Anthropic is getting ready for a potential public listing that could value the AI company at more than $2 trillion. That's a big number. It's also a number paired with enormous infrastructure commitments and a governance structure built to keep the founders in charge.

But Robert Kindler, the Paul Weiss M&A chief, says even an IPO of that scale probably won't move the broader market. Which is a fun thing to hear about a $2 trillion offering.

Anthropic Targets More Than $2 Trillion Valuation

Anthropic is seeking a public-market valuation of more than $2 trillion, more than double its $965 billion valuation in May.

The AI company generated nearly $4.6 billion in revenue in 2025 but recorded a $42 billion net loss. It also plans roughly $518 billion in future cloud, computing and infrastructure spending. As of Dec. 31, it held $20.28 billion in cash, cash equivalents and short-term investments.

So: huge revenue growth, huge losses, and a spending plan that makes the losses look like a rounding error. That's the AI business model in a nutshell right now.

Founders Retain Majority Voting Control

Anthropic's seven co-founders have pledged to donate 80% of their personal equity to charitable causes.

At the same time, the founders will form a Founder LLC that directs a single Class F share carrying 50.1% of the voting power on key corporate matters. That structure would let the founders retain substantial control following the IPO.

Anthropic also plans to remain a Delaware Public Benefit Corporation, which allows management to consider investor interests alongside the company's broader stated mission.

In other words, you can buy the stock, but you can't buy the votes. And the mission stays baked in.

Kindler Downplays Broader Impact Of Anthropic IPO

Robert Kindler, Paul Weiss global chair of the M&A Group, does not expect Anthropic's potential listing to drive the broader equity market.

Kindler told CNBC that IPO and M&A activity has remained relatively moderate despite several large transactions. He said companies now have more opportunities to raise substantial private capital, reducing the need to go public purely to fund growth.

Asked how important Anthropic's IPO would be, Kindler said, "I don't think it matters."

He acknowledged the potential size of the offering but said, "Look, it's a very large IPO, just like the other ones were lot, you know, very large IPOs, but I don't think it drives the overall market. Just like large M&A deals don't drive the overall market."

That's a pretty blunt take on what could be one of the biggest listings ever. But Kindler's logic is simple: a big deal is still just one deal.

AI Remains A Broader Market Support

Kindler distinguished Anthropic's IPO from the wider AI investment cycle.

He agreed that AI spending, including investments in data centers and chips, is supporting the market. However, he said investors cannot predict what will eventually trigger the next downturn.

Kindler also pointed to the broader market trading at roughly 19 times earnings, saying, "It's not very expensive."

His view suggests Anthropic's IPO may attract significant attention because of its size and place in the AI ecosystem. Still, he does not see the offering itself as a decisive catalyst for broader equity markets.

So the takeaway: watch the AI spending cycle, not just the IPO headline. The listing will be loud. The market impact might be quieter than you'd think.