Anthropic IPO valuation hinges on $190-200 billion 2028 revenue forecast, sources say

As Anthropic prepares for what could be one of the biggest IPOs on record, Wall Street is looking further into the future than it commonly does to put ​a price on the AI company, valuing it based on how much ​revenue it could generate two years from now.

Anthropic is projecting 2028 revenue of roughly $190 billion to $200 billion, according to two people familiar ​with the company’s financials, a figure that has not previously been reported. The projection dwarfs the $47 billion revenue “run rate,” reflecting the firm’s current pace of business, that the company publicized as recently as May, and shows the scale of growth investors are being asked to underwrite.