Anthropic is advancing plans for an initial public offering that could value the company at $2 trillion, with Nasdaq selected as the listing venue and Nvidia reportedly considering a contribution of about $10 billion. Bloomberg puts Anthropic's annualized revenue at $65 billion, although its margins are being supported by investor confidence in future AI capabilities rather than current cash generation. The company more than doubled revenue to $11.6 billion in the second quarter and is preparing to tell IPO investors that its potential revenue opportunity exceeds $30 trillion, according to The Wall Street Journal. Anthropic could seek to raise as much as $100 billion, while investors have projected annualized revenue of $100 billion to $120 billion before year's end, up more than tenfold from the $47 billion annualized figure reported in May, according to the Financial Times as cited in earlier reporting. Morgan Stanley, Goldman Sachs and JPMorgan are leading the offering, and Anthropic filed paperwork with the Securities and Exchange Commission in June. The offering comes as chief executive officer Dario Amodei urges AI companies to moderate the pace of frontier-model development, calling for firms to "must slow the pace" while pursuing "a balanced rate" of progress so that "progress will still seem fast." CFO Krishna Rao highlighted "pacing" and "common standards" when sharing the essay on LinkedIn. Risks include Anthropic's top model costing more than 2.5 times OpenAI's flagship offering, cheaper Chinese open-weight alternatives, slower revenue growth after a temporary U.S. Commerce Department export control on its best models, and active litigation with the U.S. Department of Defense, which designated Anthropic a supply-chain risk earlier this year. Rival OpenAI has also filed a confidential S-1 with the Securities and Exchange Commission for a potential fall listing at an $852 billion valuation.