Anthropic is heading toward the largest IPO in history on a growth curve investors are underwriting....not one the company has guaranteed. Enterprise buyers who've built on Claude are exposed to that gap whether or not they own a share of stock. Anthropic's last private valuation was $965 billion, set in a $65 billion Series H round in May 2026. Six investors have told the Financial Times to expect the company to seek $2 trillion or more when it lists, reportedly as soon as October 2026, which would more than double that mark in a matter of months and surpass SpaceX's record-setting $1.77 trillion June debut as the largest IPO ever ...