$3 trillion. |
That’s the expected IPO valuation for Anthropic, according to one of tech's most respected investors. |
Go here to secure Anthropic Pre-IPO shares. |
Gavin Baker of Atreides Management made the call on a recent episode of the All-In Podcast. His exact words: Anthropic is worth $3 trillion today, and that's roughly where it would trade as a public company. |
Consider what that means. |
Anthropic closed its last funding round in May at a $965 billion valuation. Baker is saying the public market would pay 3x that number. |
Here's his math. |
Anthropic's revenue run-rate has already crossed $47 billion — up from $9 billion at the end of last year. Baker projects the company will finish 2026 with well over $100 billion in revenue. Looking out to 2028, he sees $200 – $300 billion. |
Here’s how to claim Anthropic Pre-IPO shares. |
The second number is the one most investors miss: margins. |
As Anthropic's business shifts from training models to running them — what the industry calls inference — profitability improves dramatically. Baker cites reports of roughly 85% gross margins on inference. That's software-like economics at massive scale. |
Put a 10x multiple on those future revenues — a figure Baker considers conservative — and you land in multi-trillion territory. That would put Anthropic in the same league as Apple and Nvidia. |
The timing makes this call especially interesting. |
Anthropic confidentially filed its IPO paperwork on June 1. That sets the company up for an IPO in a timeframe of October – December. Goldman Sachs, Morgan Stanley, and JPMorgan are leading the offering. And the bankers expect it to raise more than $60 billion. |
Baker's forecast assumes the revenue ramp continues without interruption. Competition from OpenAI, Google, and open-source models is real. Compute constraints could slow growth. And a 10x multiple on projected 2028 revenue requires the market to stay enthusiastic about AI for years. |
The public S-1 will give us the audited numbers to test his thesis. When it drops, you'll hear about it here first. |
Don’t wait for the Anthropic IPO. |
Because you can invest now – less than 90 days before the Nasdaq listing. And I’m going to show you how. |
Simply go here for the details. |
Ian Wyatt
Editor, IPO Watch |
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