Anthropic plans to disclose to investors a market potential of over $30 trillions, with an IPO valuation target of approximately $2 trillions.

Anthropic is presenting investors with an unprecedented market vision as it prepares for its IPO.

On August 25, according to The Wall Street Journal citing informed sources, the Claude chatbot maker plans to tell investors that its potential total addressable market (TAM) will exceed 30 trillion USD, surpassing the 28.5 trillion USD record previously set by SpaceX.

Anthropic is forecasting revenue of about 190 billion to 200 billion USD by 2028, with an IPO valuation target of around 2 trillion USD, higher than the 1.77 trillion USD valuation SpaceX received at its listing. The company intends to raise up to 100 billion USD.

The company is expected to disclose IPO financial documents in the coming weeks, with a listing potentially completed as early as September or the beginning of October.

Meanwhile, prediction market platform Polymarket data shows a 74% probability that Anthropic will release a new generation Mythos-class model before September 9, and this product progress may further boost the pace of its IPO.

TAM (total addressable market) refers to the theoretical maximum annual revenue a company could achieve if it obtained 100% market share in a given sector, usually estimated by combining industry data with investment banking models.

According to The Wall Street Journal, Anthropic quantifies its TAM by encompassing the full scope of tasks that AI models can perform. The report, citing informed sources, notes that the company’s plan is still under discussion and the numbers may change.

Previously, in its May IPO filing this year, SpaceX defined its TAM as "the largest actionable market in human history," with 26.5 trillion USD attributed to AI-related opportunities.

This figure from SpaceX has already sparked some skepticism on Wall Street. New York University finance professor and renowned valuation expert Aswath Damodaran told The Wall Street Journal before SpaceX’s June listing that the company's estimate for AI’s TAM "has reached the edge of plausibility and is beginning to break through it."

By comparison, Anthropic’s figure raises the ceiling of this narrative even further. For context, according to FactSet data, the combined revenue of 191 technology companies in the S&P 1500 index was 2.4 trillion USD last year.

According to reports, Anthropic is expected to unveil its IPO prospectus and other financial documents in the coming weeks, and could officially list as early as September or the beginning of October this year.

If successful, this IPO is likely to surpass SpaceX in several key metrics:

• In terms of fundraising scale, Anthropic could raise up to 100 billion USD, exceeding SpaceX’s 86 billion USD;
• In terms of valuation, Anthropic’s target is about 2 trillion USD, also surpassing SpaceX’s 1.77 trillion USD at the time of listing.

However, SpaceX’s post-listing share performance offers a note of caution—its stock fell to below 105 USD per share in early August and is now hovering only around its offering price of 135 USD.

In addition, on August 25, Anthropic announced the launch of a 5 million USD AI User Wellbeing Grant Program, stating that it aims to fund independent research, highlighting the company's efforts to balance accelerated commercialization with public image building around AI ethics and social impact.