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Anthropic Is Reportedly Aiming for a Valuation of $2 Trillion or More. Is It Justifiable?
Key Points
Anthropic may eclipse SpaceX in value when it goes public later this year.
The company is reportedly seeking a valuation of at least $2 trillion.
It's been experiencing significant growth, and revenue was $11.5 billion in the second quarter, but investors won't see the full financials until closer to Anthropic's IPO.
One of the most highly anticipated initial public offerings (IPOs) of 2026 is likely to be Anthropic's, the artificial intelligence (AI) company that makes the Claude chatbot. What may be most surprising is that it may fetch an even higher valuation than Space Exploration Technologies Corp (NASDAQ: SPCX), also known as SpaceX, which already looked expensive when it went public at around $1.75 trillion.
Anthropic is reportedly aiming for a valuation of at least $2 trillion. Can that really be justifiable?
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Anthropic's IPO could be coming in October
According to reports, Anthropic's stock may begin trading around October, and when the date gets closer, investors will learn more about the company's financials and just how high a valuation it is seeking. Currently, it's believed that Anthropic's IPO could price the AI company at a market cap of $2 trillion, potentially even as high as $3 trillion.
The stock market has been hot this year, with the S&P 500 hitting record levels, and thus, the time is ripe for companies to go public, as it can result in much higher valuations than in years when investors may be more cautious. SpaceX went public in June, and its valuation already looked excessive at around $1.75 trillion. It would end up surging to more than $2 trillion, only to fall afterward. It's been a volatile stock out of the gate, and Anthropic may experience similar volatility.
The business is growing fast, but it may be risky to invest in
There's been plenty of excitement around Anthropic's Claude chatbot, as it is highly popular for coding and can drastically improve efficiency for businesses, enabling them to do more with less. According to Bloomberg, Anthropic's revenue for the second quarter surged to $11.5 billion, up from $787 million a year ago. It's been growing at an incredibly fast pace.
However, without its full financials to analyze, investors still don't have a firm idea as to its prospects for profitability. But as SpaceX has shown, even with billions in losses, that may not deter investors from buying up a hot new growth stock.
The risk for investors is that investing in a company that's unprofitable, whether it's SpaceX or Anthropic, particularly at a high valuation, can result in significant losses later on. While early hype can enable a new stock to soar regardless of its price tag, that doesn't mean it'll stay at an elevated value. Investors should always consider valuation and profitability when investing in stocks. As promising as Anthropic may seem, I don't think a $2 trillion market cap (or more) would be justifiable at such an early stage in its growth.
David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.