Anthropic is projecting annual revenue of roughly $190 billion to $200 billion by 2028, according to two people familiar with the company's financials, as bankers and investors assess the AI developer ahead of its expected initial public offering.
The projection marks a steep climb from the company's annualized revenue run rate of $47 billion as of May, and it stretches far beyond the horizon Wall Street normally uses to price companies. Sources told Reuters that the 2028 figure has become central to IPO valuation discussions: underwriters are leaning on the multi-year trajectory to justify a price tag that would rank among the largest listings in technology history.
Anthropic confidentially filed for a U.S. IPO in June, escalating a race with rival OpenAI to reach public markets. The two labs have dominated the AI boom, and investor appetite for their shares has made their IPO valuations a bellwether for the entire sector.
The company is projecting revenue of up to $200 billion in 2028, sources said — a target that would put it on par with the largest software companies in the world. Whether investors accept that trajectory will determine the valuation Anthropic can command when it lists.
