Anthropic is preparing one of the most ambitious IPO pitches ever seen in technology. According to The Wall Street Journal, the Claude maker plans to tell investors that AI could eventually give it access to a market worth more than $30 trillion a year.

What Does $30 Trillion Actually Mean?

The $30 trillion figure is not a revenue forecast. It represents Anthropic’s estimated total addressable market, or TAM, meaning the theoretical revenue opportunity if AI eventually performs a large share of work currently done by people.

That would surpass the $28.5 trillion opportunity pitched by SpaceX ahead of its IPO, potentially making Anthropic’s estimate the largest TAM ever presented in a major public offering.

The scale is enormous. The 191 technology companies in the S&P 1500 generated about $2.4 trillion in revenue last year, meaning Anthropic’s theoretical market is roughly 12 times larger.

Anthropic’s Growth Is Already Exploding

While $30 trillion remains theoretical, Anthropic’s actual growth has also been extraordinary.

Its annualized revenue run rate reached around $65 billion by the end of July, up from roughly $9 billion at the end of 2025.

Anthropic is reportedly projecting around $190 billion to $200 billion in revenue by 2028. Even at $200 billion, however, it would capture less than 1% of the $30 trillion market it is presenting to investors.

The company also reportedly generated more than $11.5 billion in preliminary Q2 revenue and recorded positive adjusted operating income during the quarter.

Could It Become the Biggest IPO Ever?

Bankers have discussed an offering that could raise more than $100 billion at a valuation approaching $2 trillion.

If achieved, both figures would put Anthropic among the largest public listings ever and highlight how aggressively investors are valuing the AI boom.

But the company still faces major costs. Training and running advanced AI models requires enormous spending on chips, data centers and cloud computing, while Anthropic remains heavily dependent on partners including Amazon and Google.

There is also growing political resistance to new data centers, alongside high bond yields that are making AI infrastructure more expensive to finance.

Investor takeaway: Anthropic’s IPO pitch is built around a huge idea: AI could eventually automate enough work to create a $30 trillion annual market. Its current growth gives investors a reason to take the story seriously, but a potential $2 trillion valuation would also require confidence that Anthropic can turn extraordinary revenue growth into sustainable profits.

Source: The Wall Street Journal, Yahoo Finance

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