Crypto traders value Anthropic at $1.9 trillion as investor warns its IPO could mark the top of the AI bubble

Anthropic filed for a Nasdaq IPO Monday, reporting a quarterly operating profit as crypto markets valued it near $2 trillion.

The Claude developer submitted its S-1 registration statement to the US Securities and Exchange Commission (SEC) on Oct. 26, seeking a listing under the ticker ANT.

Goldman Sachs and Morgan Stanley are leading the offering, which could become one of the largest in US history. Anthropic has not yet disclosed its proposed share price or offering size, though market expectations point to a November debut.

Crypto trading platform Liquid reported that Anthropic's implied valuation fell roughly 2% to $1.88 trillion after the announcement.

Meanwhile, Better Markets quoted an indicative pre-IPO share price of $2,967.92, corresponding to an estimated $1.43 trillion valuation under its pricing methodology.

The enormous valuations have divided investors over what Anthropic's public debut could mean for the wider technology sector.

Simon Dedic, founder of Moonrock Capital, said he expects the company to begin trading by mid-November, adding that the listing could mark the “top of the AI bubble” or become one of the largest wealth-creation events in private-market history.

Dedic argued that an offering of this magnitude could release substantial capital accumulated by early investors and employees, potentially redirecting investment toward startups and other markets.

His assessment raises a broader question about how much of the wealth created during the AI investment boom might eventually flow into other asset classes, including crypto.

However, Anthropic has not confirmed its trading date or offering valuation, while the timing of shareholder sales will depend on restrictions attached to existing holdings.

The company's financial disclosures provide a clearer basis for evaluating the valuations circulating across these markets.

Anthropic generated $16.3 billion in revenue in the first half of 2026, up from about $1.16 billion a year earlier, reflecting growth of about 1,300%.

Social Capital, citing the IPO filing, highlighted an even sharper acceleration in quarterly revenue, which climbed from $376 million in the first quarter of 2025 to $11.6 billion in the second quarter of 2026.

That approximately 31-fold increase over five quarters was accompanied by significant improvements in operating efficiency.

During the first quarter of 2025, Anthropic spent approximately $2.51 on computing and infrastructure for every dollar of revenue. By the second quarter of 2026, that figure had declined to about 48 cents.

The improvement helped the company record $974 million in operating profit during the June quarter, reversing a $1.67 billion operating loss in the preceding three months.