Anthropic is preparing to pitch investors on a total addressable market exceeding $30 trillion as the artificial-intelligence developer moves toward what could become one of the largest initial public offerings in history. The Claude maker is expected to include the figure in upcoming investor materials, according to The Wall Street Journal, putting its estimate above the $28.5 trillion total addressable market, or TAM, presented by SpaceX during its record-breaking IPO.
The $30 trillion figure is not Anthropic’s forecast revenue. TAM represents the theoretical annual revenue opportunity available if a company captured 100% of every market it considers addressable. Anthropic is reportedly calculating its opportunity by estimating the economic value of work that could ultimately be performed using artificial-intelligence models. The company could seek a valuation as high as $2 trillion and raise as much as $100 billion through its IPO, according to the Journal. Those figures remain under discussion and could change before the offering.
Anthropic’s Actual Revenue Forecast Is $200 Billion
Anthropic’s underlying financial projections are extraordinary even without the $30 trillion headline. The company expects revenue to reach approximately $190 billion to $200 billion in 2028, Reuters reported earlier this month, citing people familiar with its financials. That compares with an annualized revenue run rate exceeding $65 billion by the end of July, up from $47 billion in May and approximately $9 billion at the end of 2025.
The growth is being driven partly by enterprise adoption and demand for Claude Code, Anthropic’s AI coding product. Investors and bankers are reportedly using forward enterprise-value-to-revenue multiples to determine what Anthropic could be worth as a public company. Rather than relying primarily on current earnings, some valuation models are applying multiples to projected 2028 revenue because the company is expanding too quickly for present financial results to provide a conventional benchmark. Anthropic has also been spending aggressively to support that growth. The company is committing enormous amounts of capital to GPUs, data centers, model training and inference. On Wednesday, Reuters reported that Anthropic agreed to spend $45 billion over six years for computing capacity from Nscale’s West Virginia data-center campus, involving approximately 460 megawatts of infrastructure.
$2 Trillion Valuation Could Eclipse SpaceX IPO
Anthropic’s proposed offering is increasingly being benchmarked against SpaceX. SpaceX raised $75 billion in its June IPO, with the final amount reaching approximately $86.2 billion after its overallotment option, making it the largest initial share sale on record. The company entered public markets at a valuation of approximately $1.77 trillion.
Anthropic reportedly believes it could match or exceed the size of that offering. A $2 trillion valuation would also place the AI developer above SpaceX’s IPO valuation, although the final pricing remains uncertain and no definitive valuation has been announced. The comparison extends to the companies’ addressable-market claims. SpaceX described its $28.5 trillion opportunity as the largest actionable TAM in human history, with approximately $26.5 trillion associated with AI-related opportunities. Anthropic is now expected to go further by presenting an addressable market exceeding $30 trillion.
The scale illustrates why TAM estimates require caution. For perspective, the 191 technology companies in the S&P 1500 generated approximately $2.4 trillion of combined revenue last year, according to the Journal. Anthropic’s estimated addressable market is therefore more than 12 times the annual revenue of that entire group. Such calculations depend heavily on assumptions about how much economic activity artificial intelligence can eventually automate or augment and do not represent expected company sales. Anthropic’s more concrete $190 billion-to-$200 billion 2028 revenue projection will consequently be far more important to investors evaluating the IPO. The company is expected to release financial-disclosure documents within weeks, potentially positioning it for a public offering as early as September or October. If Anthropic ultimately raises close to $100 billion at a valuation approaching $2 trillion, the listing could surpass SpaceX on both measures and establish a new benchmark for how aggressively public markets are willing to value the artificial-intelligence boom.