Anthropic could be valued at more than $2 trillion if it goes public as soon as October this year, according to some existing investors. Six investors interviewed said strong demand for Claude and fast revenue growth could lift the company's valuation to roughly twice the $965 billion level discussed in May, when Anthropic disclosed annualized revenue of more than $47 billion. Some investors estimate that annualized revenue could reach $100 billion to $120 billion by year-end, and one investor said a roughly 30-times revenue multiple would imply a valuation of as much as $3 trillion. The figures remain investor forecasts, however, and several investors said Anthropic management has not yet set an IPO valuation target. They also flagged competition from low-cost Chinese AI models, the company's relationship with the U.S. government, and efforts by businesses to control AI spending as potential risks.