Anthropic IPO valuation hinges on $190-200 billion 2028 revenue forecast
Anthropic is projecting 2028 revenue of roughly $190 billion to $200 billion, according to two people familiar with the company's financials, a figure that has not previously been reported. The projection dwarfs the $47 billion revenue "run rate," reflecting the firm's current pace of business, that the company publicized as recently as May, and shows the scale of growth investors are being asked…
Anthropic, the AI company, is preparing for what could be one of the largest IPOs in history. Wall Street is projecting the company's revenue for 2028 at between $190 billion and $200 billion, a figure not previously disclosed. This projection is based on enterprise value-to-revenue multiples, which is uncommon for high-growth software companies that have not yet established a mature profit profile.
The company's current pace of business shows that it is expected to generate significantly higher revenue than its recent run rate of $47 billion. The challenge lies in valuing an AI company whose margins are still pressured by significant spending on computing power, model training, and hiring. The reference points for the valuation include public companies like Cloudflare, Palantir, and SpaceX.
While Palantir is valued at 53 times this year's expected revenue, SpaceX and Cloudflare trade at 41.6 times expected 2026 revenue. The emphasis on future revenue growth rather than current earnings indicates investors' confidence in Anthropic's potential to achieve much higher revenue and margins as the company scales.
Written by urgent.news from Economic Times Tech's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
