Anthropic has released its S-1 filing ahead of what could be the biggest IPO ever, targeting a valuation of around $2 trillion. Although it is often called an AI lab, the company shares several traits with SaaS stocks: it sells Claude and Claude Code through monthly subscriptions and reports metrics such as customers by annual recurring revenue (ARR), with more than 11,900 customers at $10,000 or more ARR as of the end of the third quarter. Sales, marketing and partnerships took less than 20% of revenue in the first half of 2026, and the company had 5,300 employees at the end of the third quarter, far fewer than Salesforce's roughly 83,000. Based on third-quarter revenue of $16.8 billion (annualised to $67 billion), the $2 trillion valuation implies a price-to-sales ratio of around 30, close to Datadog at 25.4 and Snowflake at 21.9. The article says this looks relatively low given sequential revenue growth of nearly 50% and adjusted profitability, though the stock carries risks such as large cloud spending commitments.
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| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.1T |
| Close on 10/27/2026 | 217.88 |
| Change that session | +0.87% |
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