Anthropic Plans to Disclose Over $30 Trillion Market Potential in IPO Push, Set to Surpass SpaceX?

TradingKey - Anthropic is making final preparations for its public listing, an IPO that could break capital market records for the artificial intelligence industry across multiple dimensions.

According to a Wall Street Journal report citing people familiar with the matter, Anthropic, the developer of Claude, plans to present investors in its IPO filings with a potential total addressable market (TAM) exceeding $30 trillion, a figure higher than the $28.5 trillion previously disclosed by SpaceX (SPCX). If these plans materialize, Anthropic could become not only one of the largest IPOs in the AI sector, but its proposed market opportunity would also further push the boundaries of valuation expectations for tech company listings.

Meanwhile, market sources indicate that Anthropic plans to raise up to $100 billion at a target valuation of approximately $2 trillion, both of which are expected to surpass the records set by SpaceX's listing this year.

Anthropic's IPO plans remain in the preparation stage, and specific fundraising amounts, valuations, and market size figures are subject to adjustment. The company is expected to release relevant financial documents in the coming weeks and could go public as early as September or early October this year.

Over $30 Trillion TAM: Why Anthropic Estimates Such a Massive Market Size

TAM is typically used to measure the theoretical maximum market size a company can reach, which can be understood as the potential revenue ceiling for related products or services under a 100% market share scenario. Tech startups disclose this metric prior to going public primarily to help investors understand the industry boundaries the company might cover in the future.

Anthropic's calculation method this time is clearly more aggressive. According to reports, the company is attempting to include all work that AI models could accomplish in the future within its estimates, meaning its addressable market is not limited to traditional software or cloud services, but extends further to various work activities that AI can perform.

This methodology quickly pushed Anthropic's TAM into the tens of trillions of dollars, but it also means the figure itself relies heavily on assumptions. Exactly which jobs AI can replace, how much new demand it can create, and how much of that value can ultimately be converted into corporate revenue remain difficult to quantify precisely at present.

This logic shares similarities with SpaceX's earlier approach. In a filing submitted in May this year, SpaceX described its TAM as the 'largest serviceable market in human history,' with roughly $26.5 trillion originating from AI-related opportunities and the total TAM reaching $28.5 trillion.

That figure had already sparked market discussion at the time. Aswath Damodaran, a finance professor at New York University and a renowned valuation expert, pointed out prior to SpaceX's IPO that the company's estimates of the potential AI market were approaching the boundaries of reasonableness, or even stretching beyond a reasonable range.

Now that Anthropic has further raised its TAM to over $30 trillion, it will undoubtedly intensify this debate.

By way of scale comparison, this figure far exceeds the existing revenue volume of the traditional tech industry. According to FactSet data, 191 tech companies in the S&P 1500 Index generated a combined revenue of approximately $2.4 trillion last year. In other words, the potential market size envisioned by Anthropic is more than 12 times the combined annual revenue of these companies.

Can Anthropic Support a $2 Trillion Valuation Amid Rapid Revenue Growth?

Behind the vast market potential lies Anthropic's rapidly expanding revenue scale in recent times.

According to market sources, Anthropic's second-quarter revenue has exceeded $11.5 billion, representing a sharp year-over-year increase. Other data shows that as of the end of July, the company's annualized revenue reached approximately $65 billion, up from around $47 billion in May this year. This data currently remains pre-IPO disclosure information and may be subject to adjustments before the official prospectus is released.

More notably, Anthropic's growth expectations for the next few years remain highly aggressive. Internal projections estimate that revenue could reach $190 billion to $200 billion by 2028. If achieved, this implies that Anthropic will still need to maintain an exceptionally high growth rate over the next two years.

The market is willing to give AI companies high valuations largely because their revenue growth rate is far higher than that of traditional technology companies. However, rapid expansion also entails massive investments in computing power, data centers, and R&D.

Anthropic needs to continually prove that increased model usage can translate into robust commercial revenue, while revenue growth can ultimately outrun infrastructure costs and capital expenditures. This is the true test facing its target valuation of $2 trillion.