Anthropic is eyeing $190-$200B revenue by 2028: Report
What's the story
Anthropic, a leading artificial intelligence (AI) company, is forecasting a staggering revenue of $190-200 billion by 2028. The projection was made by two people familiar with the company's financials, Reuters has reported. This projection is way higher than the $47 billion revenue run rate that Anthropic announced earlier this year in May. The difference highlights the growth potential investors are expected to support as Anthropic prepares for its IPO.
Valuation strategy
Wall Street's unique approach to valuing Anthropic
As Anthropic gears up for a potential one of the biggest IPOs on record, Wall Street is adopting an unconventional approach to value the company.
Instead of looking at its current financials, investors are focusing on future revenue projections.
This strategy involves using enterprise value-to-revenue multiples based on forecasts, a common practice for high-growth software companies that haven't yet established a stable profit profile.
Growth trajectory
Investors' confidence in Anthropic's growth potential
The decision to look two years ahead is not common but shows the rapid growth of Anthropic's business.
The company is still investing heavily in its AI infrastructure, making it difficult to set benchmarks.
Despite this, investors are betting that as Anthropic grows, its revenue will outpace the costs required to support that growth, leading to improved margins.
Market comparisons
Comparisons with other public companies ahead of IPO
Ahead of Anthropic's analyst day, public companies like Cloudflare, Palantir, and SpaceX are being considered as reference points for its valuation.
These companies have different growth profiles and business models. Palantir is valued at 53 times this year's expected revenue, while SpaceX and Cloudflare trade at 41.6 times expected 2026 revenue.
Each provides a different perspective on Anthropic's potential market value in the future.
Financial forecast
Anticipated revenue surge and path to profitability
Anthropic's current EBITDA doesn't fully reflect the economics investors expect it to achieve at scale.
The company is spending heavily on GPUs, model training, inference, and hiring.
These costs are critical for its rapid growth but could become a smaller percentage of revenue as the business expands.
By Q2 2026, Anthropic expects a revenue of at least $10.9 billion, more than double from Q1, on track for its first quarterly operating profit of $559 million.