Anthropic Reportedly Projects Up To $200B In 2028 Revenue As IPO Draws Near

Reports say Anthropic could be valued at upwards of $2 trillion.

• The up to $200 billion sales projection is more than four times the $47 billion annual revenue run-rate Anthropic disclosed in May.
• Anthropic could launch its IPO as early as next month.
• Anthropic has surpassed chief rival OpenAI in both annual revenue and valuation in recent months.

Anthropic has internally projected that it would clock roughly $190 billion to $200 billion in revenue in 2028, Reuters reported on Sunday, citing people familiar with the matter.

The estimates matter not only because they signal expectations for sharp growth, but also because they could serve as a key barometer for investors assessing their bets ahead of the AI company’s massive initial public offering (IPO), which could come as soon as next month.

The up to $200 billion figure is more than four times the $47 billion annual revenue run-rate Anthropic disclosed in May. Anthropic has surpassed chief rival OpenAI in both annual revenue and valuation in recent months, making its IPO one of the most highly anticipated in years.

Anthropic’s IPO Watch

Bankers and investors are using enterprise value-to-revenue multiples based on forecasts, according to the Reuters report. Using revenue multiples is common for high-growth software companies that have yet to establish a mature profit profile.

But looking ​two years ahead is less typical, reflecting the speed at which Anthropic's business is expanding and the challenges of setting benchmarks for a company still spending heavily to build out its ​AI infrastructure, according to the report.

There have been similar precedents among some of the fastest-growing companies to recently hit the public markets. Backers of Cerebras Systems cited revenue expectations for 2028 ahead of its IPO this year, while SpaceX’s projections extended as far as 2029 before it went public at a record valuation in June, the people said.

Investors Scramble To Value Anthropic

Investors are scrambling to assign a fair valuation to the company, and the Financial Times recently reported it could be $2 trillion or more. 

I feel like I’ve heard that somewhere else,” said Gavin Baker, managing partner at Atreides Management, said in an X post, referring to one investor quoted in the FT report as saying Anthropic's valuation could be as high as $3 trillion.

“Although public markets generally struggle to accurately value growth when it is this high,” he added.

As private companies, Anthropic and OpenAI do not disclose their cash burn, but reports suggest their spending remains high. The pace of spending on AI investment has been responsible for pullbacks in many of the most popular tech stocks in ⁠recent months, including some of the firms viewed as comparable to Anthropic.

Anthropic raised $65 billion at a $965 billion valuation in May, with revenue reaching a $47 billion annualized run rate. OpenAI's annualized revenue run rate (ARR) stands at approximately $25 billion.

On Stocktwits, retail sentiment was ‘bullish’ for both Anthropic and OpenAI. Anthropic is valued at $1.15 trillion, compared to OpenAI’s private market valuation of $869.44 billion, according to data from Nasdaq Private Market.

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