Anthropic races toward 'largest-ever IPO' — what gaps is it filling?

Anthropic is accelerating its push toward an IPO, with a potential listing expected in fall 2026 and a valuation that could approach $2 trillion. Its revenue is growing rapidly, with annualized revenue already reaching approximately $65 billion, but compute spending is climbing in tandem. The company is explaining its cost control and governance arrangements to the market through mechanisms such as multi-chip supply, an in-house chip development team, and a long-term trust structure. The biggest test lies in whether its high growth can be sustained and ultimately translate into stable profits.