Holy: Anthropic investors are betting on a $ 2tn+ valuation in an October IPO, the largest stock-market debut ever.

wtf: Backers expect annualised revenue to reach $100-120bn by year-end, up more than 10x during 2026. Anthropic was valued at $ 965bn in May after raising nearly $ 100bn this year.

One investor told the FT: "If Anthropic is growing 800 per cent a year," even a 30x revenue multiple could value it at $ 3tn.

And that's despite Opus 5. Investors are presumably expecting a lead Anthropics and new models soon.