Anthropic $2T IPO Goes to Nasdaq: What Investors Need to Know

Anthropic has selected Nasdaq for its planned initial public offering, setting up what could become the largest IPO on record and giving public-market investors a rare chance to put a direct price on one of artificial intelligence’s leading model developers.

The Claude maker could seek to raise as much as $100 billion at a valuation around $2 trillion, although the terms remain under discussion. Nvidia is considering investing up to $10 billion as an anchor investor, Reuters reported on September 11. Anthropic was valued at $965 billion in a $65 billion private funding round in May, meaning a $2 trillion IPO would represent more than a doubling in valuation within months.

Anthropic has yet to publish its IPO prospectus, so the valuation, offering size and timing remain subject to change. Reports on September 14 indicate the company has chosen Nasdaq and is targeting an October listing.

The Numbers Behind a $2 Trillion Valuation

Anthropic’s rapid rise in valuation is particularly striking. Just six months ago, the company was valued at $380 billion. By May 2026, that figure had surged to $965 billion. Now, Anthropic is reportedly targeting an IPO valuation of around $2 trillion more than five times its valuation just six months earlier. 

 Anthropic's growth helps explain the ambition. Annualized revenue run rate exceeded $65 billion at the end of July, up from $47 billion in May and roughly $9 billion at the end of 2025.

At a $2 trillion valuation, that would place Anthropic at roughly 31 times its July annualized revenue run rate. The comparison is imperfect because run-rate revenue is not reported annual revenue, but the multiple illustrates how much future growth investors would be asked to price in. Anthropic is reportedly forecasting around $190-200bn of revenue by 2028. At $2tn, that's still roughly 10× projected 2028 revenue.

Enterprise adoption is a major differentiator

Anthropic said that the number of business customers spending more than $1 million annualized doubled from over 500 in February to more than 1,000 less than two months later.

That's an excellent statistic because it explains why revenue is exploding. Claude is not just popular, Anthropic appears to be monetizing AI increasingly through large enterprise customers and developers.

Nvidia could become an IPO anchor investor

This is new and very interesting. Reuters reported on September 11 that Nvidia is discussing investing as much as $10bn as an anchor investor in the IPO. Anthropic could reportedly raise as much as $100bn, potentially making it the largest IPO ever

AGIX Already Owns Anthropic

The KraneShares Public-Private AI & Technology ETF (AGIX) already holds private Anthropic shares. As of September 9, 2026, Anthropic was AGIX's largest private holding at 1.46% of net assets, worth approximately $12.9 million. The ETF had $882.4 million in assets and charged a 1.00% expense ratio. Its NAV had returned 24.53% year to date through August 31.

Return through August 31, 2026. Source: KraneShares.

AGIX is unusual because it mixes private companies with listed AI beneficiaries. Meta was its largest holding at 4.52%, followed by Nvidia at 3.82%, Alphabet at 3.54% and Microsoft at 3.31% as of September 9.

The structure means Anthropic's IPO could turn an illiquid private holding into a publicly traded position, but AGIX should not be mistaken for a pure Anthropic vehicle. A 1.46% weight means movements elsewhere in its portfolio can easily dominate the fund's return.

There is also the Anthropic AI Lab Ecosystem ETF (ANTW), an NYSE Arca-listed fund designed around companies connected to Anthropic's ecosystem. Its SEC prospectus specifically allows exposure to privately held companies while warning about the valuation and liquidity difficulties involved.

Anthropic Could Change the AI ETF Equation

A public Anthropic would give AI ETFs something many currently lack including direct access to a major foundation-model developer rather than relying primarily on semiconductor companies, cloud providers and mega-cap technology stocks. Funds tracking eligible Nasdaq or technology indices could eventually add Anthropic subject to their respective index rules and rebalancing schedules.

Leading GCC investors in Anthropic

Abu Dhabi's MGX and the Qatar Investment Authority participated in Anthropic's February funding round, which valued the company at $380 billion. The IPO would therefore crystallize a public market valuation for an AI company already backed by Gulf institutional capital.

The IPO also arrives at an awkward moment for the AI trade. On September 14, Nasdaq futures fell as concerns about the pace and safety of AI development hit semiconductor stocks. Nvidia dropped about 2.5% in premarket trading, while AMD and Marvell fell more sharply.

That creates an unusual backdrop, one of AI's largest developers is preparing to ask public investors for a record valuation just as markets are questioning how long the infrastructure spending cycle can continue. Time will tell.