Why Anthropic’s $965 Billion+ IPO Could Pay Off Massively For Investors

If Anthropic Goes Public, Will Its Value Keep Rising?

The answer depends on whether Anthropic will be able to sustain expectations-beating revenue and profit growth after it goes public. There is not enough information to know the answer definitively.

However, a good approximation can come from answers to two other questions:

How Fast Is Anthropic’s Revenue Growing?

Anthropic’s revenue has accelerated. Indeed, that figured popped 47-fold – from about $1 billion in annual recurring revenue in early 2025 t0 $47 billion in May 2026, reported CNBC. It also helps that Anthropic expects to be profitable in the current quarter if its achieves its $10.9 billion revenue target, noted CNBC.

Underlying that growth is Claude Code – an AI-based coding tool that has taken the enterprise coding market by storm. Within three months of Claude Code’s May 2025 launch, the product’s ARR topped $500 million – a figure that had quintupled to $2.5 billion by February 2026.

Meanwhile Anthropic has taken significant market share from OpenAI in the enterprise AI coding market. Anthropic’s share of company spending on large languaged models has risen from 24% in 2024 to an estimated 40%, according to Menlo Ventures, which noted OpenAI’s 2024 share fell from 50% in 2023 to 27% in 2024.

More notably, Anthropic has decimated OpenAI’s share of the AI coding segment. By the end of 2025, Anthropic’s share of AI coding grew from 42% in June 2025 to 54% by the end of the year – more than double OpenAI’s 21% share, added Menlo Ventures.

Is Anthropic’s Rapid Growth Sustainable?

Claude Clode is winning the battle for what may be AI’s first killer app – an irresistibly compelling reason for people to pay for an AI chatbot – a then missing-link, according to my September 2024 op-ed in the Boston Globe.

While AI coding remains imperfect, businesses have been spending on these tools because they save time. In 2025, coding accounted for 50% of all LLM usage, Databricks chief data officer Naveen Rao told Fast Company.

Claude Code’s rapid increase in market share raises a question about whether a rival could launch a better product that would cost Anthropic its market momentum.

I think Anthropic has a clear competitive advantage due to its safety-first brand which appeals to risk averse corporate customers.

That advantage hinges on Anthropic’s Constitutional AI methodology and emphasis on auditable, controllable models, noted Gene Dai. OpenAI may be in a difficult position to challenge this due to ongoing questions about CEO Sam Altman’s trustworthiness.

Once a company has contracted with an AI vendor they tend to keep buying from that supplier. Switching from a safety-first-branded vendor is risky – unless the customer can find other vendors who are similarly safe and even more innovative with high payoff new products.

In short, Anthropic appears to enjoy a competitive advantage for now; however, if a trusted vendor such as Google came along with even better AI coding tools, the Claude-supplier’s rapid growth could erode.

What Analysts Say About Investing In A Potential Anthropic IPO

While Anthropic is laying the groundwork for an IPO, there is no IPO prospectus or formally announced timing. The groundwork includes – hiring Wilson Sonsini to prepare the company for IPO preparation.

Moreover, the company has held internal discussions aiming at an October 2026 listing with Goldman Sachs, JPMorgan, and Morgan Stanley helping to raise more than $60 billion.

Anthropic bulls are impressed by the company’s rapid revenue growth, projected profit, and market lead in AI coding while critics warn of the risks of circular financing – about which I wrote last October.

The bull case hinges on rapid revenue growth. This view makes real the Value Pyramid concept I first talked about in July 2024.

Simply put, I argued the most valuable AI companies would the ones that could grow faster than their peers because the deliver a killer app to customers. The discussion above makes it clear Anthropic is delivering.

Another bullish analyst pointed out that the company’s $559 million operating profit forecast for the current quarter reframes AI labs from cash-burning research projects into viable businesses, wrote Yashraj Behera.

Another bullish note is that Anthropic is continuing to improve its products and launch new ones. “The company also unveiled a new flagship A.I. model, Claude Opus 4.8, which is significantly better than its predecessor at generating computer code,” the Times reported.

The new product that comes to mind is “Claude Mythos Preview, a model with advanced cybersecurity capabilities that’s only available to a select group of companies,” noted CNBC.

To be sure, bears are afraid of the risks of investor-customers such as Amazon and Google – which spend the money their investors supply. For instance, Microsoft and Nvidia plan to invest some $15 billion in Anthropic which in turn has committed to buy $30 billion on Microsoft’s Azure capacity, noted Bloomberg.

With no specific IPO date officially announced, these weak signals suggest the bulls will have the more compelling argument if Anthropic goes public.