Anthropic’s IPO Valuation Rests on Bold $200 Billion Revenue Bet for 2028

Anthropic is preparing for what could rank among the largest IPOs on record, with Wall Street pricing the AI company based on a revenue forecast two years further out than investors typically consider, Reuters reported Friday, citing people familiar with the matter.

According to two sources cited by Reuters, Anthropic is projecting 2028 revenue of roughly $190 billion to $200 billion — a previously unreported figure that dwarfs the $47 billion revenue run rate the company disclosed as recently as May. The scale of that growth underscores how much investors are being asked to underwrite before the company even goes public.

Bankers and investors are applying enterprise value-to-revenue multiples based on those forward projections, according to four sources familiar with the discussions. While revenue multiples are standard for high-growth software firms lacking mature profit profiles, looking two years ahead is unusual — reflecting both Anthropic’s breakneck growth and the difficulty of benchmarking a company still pouring money into AI infrastructure.

Reuters reported that public companies including Cloudflare, Palantir and Elon Musk’s SpaceX are being used as valuation comparables ahead of Anthropic’s analyst day. Palantir trades at 53 times this year’s expected revenue, while SpaceX and Cloudflare each trade at 41.6 times projected 2026 revenue, according to LSEG data cited in the report.

Anthropic’s revenue run rate was about $9 billion at the end of 2025 before surging past $47 billion by May, and the company has projected second-quarter 2026 revenue of at least $10.9 billion, which would mark its first quarterly operating profit.

Anthropic did not immediately respond to Reuters’ request for comment.