Anthropic is projecting roughly $190 billion to $200 billion in 2028 revenue, according to two people familiar with the company's financials — and Wall Street is using that two-years-out forecast to price what could be one of the biggest IPOs on record.

The projection, reported by Reuters, dwarfs the $47 billion revenue run rate Anthropic publicized as recently as May, and it shows the scale of growth investors are being asked to underwrite. The figure was up from about $9 billion at the end of 2025. Anthropic has projected revenue of at least $10.9 billion for the second quarter of 2026 — more than double the previous quarter — on track for its first quarterly operating profit of $559 million.

Bankers and investors are applying enterprise value-to-revenue multiples to those future numbers, four sources told Reuters. Looking two years ahead is less typical than the usual current-year or next-year multiples, reflecting how fast Anthropic's business is expanding — and the difficulty of benchmarking a company that is still spending heavily on GPUs, model training, inference and hiring.

The peer group being considered ahead of Anthropic's analyst day includes Cloudflare, Palantir and SpaceX. Palantir trades at 53 times this year's expected revenue; SpaceX and Cloudflare both trade at 41.6 times expected 2026 revenue, per LSEG data. SpaceX, which went public in June at a record valuation, and Cerebras, whose backers cited 2028 expectations in its IPO this year, are the most recent precedents for betting this far out.

"Could they get a $2 trillion valuation? Yeah, they could — and I just wonder if it would stay there over time," said David Merkel, a principal at Aleph Investments. "Does it really produce so much additional productivity... These are just questions that we have to ask if we were thinking of pricing this, buying this."

Sources