Anthropic is expected to tell IPO investors its potential revenue opportunity exceeds $30 trillion, topping SpaceX’s $28.5 trillion total addressable market claim, of which $26.5 trillion was tied to AI. The company is using TAM to frame the scale of work AI models could one day complete. Second-quarter revenue has topped $11.6 billion, and the IPO could raise as much as $100 billion at a target valuation of about $2 trillion. Plans remain under discussion, with a listing possible as early as September or October. Earlier reporting had pointed to a prospectus potentially before the end of August, annualized revenue near $65 billion by late July, a first positive adjusted operating income quarter among frontier labs on unaudited figures, and a 2028 revenue projection of up to $200 billion—under 1% of the claimed market—while investors would still fund years of infrastructure spending amid compute dependence on Amazon and Google and broader AI buildout risks.