Anthropic’s $2 trillion problem: Its underlying business is nowhere near the IPO valuation it wants

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Anthropic’s $2 trillion valuation isn’t justified by the numbers.

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Anthropic needs Amazon-level earnings to justify its $2 trillion valuation—and it’s nowhere near that

The awkward part of the $2 trillion Anthropic IPO is that the company reportedly isn’t making any net income yet. At valuation multiples common to large-cap companies in the Nasdaq 100, Anthropic would need to post annual profits in the neighborhood of $59 billion to $79 billion to keep pace. It is nowhere near that right now, Fortune’s Amanda Gerut reports. 

At $2 trillion, Anthropic’s valuation on the scale of Amazon's, at $2.86 trillion. Amazon’s Q2 revenues ($200.6 billion) generated $62.6 billion of net income.

Anthropic looks like a minnow next to Amazon. The Wall Street Journal reported that Anthropic’s second-quarter 2026 revenue would more than double to $10.9 billion, and the company would for the first time post an operating profit, which is not the same as net earnings.

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