Anthropic's $2T IPO Valuation Gap

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- Anthropic CFO Krishna Rao is leading early IPO meetings with investors but has not discussed valuation, according to CNBC sources.
- Anthropic investors are betting on a $2 trillion valuation in what would be a record IPO, per Financial Times — while Fortune reports the company's underlying business is nowhere near justifying that target.
Why it matters: Anthropic's underlying business is nowhere near the $2 trillion investors are betting on, creating a gap between investor expectations and any eventual IPO price. Rao not naming a valuation in early meetings indicates the $2tn figure is investor ambition, not the company's set price.
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