Forget SpaceX, Anthropic sees more than $30T in potential revenue
What's the story
Artificial intelligence (AI) company Anthropic is gearing up for its initial public offering (IPO) by pitching a whopping total addressable market (TAM) of over $30 trillion, as per the Wall Street Journal. This is even more than the $28.5 trillion TAM that SpaceX had estimated. The TAM represents the annual revenue opportunity a product could generate if it captured 100% of the market share.
Market analysis
Anthropic's strategy for determining its TAM
To determine its TAM, Anthropic is looking at all the work that could be done with AI models.
This strategy will not only justify the company's heavy infrastructure spending but also anchor the growth story behind its planned IPO.
The large TAM will also help frame Anthropic's competition with other AI titans like OpenAI and Google, and guide product priorities.
Market debut
Anthropic could beat SpaceX's record
Anthropic's market debut could break the record set by SpaceX, which went public in June 2026 with a valuation of $1.77 trillion and raised $85.7 billion in its IPO.
According to a Bloomberg report, Anthropic itself "expects to match or beat the size" of SpaceX's deal.
The company is said to be looking at raising "more than $100 billion" in its upcoming IPO, putting its total valuation at a whopping $2 trillion.
Financial growth
Challenges and triumphs on the road to IPO
If Anthropic's IPO raises over $100 billion, it would more than double its valuation to $2 trillion.
This is a major leap from the $965 billion valuation it reached in its last funding round in June.
The company's success comes amid challenges of meeting demand for computing power due to a global chip crisis and concerns over its relationship with the US administration.
Company overview
Claude Code drives rapid growth for AI company
Founded in 2021 by Dario and Daniela Amodei with other former OpenAI executives, Anthropic has seen rapid growth. Its coding assistant, Claude Code, is now its most popular product.
The company filed to go public in June and could release its public offering prospectus soon, with shares listing in autumn.
Despite potential investor concerns over its relationship with the US administration, Anthropic's projected annual revenue has skyrocketed to an impressive $47 billion.