Claude developer Anthropic is expected to tell investors its total addressable market is more than $30 trillion ahead of an anticipated initial public offering this year, the Wall Street Journal reported, citing people familiar with the matter.
That would top Elon Musk-led SpaceX's $28.5 trillion estimate ahead of its public listing in June.
Total addressable market, or TAM, estimates the annual revenue a company could theoretically capture if it achieved a 100% market share, rather than its specific revenue projection. Such estimates are particularly difficult when trying to gauge the pace of adoption in an emerging frontier technology space like artificial intelligence.
SpaceX called its TAM "the largest actionable" market in "human history" in its pre-IPO filing, with most of that figure, $26.5 trillion, attributed to AI. However, given the scale of the estimate compared to previous IPOs, the projection faced pushback on Wall Street.
To quantify its higher estimate, Anthropic is looking at the full scope of work that could be completed with AI models, the people told the WSJ. Anthropic more than doubled its revenue to $11.6 billion in the second quarter, according to data compiled by The Latent.
Anthropic eyes $100 billion IPO at $2 trillion valuation
Anthropic could target a raise of up to $100 billion via the offering, people familiar with the matter told the WSJ, with the company aiming for a valuation of around $2 trillion. That compares to $86 billion raise and $1.77 trillion valuation for SpaceX.
Plans are still being discussed, and figures could change, the people noted, with Anthropic potentially set to go public as early as September or October.