Anthropic IPO: $2T Valuation Needs Amazon-Level Profits

Investors expect Anthropic to go public in October with a targeted valuation of $2 trillion or higher. This would make it the most valuable initial public offering in history, significantly surpassing SpaceX's record. What's interesting is that this valuation would more than double the company's worth from May. Anthropic confidentially filed for an IPO in June. However, the company is not currently making money. To justify a $2 trillion valuation, Anthropic would need annual profits between $59 billion and $79 billion. While reports suggest second-quarter 2026 revenue could double to $10.9 billion, achieving an operating profit is different from net income. Operating profit covers costs like salaries and research but doesn't account for debt interest or taxes. The bottom line is that reaching actual net profitability will be crucial for public investors to accept such a large valuation.