Anthropic could be valued at more than $2 trillion if it goes public as soon as October, according to some existing investors cited by the Financial Times. Six investors said strong demand for Claude and rapid revenue growth may lift the company's valuation beyond the $965 billion level referenced in May. Anthropic disclosed in May that annualized revenue had exceeded $47 billion, and some investors expect that figure to reach $100 billion to $120 billion by the end of the year. One investor, using a revenue multiple of about 30 times, said the valuation could be as high as $3 trillion. The estimates are investor projections rather than company guidance, and several investors said Anthropic's management has not yet set an IPO valuation target. They also pointed to potential risks including competition from low-cost Chinese AI models, the company's relationship with the U.S. government, and the possibility that enterprises may curb AI spending.