• Anthropic is reportedly preparing to pitch investors on a total addressable market (TAM) exceeding $30 trillion, dwarfing even SpaceX's previously touted $28.5 trillion.
  • The AI startup's TAM forecast underscores the explosive growth potential investors see in artificial intelligence, with enterprise applications alone projected to capture nearly $23 trillion.
  • Sources say Anthropic's valuation expectations are likely to be aggressive, given the scale of the opportunity it claims to address.

A TAM Larger Than Any in History

Anthropic, the AI safety startup backed by Amazon and Google, is expected to tell investors that its total addressable market surpasses $30 trillion, according to people familiar with the matter. That figure would eclipse SpaceX's recently disclosed $28.5 trillion TAM—which the rocket company called “the largest actionable in history”—and signal that Anthropic is positioning itself as a foundational player in the AI economy.

The news comes as Anthropic prepares for a potential funding round that could value the company at over $100 billion, according to reports. The company's TAM projection is said to include AI infrastructure, enterprise software, and autonomous systems, with enterprise AI applications alone representing roughly $22.7 trillion of the opportunity—a figure that mirrors SpaceX's own breakdown.

“Anthropic is framing itself not just as a model maker, but as an AI-enabled platform that will underpin a massive swath of the global economy,” said one investor who has seen the pitch. “The $30 trillion number is meant to capture that ambition.”

AI's Trillion-Dollar Question

SpaceX, in its S-1 filing, detailed that its TAM could reach $28.5 trillion, with AI-related opportunities accounting for about $26.5 trillion and enterprise AI applications making up roughly $22.7 trillion. The company called it the largest actionable TAM in history, a claim that now faces competition from Anthropic's even larger projection.

Anthropic's expected TAM follows a similar path, but sources say the company is emphasizing the ubiquity of AI across industries, from healthcare to finance to defense. “They're arguing that every company on earth will eventually need AI infrastructure, and Anthropic aims to be the layer that makes it work,” the investor added.

The startup has been accelerating its commercial offerings, including its Claude chatbot and API services, and recently inked a deal with Amazon to power the e-commerce giant's Alexa+ assistant. Anthropic's revenue is reportedly on track to hit $1 billion in 2025, but the TAM projection suggests the company is thinking far beyond near-term sales.

Implications for the IPO Market

Anthropic's TAM claim is likely to intensify scrutiny on AI valuations as investors weigh the gap between current revenue and potential market size. SpaceX's IPO, which is expected to leverage its AI-driven TAM to justify a valuation exceeding $300 billion, may now face competition from Anthropic's narrative.

“The $30 trillion number is a bold statement, but it's also a bet that AI will transform every sector of the economy,” said a tech analyst. “If even a fraction of that is realized, these companies could be worth multiples of their current valuations.”

Neither Anthropic nor SpaceX responded to requests for comment. The company's pitch is expected to be formally presented to investors in the coming weeks, sources said.

This story has been updated to clarify that Anthropic's TAM projection is based on preliminary estimates.