Anthropic is a special and truly unique company. |
A chart from ARK Invest landed in my feed this week. It explains why Wall Street is so fixated on the Anthropic IPO. |
Go here to invest now – and “front run” the Initial Public Offering. |
ARK screened the S&P 500 going back as far as the data runs, looking for one thing: companies that added more than $30 billion in revenue over a single 12-month stretch, adjusted to today’s dollars. |
Only 32 companies have ever achieved this – including Exxon, Apple, Amazon, Nvidia, Google, Microsoft. |
Anthropic just joined the club. And it did so in a way nobody else has. |
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Nearly every other member added its $30 billion while growing somewhere between 20% and 200% for the year. OpenAI makes the list at roughly 250%. |
Anthropic’s trailing revenue grew more than 1,000%. On ARK’s chart it sits alone on the far right, with nothing remotely close. |
Here are the numbers behind that dot. |
Anthropic’s revenue was $386 million in 2024. Last year it was about $4.6 billion. This year, through nine months, it’s roughly $33 billion: $4.7 billion in the first quarter, $11.5 billion in the second, and $16.8 billion in the third, according to Reuters. |
That third quarter alone is more than three and a half times all of 2025. |
If the fourth quarter grows at a similar pace, 2026 revenue lands in the mid-$50 billion range. Five years ago, this company had essentially no sales. |
Here’s how to invest before IPO day. |
Most of that money comes from businesses, not consumers. Enterprise and developer customers paying for the Claude models and coding tools make up the bulk of revenue. That’s the sticky, recurring kind public market investors pay up for. |
Now the IPO timeline. |
Anthropic is targeting a mid-November listing. The roadshow is expected to begin the week of November 9, with shares trading before Thanksgiving. Goldman Sachs, Morgan Stanley and JPMorgan are leading the deal, which is expected to rival or exceed what SpaceX (Nasdaq: SPCX) raised in June. |
Investors who’ve seen the deal are pegging the valuation at $1.5 trillion to $2 trillion. That’s roughly double the $965 billion mark from Anthropic’s last private round in May. |
A few things worth keeping in mind. |
First, Anthropic books sales made through cloud partners like Amazon and Google at the full price the customer pays, with the partner’s cut counted as a cost. That makes its revenue look bigger next to OpenAI, which doesn’t report the same way. |
Second, growth is slowing. Quarterly revenue jumped 140% from the first quarter to the second, then 45% from the second to the third. Still remarkable, but the curve is bending. |
Third, the company lost about $8 billion at the operating level in 2025. It has committed hundreds of billions of dollars to computing power over the next several years. This year’s reported profitability is on an adjusted basis. |
None of that changes what the chart shows. Anthropic has just put up the most extreme 12 months of revenue growth in the history of American business. The public S-1 should drop in the next few weeks, and that’s when we’ll see the audited numbers. |
I’ll be reading every page – and I’ll share the details with you. |
The top Silicon Valley investors are NOT waiting for the IPO. Instead, they’re scooping up private pre-IPO shares right now. And you can too. |
Simply go here to get started. |
Ian Wyatt
Editor, IPO Watch |
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