Anthropic could raise $100bn, ten times Europe’s largest listing in decades

Anthropic could raise around $100bn in a listing as early as October, exceeding SpaceX’s record, with backers modelling a valuation of at least $2tn. The Financial Times reports that senior executives have not set a valuation target even privately.

Anthropic’s listing now has a figure attached to it. Reports put the raise at around $100bn, roughly 17% above the record SpaceX set in June.

The valuation is a different kind of number. The Financial Times reports that backers are modelling at least $2tn, with some investor models reaching $3tn, while senior executives have not set a target even privately.

Private markets have been running ahead of the company for months. TNW reported secondary trades implying a $1.2tn valuation before any of this was public.

What everyone is extrapolating from is the revenue curve. Anthropic made roughly $10bn across the whole of 2025, reached $47bn annualised by May, and $65bn by July.

The projection under the valuation goes further still. TNW reported internal forecasts of $190bn to $200bn of revenue in 2028, which is the assumption the whole price rests on.

The timetable is short. A public filing could come as soon as the end of this month, with a listing as early as October, well ahead of OpenAI’s expected 2027.

For scale, SpaceX raised $75bn in June and $85.7bn once underwriters exercised their options. That already passed Saudi Aramco’s $25.6bn in 2019 and Visa’s $17.9bn in 2008.

Europe has no frame of reference for this at all. Porsche’s 2022 listing raised about €9.4bn and was the largest on the continent in decades.

A raise of $100bn is roughly ten times that. It is also a transaction European exchanges were never in a position to compete for, whatever the company’s customers or users look like.

What that money buys is not control. Anthropic is considering super-voting shares for Dario Amodei, who owns about 2%, and his co-founders.

So the price is being set by the people who already own the company. Its executives, according to the reporting, have not set one at all.