FT Lex: Anthropic at $2tn isn’t far-fetched

Lex in depth: Anthropic at $2tn isn’t far-fetched

FT Lex column runs the numbers: if the AI market hits $1tn in annual revenue by 2030, Anthropic capturing a 20% share would mean $200bn in revenue. At a 10x price-to-sales multiple, that lands at a $2tn valuation. The piece argues the figure isn't far-fetched, provided Anthropic stays in the top technical tier and enterprises keep paying a premium for safe, reliable models. The article does not disclose Anthropic's current revenue or an IPO timeline.

Why it matters: FT Lex column builds a valuation case with concrete numbers and a clear logic chain, not just hype. But it's a thought experiment resting on three aggressive assumptions with no new financial disclosures, so it lands at the featured threshold.