Anthropic reportedly nearing a $2 trillion IPO
Six investors expect Claude's maker to go public in October 2026, the largest listing ever.
This is the clearest read yet on how much money is riding on AI right now, and it will shape valuations and hiring across every AI-adjacent business, his own bets included.
Six people who have invested in Anthropic, the maker of the Claude AI models, told the Financial Times they expect the company to go public in October 2026 at a valuation of $2 trillion or more. If that holds, it would be the largest IPO (initial public offering, a company selling shares to the public for the first time) in history, bigger than SpaceX's $1.77 trillion debut this past June, which currently holds the record.
The newsletter says it has seen a leaked pitch deck from Coatue, one of Anthropic's more aggressive investors, built on the company's own December 2025 financial data. The deck reportedly shows the price Coatue paid to get in, the value it originally modeled for a 2030 exit, and an expected return of 35 percent IRR (internal rate of return, a standard way funds measure how much money an investment earned per year). If Anthropic really does go public in October 2026 at the rumored price, Coatue would get that same return four years earlier than it had modeled, since the 2030 exit it planned for would effectively happen now.
The newsletter keeps the actual entry price, the exact modeled exit value, and its own view on whether $2 trillion is a fair price behind a paywall, so those specific figures are not available from what he saved. What is available is the shape of the story: a small number of early investors bought into Anthropic at a price low enough that even a $2 trillion IPO, a number that sounds enormous on its own, would hand them a very large, and very early, win.
Worth watching: if the October 2026 timeline and the $2 trillion figure firm up over the next few months, expect a fresh wave of AI-adjacent valuations, including at smaller companies, to get marked against it.
So is its modeled 2030 exit, and so is the 35% IRR that October’s rumored offer would hand back four years ahead of schedule.via Linas's Newsletter →