Anthropic is reportedly preparing for an IPO that could value the company above $2 trillion. Even using its latest reported quarterly revenue annualized, that would put the Claude maker at roughly 43.5 times revenue.
Nvidia trades around 18.3 times trailing revenue. Microsoft trades around 11.6 times. Alphabet, Meta, and Amazon all sit below 10 times sales.
OpenAI is the closest comparison. Its latest reported valuation and revenue run-rate imply a multiple around 21.3 times revenue, roughly half the level implied by Anthropic's reported IPO target.
The comparison is not perfect. Nvidia, Microsoft, Alphabet, Meta, and Amazon are public companies with audited trailing revenue, mature businesses, and deep earnings bases. Anthropic and OpenAI are private AI labs scaling quickly, so reported run-rate revenue is a more generous yardstick than last year's actual revenue.
Using Anthropic's 2025 revenue would make the multiple look far more extreme. Reuters reported that Anthropic generated nearly $4.6 billion of revenue in 2025, which would put a $2 trillion valuation at more than 400 times that figure.