Anthropic is projected to achieve a valuation of $2 trillion or more during its anticipated initial public offering in October, potentially marking the largest IPO in history and surpassing the valuation of SpaceX. This bullish outlook is driven by an extraordinary revenue trajectory; investors estimate the company's annualized revenue—calculated by projecting full-year sales from recent performance—will reach between $100 billion and $120 billion by the end of 2026. This represents a more than tenfold increase over the course of 2026 alone. Financial models used by backers suggest that if growth rates remain near 800 percent, a revenue multiple of 30x could push the valuation toward $3 trillion, noting that AI-adjacent firms like Palantir and Nebius have traded at approximately 55x revenue. Despite this momentum, the company faces significant headwinds, including intensifying competition from Chinese firms and regulatory pressures. Specifically, a temporary ban by the US Commerce Department on Anthropic’s most advanced models caused a brief deceleration in revenue growth during June, though investors report the company has since rebounded to maintain its rapid growth trajectory.