The AI company's CFO has been quietly meeting with prospective investors ahead of what could be the largest tech IPO in history.
Anthropic, the company behind the Claude family of AI models, is planning an investor day in mid-September. The timing is no coincidence: the company confidentially filed for an IPO with the US SEC back in June and is targeting a market debut as early as late September or early October.
If backer projections hold, Anthropic could hit the public markets with a valuation somewhere between $1 trillion and $2 trillion.
The quiet roadshow before the roadshow
CFO Krishna Rao has been running informal investor briefings since mid-August, laying the groundwork well before any formal roadshow begins. These meetings have covered Anthropic’s product strategy, enterprise adoption of its Claude models, and the company’s leadership team.
What they haven’t covered: specific financial valuations. That’s the kind of detail typically saved for the formal S-1 filing and official roadshow.
Goldman Sachs, JPMorgan, and Morgan Stanley are rumored to be among the underwriters, with Citigroup also potentially in the mix.
From $183B to potentially $2T in about a year
Anthropic’s valuation trajectory reads like a hockey stick drawn by someone with a very optimistic wrist. In September 2025, the company raised $13B in its Series F round at a post-money valuation of $183B. By the time its Series H closed in May 2026, that figure had ballooned to $965B.
Now backers are projecting a public market valuation that could cross the $1 trillion threshold and potentially reach $2 trillion.
