Investors question whether Anthropic can keep growing ahead of IPO

In short: Investors are debating whether Anthropic’s rapid revenue growth can last as it prepares for an IPO.

What's going on

Anthropic, the company behind the Claude chatbot, is reporting a sharp jump in sales. The Financial Times says its annualised revenue reached about $65 billion in July, and backers expect it to pass $120 billion by the end of the year.

Even with those numbers, investors are not sure how steady the business will be after an IPO, which is when a private company sells shares to the public for the first time. People familiar with the company’s performance told the FT that Anthropic is valued at about $965 billion today, and could trade between $1.5 trillion and $4 trillion after listing.

One reason for doubt is competition from OpenAI. Data from OpenRouter, a platform that tracks how different AI models are used, suggests OpenAI took the lead in weekly customer spending after releasing GPT 5.6 in July.

Another pressure point is cheaper alternatives. The FT describes “open” models, meaning AI models that are published so others can reuse and adapt them (like a recipe anyone can copy and tweak). These lower-cost options, including ones from Chinese companies and Meta, are improving and can make it easier for customers to switch providers.

What to watch

Investors are also watching safety debates. Some researchers and executives argue AI progress should slow for safety reasons, but slowing down could also give rivals time to catch up. How regulators react and whether big customers keep spending will likely shape Anthropic’s IPO story.

Source: Financial Times