Anthropic’s $2T IPO Rumors Reignite AI Bubble Debate

The tension here isn't the revenue trajectory — triple-digit growth and 70%-plus gross margins are genuinely rare at this scale — but the mismatch between that operating performance and a valuation anchored to 2028 expectations. That gap is what turns an IPO into a referendum on how public markets price AI exposure generally, not just one company. The liquidity question is the practical one: an offering this size would absorb significant capital and could reset comparables for listed AI peers. Whether the October timing holds, and whether the 2028-based framing survives public-market scrutiny, is the open question.