Anthropic Projected to Hit $200 Billion Revenue in 2028

Anthropic is forecasting annual revenue of approximately $190 billion to $200 billion by 2028, a bold projection that could significantly impact the company's valuation in a future stock market listing. Reuters revealed that investment firms and investors are already projecting Anthropic's future performance beyond just its current earnings, a practice not common among other rapidly-growing tech companies.

Anthropic reported in May that its annual revenue run rate had surpassed $47 billion, more than tripling from $9 billion at the end of 2025. However, the company has since exceeded this figure, with Reuters reporting that Anthropic's annual revenue run rate had risen past $65 billion by the end of July, according to a source familiar with the matter.

This still leaves a substantial difference between Anthropic's current growth and its projected $190 billion to $200 billion revenue for 2028, indicating that investors are placing significant bets on the company's continued rapid expansion. Wall Street is searching for a fair valuation, with potential comparison points including Palantir, Cloudflare, and SpaceX, which have recently been valued at roughly 53, 41.6, and 41.6 times expected revenue, respectively.

These high multiples illustrate the level of investor confidence in companies expected to experience rapid growth. Anthropic was already valued at $965 billion after raising $65 billion in May. However, the ultimate question remains whether Anthropic can turn its rapid sales growth into sustainable profits, as AI companies' significant expenses in computing hardware, data centers, model training, and employee salaries may eventually slow down while revenue continues to increase.

While some, like David Merkel of Aleph Investments, believe Anthropic could potentially reach a $2 trillion valuation, there are concerns about whether such a price could remain sustainable over time. Consequently, Anthropic's upcoming IPO is becoming a bet not only on the value of its Claude product today but also on the company's ability to grow into the massive business its 2028 forecasts suggest.