Anthropic is expected to tell prospective IPO investors that its total addressable market exceeds $30 trillion, based on the full scope of work AI models could perform. The estimate would exceed SpaceX's $28.5 trillion claim and more than 12 times the $2.4 trillion in combined revenue generated last year by 191 technology companies in the S&P 1500, according to FactSet data cited by The Wall Street Journal. The figure comes as Anthropic's second-quarter revenue more than doubled to $11.6 billion, its annualized revenue run rate topped $65 billion by the end of July, and the company projected 2028 revenue of $190 billion to $200 billion. People familiar with the matter said Anthropic could seek as much as $100 billion at a valuation of about $2 trillion, although the company has not publicly confirmed those targets. A public S-1 filing is expected within weeks, with a September or early October listing possible.