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

Anthropic, the AI company, is preparing for a potentially record-breaking IPO. Wall Street is looking ahead to 2028 to value the company, based on projected revenue of $190 billion to $200 billion. This forecast is significantly higher than the company's current revenue run rate of $47 billion, indicating rapid growth. Investors are applying enterprise value-to-revenue multiples to forecast revenue, a common practice for high-growth software companies without established profits.

The projections are driven by Anthropic's heavy investments in AI infrastructure, which are expected to become more efficient over time. Public companies like Cloudflare, Palantir, and SpaceX are being considered as reference points for Anthropic's valuation. The company's revenue has grown more than 10-fold in three years, and it is projected to achieve its first quarterly operating profit of $559 million.