NEW YORK, United States — Anthropic’s potential initial public offering is being valued against an unusually distant financial target, with the artificial intelligence company projecting roughly $190 billion to $200 billion in revenue for 2028, according to people familiar with its financials cited by Reuters. The forecast is far above the company’s recently disclosed $47 billion revenue run rate and highlights the scale of growth investors are being asked to price into the IPO.
- Anthropic is projecting approximately $190 billion-$200 billion in 2028 revenue, according to sources cited by Reuters.
- Bankers and investors are using enterprise value-to-revenue multiples to assess the company.
- Cloudflare, Palantir and SpaceX are among the companies being considered as valuation reference points.
- Anthropic’s valuation depends heavily on expectations of rapid revenue growth and improving margins as AI spending scales.
Anthropic IPO valuation looks beyond current revenue
The valuation exercise surrounding Anthropic is taking investors further into the future than is typical for companies preparing to go public. Four people familiar with the process told Reuters that bankers and investors are using revenue multiples based on financial forecasts rather than relying primarily on current earnings.
That approach reflects the unusual economics of an AI company that is expanding rapidly while continuing to spend heavily on computing infrastructure, model development and hiring. Investors are effectively assessing whether today’s large expenses can support much greater revenue and stronger margins in the years ahead.
2028 revenue forecast reaches $190 billion-$200 billion
Two people familiar with Anthropic’s financials said the company is projecting revenue of roughly $190 billion to $200 billion in 2028. The figure represents a dramatic increase from the approximately $47 billion revenue run rate the company publicized as recently as May.
Anthropic’s revenue run rate was about $9 billion at the end of 2025, according to the company, before climbing above $47 billion by May. The company has also projected at least $10.9 billion in revenue for the second quarter of 2026.
That quarterly forecast would represent more than twice the revenue recorded in the previous quarter and put Anthropic on track for its first quarterly operating profit of $559 million, according to the supplied report.
Cloudflare, Palantir and SpaceX seen as valuation benchmarks
Investors preparing for Anthropic’s analyst day are considering several companies as potential valuation comparisons. Cloudflare, Palantir and SpaceX are among the reference points cited by people familiar with the process.
Public-company comparisons can help investors determine which revenue or earnings multiples are appropriate for a company with a particular growth profile. Palantir offers a comparison for an AI-focused enterprise software business, while Cloudflare provides a high-growth infrastructure and software reference point.
SpaceX offers another example of a company whose valuation has been influenced by expectations about future scale rather than only its current financial performance.
AI spending complicates Anthropic’s valuation
Anthropic’s current financial profile makes traditional valuation methods more difficult. Established companies are often assessed using earnings or EBITDA, but Anthropic is spending substantial sums on GPUs, computing capacity, model training, inference and recruitment.
Those expenses are essential to supporting the company’s expansion, but investors are betting that they will eventually represent a smaller proportion of revenue as the business scales. Greater efficiency in training and inference could also improve the company’s economics over time.
Recent growth drives expectations
Anthropic has said its revenue run rate increased more than tenfold annually in each of the three years through early 2026. That growth has helped create a valuation framework in which investors are willing to examine financial projections extending to 2028.
There are precedents for using longer-term revenue expectations in major technology listings. Backers of Cerebras Systems cited 2028 revenue expectations ahead of its IPO, while SpaceX projections extended to 2029 before the company went public at a record valuation in June, according to the report.
Investors weigh the risks behind the growth story
The valuation approach also carries significant uncertainty because the projected growth depends on Anthropic continuing to expand at an exceptional pace while managing the costs associated with AI infrastructure.
David Merkel, a principal at Aleph Investments, questioned whether an extremely high valuation would remain sustainable over time and raised broader questions about the productivity gains expected from AI.
“Could they get a $2 trillion valuation, yeah they could,” Merkel said, while questioning whether such a valuation could remain in place over time.
Anthropic did not immediately respond to Reuters’ request for comment, according to the report.
What happens next?
Anthropic’s potential IPO valuation will depend on how investors assess its future revenue, spending requirements and ability to expand margins. The company’s projected 2028 revenue provides a major foundation for the valuation discussion, but the assumptions behind that forecast will be closely examined as the IPO process develops.
Frequently Asked Questions
Why is Anthropic being valued using future revenue?
Anthropic is growing rapidly but continues to spend heavily on AI infrastructure, training, inference and hiring. Investors are therefore focusing on expected future revenue and the possibility that margins will improve as the company reaches greater scale.
Which companies are being used as Anthropic valuation comparisons?
According to people cited by Reuters, Cloudflare, Palantir and SpaceX are among the companies being considered as reference points for Anthropic’s potential valuation.
