Anthropic is projecting annual revenue of roughly $190 billion to $200 billion by 2028, an ambitious forecast that could play a major role in determining the Claude maker’s valuation in a potential blockbuster stock market listing.
Reuters reported that bankers and investors are looking as far as two years into the future when valuing Anthropic, rather than relying mainly on its current earnings. This is unusual even for fast-growing technology companies and reflects how swiftly Anthropic’s business is expanding.
Anthropic is Growing Faster Than Previously Reported
Anthropic said in May that its annual revenue run rate had crossed $47 billion, up from around $9 billion at the end of 2025. A revenue run rate estimates what a company would generate over a full year if its current pace continued.
However, Anthropic has already moved well beyond that figure. Reuters reported on August 17 that its annual revenue run rate had exceeded $65 billion by the end of July, according to a person familiar with the matter.
That still leaves a huge gap between today’s business and Anthropic’s projected $190 billion to $200 billion in actual 2028 revenue, meaning investors would be betting heavily on continued rapid expansion.
Wall Street is Searching for a Fair Valuation
Bankers are reportedly considering Palantir, Cloudflare and SpaceX as comparison points when determining what revenue multiple Anthropic could command.
While Cloudflare and SpaceX were trading at around 41.6 times expected revenue, reuters said Palantir was valued at roughly 53 times anticipated 2026 revenue. These unusually high multiples show how much investors are willing to pay for businesses expected to grow rapidly.
Anthropic was already valued at $965 billion after raising $65 billion in May.
A $2 Trillion Valuation is Possible, but Risky
The biggest question is whether Anthropic can turn its rapid sales growth into sustainable profits.
AI companies spend enormous amounts on computing hardware, data centers, model training, and employees. Investors are betting that these costs will eventually grow more slowly than Anthropic’s revenue, allowing its profit margins to improve.
Anthropic has projected at least $10.9 billion in second-quarter 2026 revenue and its first quarterly operating profit of around $559 million, according to Reuters.
David Merkel of Aleph Investments told Reuters that Anthropic could potentially reach a $2 trillion valuation, but questioned whether such a rate could remain sustainable over time.
For investors, Anthropic’s potential IPO is therefore becoming a bet not just on how valuable Claude is today, but on whether the company can grow into the enormous business its 2028 forecasts suggest.
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