The Next Trillion-Dollar AI IPO? Why Anthropic Has Wall Street on Alert
A bold forecast about Anthropic's revenue has caught Wall Street's attention.
Joseph Jacks, founder and general partner of OSS Capital, believes that if Anthropic maintains its current growth path, its revenue could surpass $Alphabet(GOOG)$
Anthropic's annual recurring revenue, or ARR, has been rising rapidly:
• January 2025: $1 billion
• December 2025: $9 billion
• April 2026: $30 billion
In only four months, ARR more than tripled. Jacks expects Anthropic's revenue to reach $100 billion by the end of 2026, $340 billion in 2027, $850 billion in 2028 and more than $2 trillion by 2030.
The forecast is highly optimistic and should not be treated as a base case. Anthropic is still private, and its financial details remain limited. Its future revenue, valuation and IPO timing are still uncertain.
Even so, the message is clear. If leading AI model companies can grow this fast, the demand for computing infrastructure could be much larger than the market previously expected.
Why It Matters
Investors have long worried that AI requires too much capital spending while commercialization remains unclear. Anthropic's growth suggests that AI revenue may not follow traditional software growth. As AI agents, code generation, financial analysis and research tools enter enterprise workflows, AI could become a new form of digital labor infrastructure.
This strengthens the investment case for the broader AI supply chain, especially hardware and computing infrastructure.
How Investors Can Position
Gain Indirect Exposure to Anthropic
Before a possible IPO, investors can look at companies and funds connected to Anthropic.
– $Amazon (AMZN.US)$ : A key investor and cloud partner of Anthropic.
– $Alphabet-C (GOOG.US)$ : A major financial backer and partner in TPU chip development.
– $Microsoft (MSFT.US)$ and $NVIDIA (NVDA.US)$ : Both are deeply involved in AI infrastructure and have also invested in Anthropic.
Relevant funds include:
– $Fundrise Innovation Fund (VCX.US)$ : Anthropic reportedly makes up about 20.7 percent of its portfolio.
– $KraneShares Artificial Intelligence and Technology ETF (AGIX.US)$ : One of the few ETFs that directly holds private AI company shares, with Anthropic at about 3 percent.
– $Destiny Tech100 (DXYZ.US)$ : A listed closed end fund with meaningful Anthropic exposure.
– $BlackRock Science and Technology Trust II (BSTZ.US)$ : A tech focused trust with private market exposure, including Anthropic.
Follow the AI Compute Infrastructure Chain
If Anthropic and other model companies keep scaling, demand for chips, memory, networking, power and cooling should rise.
Key areas include:
– AI chips $NVIDIA (NVDA.US)$ , $Advanced Micro Devices (AMD.US)$ and $Broadcom (AVGO.US)$ remain central players.
– Foundry and packaging $Taiwan Semiconductor (TSM.US)$ , $ASE Technology (ASX.US)$ and $Amkor Technology (AMKR.US)$ may benefit from tight capacity.
– Memory $Micron Technology (MU.US)$ , and $SanDisk (SNDK.US)$ related products could gain from rising DRAM and NAND demand.
– Optical networking $Marvell Technology (MRVL.US)$ , $Fabrinet (FN.US)$ , $Lumentum (LITE.US)$ , $Coherent (COHR.US)$ and $Corning (GLW.US)$ are potential beneficiaries.
– Power and cooling $Texas Instruments (TXN.US)$ , $Monolithic Power Systems (MPWR.US)$ , $Vertiv Holdings (VRT.US)$ and $Vishay Intertechnology (VSH.US)$ may benefit from AI data center expansion.
Investment Takeaway
Anthropic's growth story is not only about one company. It highlights a broader shift in the AI market. Investors are moving from simple AI hype toward companies that provide the infrastructure behind AI adoption.
The final winners among AI model companies remain uncertain. But demand for compute, memory, networking, power and cooling is becoming increasingly important to the entire AI cycle.
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