The artificial-intelligence boom is about to face one of its largest tests of valuations. Anthropic, the company behind the Claude AI models, is projecting roughly$190 billion to $200 billion in revenue for 2028, according to , citing people privy to the matter. That estimate is increasingly becoming a pillar of Wall Street's effort to value Anthropic ahead of what might be one of the largest initial public offerings on record.
Anthropic said in May it had a revenue run rate of more than $47 billion, reported. It would require more than quadrupling that annualized pace in around two years to reach $200 billion. One investor told that a valuation as high as $2 trillion was conceivable.
"Could they get a $2 trillion valuation, yeah they could, and I just wonder if it would stay there over time," David Merkel, principal at Aleph Investments, told . That last element may be the question investors should be asking. Anthropic isn't simply asking Wall Street to value the business it has today.
Its prospective IPO valuation depends on investors buying into the much bigger firm that management hopes it will become. Anthropic's figures have been shifting so quickly that traditional valuation methodologies are less useful The corporation reported in February that its sales run rate hit $14 billion and that Claude Code alone had a run rate of nearly $2.5 billion. Business subscribers to Claude Code had quadrupled since the start of the year, with enterprise usage making up more than half of that product's income.
Anthropic stated its revenue run rate had surpassed $30 billion by April, up from roughly $9 billion at the end of 2023. By May, the figure had crossed $47 billion. That's why lenders are looking at 2028 revenue and not just pricing the company on earnings now.
Anthropic is still pouring money into GPUs, model training, inference, and talent, which is hurting present profitability. The bull case is that those costs will become a smaller fraction of revenue as the company grows. Related: Morgan Stanley leads $15B bet on Anthropic's Texas campus That growth is also visible outside of enterprise contracts.
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