The $965 billion figure is confirmed by Anthropic itself. Anthropic announced it raised $65 billion in Series H funding led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, valuing the company at $965 billion post-money.

Bloomberg reported the same round on May 28 2026, describing it as eclipsing rival OpenAI's value for the first time.

The IPO preparation is also confirmed on the record by the company, but only at the confidential stage. Anthropic stated that it confidentially submitted a draft registration statement on Form S-1 to the SEC for a proposed initial public offering of its common stock, that this gives it the option to go public after the SEC completes its review, that the proposed offering will depend on market conditions and other factors, and that the number of shares to be offered and the price have not yet been set.

The $2 trillion figure comes from press reporting based on unnamed sources, and it describes what investors expect rather than a target the company has set. CNBC reported that investors project the company could float at a valuation of about $2 trillion, according to the people, and that Anthropic declined to comment. Most importantly, the Financial Times reporting that seeded the figure carried an explicit limiting statement: senior Anthropic executives had not fixed a valuation target for the IPO, even in private conversations, according to the Financial Times; the company filed paperwork with the SEC in June and entered a quiet period.

The FT reported that Anthropic investors expect the company to go public in October at a valuation of $2 trillion or more, which would make it the largest IPO in history, surpassing SpaceX, which went public at a $1.77 trillion valuation in June.

Separate reporting places underwriter selection and timing in flux. The FT reported that Morgan Stanley is the frontrunner for the lead-left mandate, citing four people familiar with the matter, with Goldman Sachs expected to take the stabilization-agent role, and that Anthropic is preparing to file its IPO papers as early as the following week, though people familiar said the timetable could still move.

Axios reported, citing Business Insider, that Anthropic has decided to list on the Nasdaq.

CNBC separately reported in July that Anthropic was scheduling investor meetings ahead of a possible IPO, with Goldman Sachs, Morgan Stanley and JPMorgan involved.

On the historical rounds in the carousel: Anthropic's Series A of $124 million in May 2021 was led by Jaan Tallinn, with participation from James McClave, Dustin Moskovitz, the Center for Emerging Risk Research and Eric Schmidt.

Dealroom records the Series A as valuing the lab at $623 million.

Anthropic announced the $450 million Series C led by Spark Capital with participation from Google, Salesforce Ventures, Sound Ventures, Zoom Ventures and others.

Axios reported the Series C valued the startup at more than $4 billion per PitchBook, and that the company declined to confirm its overall valuation.

TechCrunch noted The Information had reported the company was seeking to raise at an over-$4.1 billion valuation. On FTX: the FTX estate agreed to sell the majority of its Anthropic stake for $884 million, with the top buyer a group aligned with Mubadala.

A later report states the estate sold its remaining Anthropic shares for $452 million in June 2024, and that together the bankruptcy estate received approximately $1.3 billion from Anthropic shares originally purchased for $500 million. On Spark's paper gain: Forbes reported that Razavi's early stake produced an estimated $3 billion paper gain on about a $75 million commitment.