Anthropic CFO Krishna Rao leading early IPO investor meetings

Anthropic's chief financial officer is meeting with prospective investors ahead of a potential public offering, though the conversations have not touched on specific financials or a target valuation, according to CNBC.

CFO Krishna Rao is running the sessions, which have touched on subjects such as the Claude AI model lineup, the origin story of the Claude Code coding assistant, how Anthropic competes for enterprise customers, and the composition of its leadership, according to CNBC, citing people familiar with the matter.

Anthropic confidentially filed its prospectus with the Securities and Exchange Commission in June. The company has not disclosed an official timeline for its public offering.

Some of the company's investors expect Anthropic could seek a valuation of $2 trillion or more when it lists. That figure, however, comes from those investors' independent calculations rather than from anything Anthropic itself has communicated. The Financial Times first reported that investors were floating the $2 trillion figure.

Anthropic's most recent private valuation stood at $965 billion, set during a funding round that closed in late May. The company said at the time that its annualized revenue run rate had surpassed $47 billion, compared with total revenue of roughly $10 billion across the whole of 2025.

Investors have been working through their own projections ahead of a listing that some expect to take place in October. Half a dozen of Anthropic's backers have said the company's annualized revenue could reach between $100 billion and $120 billion before the end of the year. One investor argued that a company growing at 800% annually would command at least a 30-times-revenue multiple at the low end, implying a valuation above $3 trillion. Senior Anthropic executives had not fixed a valuation target even in private conversations.

The path to any such figure carries risks. Anthropic's top model is priced at more than twice the level of OpenAI's flagship offering. The company is also contending with slower revenue growth following a temporary U.S. export control on its best models and remains in litigation with the U.S. Department of Defense, which designated the company a supply-chain risk earlier this year.

OpenAI, Anthropic's chief rival, also submitted a confidential prospectus to regulators in the weeks following Anthropic's filing, though CNBC reported that as of late June the company had yet to begin pre-IPO meetings or announce any target date for going public.