Exclusive-Anthropic IPO valuation hinges on $190-200 billion 2028 revenue forecast, sources say

Anthropic, the AI company, is preparing for a potential record-breaking IPO by relying on future revenue forecasts for its valuation, according to sources. The company anticipates generating between $190 billion and $200 billion in revenue by 2028, which is significantly higher than its current $47 billion revenue, as reported in May.

This projected revenue growth reflects the rapid expansion of Anthropic's business. Wall Street is using enterprise value-to-revenue multiples based on these revenue forecasts, which is less common for mature companies but more typical for rapidly growing software firms without established profitability. The intense spending on AI infrastructure, model training, and hiring has led to high valuation multiples for similar companies such as Cloudflare, SpaceX, and Palantir.

Investors are optimistic that as Anthropic scales, its revenues will rise faster than its costs, leading to improved margins. However, the company's heavy investment in computing power and personnel is still challenging. Public companies like Cloudflare, SpaceX, and Palantir are being considered as reference points for Anthropic's valuation.