue, expenses, capital requirements and growth assumptions. That disclosure could determine whether the private-market enthusiasm translates into public-market demand.
Recent reporting also indicates that Anthropic’s IPO timeline has slipped, with its prospectus still awaited. The delay adds uncertainty around when investors will finally see the company’s full financial picture.
For now, the $2 trillion figure remains an expectation rather than a confirmed valuation. Sacks’ comments highlight the central question facing Anthropic: whether its remarkable growth can justify one of the largest technology valuations ever brought to public markets.
