The Zhitong Finance App learned that according to reports, the artificial intelligence company Anthropic is expected to tell investors that its total addressable market (TAM) is over 30 trillion US dollars, higher than SpaceX's previous estimate of 28.5 trillion US dollars. TAM refers to the annual revenue potential that a product or service can achieve when it gains 100% market share in the relevant market.
The report quoted people familiar with the matter as saying that when quantifying its TAM, Anthropic focused on all fields of work that can be done through AI models. The company hasn't immediately responded to a request for comment.
The large TAM size helps support Anthropic's valuation and huge infrastructure investment, while guiding product priorities, outlining its competitive landscape with OpenAI and Google, and anchoring the growth story behind its planned initial public offering (IPO).
What supports this valuation is the Anthropic rocket-like revenue growth rate. According to internal documents contacted by investors, the company's annualized revenue (ARR) was about 9 billion US dollars at the end of 2025; reached 14 billion dollars in February 2026, surpassed 30 billion dollars in April, climbed to 47 billion dollars in May, and exceeded 60 billion US dollars in July. The revenue for the second quarter of 2026 exceeded 11.5 billion US dollars in a single quarter, which is about 14 times that of 787 million US dollars in the same period last year. More importantly, adjusted operating profit for the second quarter reached 559 million US dollars — this is the first time that a leading model company has achieved operating profit in a single quarter.
The tech giants are already betting heavily. Google has invested a total of about 3 billion US dollars, and by October 2025, the book value had exceeded 124 billion US dollars, achieving a return of about 40 times. Amazon has invested more than 13 billion US dollars and reached a ten-year deep computing power cooperation with Anthropic. Microsoft and Nvidia have also successively brought funds into the market. Storage giants such as Micron, Samsung, and SK Hynix are also participating in the latest round of financing.
According to reports, Anthropic will be listed as soon as October this year, with a target valuation of 2 trillion US dollars, and some investors expect to reach 3 trillion US dollars. If it lands at $2 trillion, it will surpass the 1.77 trillion US dollar IPO record set by SpaceX in June this year and become the largest IPO in global commercial history.
To achieve this ambitious goal, Wall Street investment banks are adopting an unusual “advance valuation” strategy — skipping current results and pricing directly based on Anthropic's long-term revenue forecast of $190 billion to $200 billion in 2028. This approach has set a precedent among the fastest-growing companies recently: before Cerebras Systems IPO, the 2028 revenue forecast was estimated, and SpaceX's revenue forecast was extended to 2029.
SpaceX said in an IPO filing submitted in May that it had identified “the largest operational TAM in human history” and attributed much of it to AI technology.
Also, according to reports earlier this month, the chatbot developer called Claude expects revenue of about 190 billion to 200 billion US dollars in 2028, and its IPO valuation will depend on this performance forecast.
However, Anthropic's $30 trillion TAM figure also raised questions in the market. As AI is likely to reshape many industries, predicting its long-term impact is extremely difficult. The relevant estimates are highly dependent on industry data and investment banking models, and themselves have considerable assumptions.
David Merkel, head of the investment agency Aleph Investments, made a representative comment: “Can Anthropic get a $2 trillion valuation? This is indeed a possibility. But I'm just curious if this valuation will stay stable in the future. Can AI really bring about such a big increase in production efficiency?”