Anthropic's Pre-IPO Projection of $30 Trillion Revenue Opportunity – Could This Be Real?

According to Yahoo Finance, this year has seen one of the most unusual IPO booms in recent years. Companies such as SpaceX (SPCX-US), Cerebras (CBRS-US), and Jersey Mike’s (JMKE-US) have drawn significant attention after entering the public market. However, as autumn approaches, this may only be the tip of the IPO iceberg—accompanied by increasingly bold revenue forecasts for the future.

Anthropic has secretly submitted its IPO application and could go public as early as October. Per the latest report from The Wall Street Journal, the developer of Claude may present investors with a potential revenue opportunity exceeding $30 trillion.

OpenAI may follow closely behind. With multiple high-level executives departing since this past summer, the company may soon take a similar path, proposing a seemingly fantastical future revenue projection.

Jim Neesen, Managing Partner at Connor Group, said, 'I actually like this [revenue projection] because it speaks to how massive this business opportunity really is. If you include enterprise markets, consumer markets, and programming, it’s not just changing how we work—it’s changing how we develop products. I believe this is achievable.'

'My point is, if you look at their revenue growth, their current annualized revenue is already at $65 billion, up from $9 billion last year. That’s sevenfold growth. I do believe such a market opportunity truly exists.'

Connor Group has advised on 275 IPOs, involving transactions totaling over $4 trillion.

Even without IPOs from Anthropic and OpenAI, this year could still become a standout year for the U.S. IPO market.

According to PwC data, traditional U.S. IPOs raised approximately $114.1 billion in Q2, more than seven times the $14.8 billion raised in the same period of 2025. SpaceX’s public market entry significantly boosted this figure.

In the first half of this year, 65 traditional IPOs raised about $114.2 billion, compared to 34 IPOs raising $14.8 billion in the first half of 2025.

Neesen said the IPO market outlook remains healthy, especially for emerging biotech firms.

He added that investors may remain patient regarding the time it will take for Anthropic and OpenAI to achieve profitability. 'Intuitively, Anthropic seems much closer to profitability. But the scale of capital investment is still enormous, and funding continues to flow in. I believe the market will show considerable tolerance.'