Anthropic is projecting annual revenue of around $190 billion to $200 billion by 2028. The forecast could significantly influence its valuation ahead of a potential stock market listing.
The Claude maker has expanded rapidly, pushing investors to look beyond its current financial performance. Consequently, bankers and investors are reportedly examining its potential revenue several years into the future.
That approach reflects the extraordinary pace of growth across Anthropic’s business. However, the company still faces major questions about whether that growth can continue at the same speed.
Anthropic’s Revenue Growth Accelerates
Anthropic said in May that its annual revenue run rate had exceeded $47 billion. That figure represented a sharp increase from roughly $9 billion at the end of 2025.
A revenue run rate estimates a company’s annual revenue based on its current pace of business.
However, Anthropic’s growth has continued since that announcement. By the end of July, its annual revenue run rate had reportedly exceeded $65 billion.
Even so, reaching $190 billion to $200 billion in actual annual revenue by 2028 would require another enormous expansion.
Therefore, investors would need to maintain strong confidence in Anthropic’s ability to scale its business rapidly.
Wall Street Weighs Anthropic’s Potential Valuation
Investors are also examining other fast-growing technology companies when considering Anthropic’s potential valuation.
Palantir, Cloudflare and SpaceX are reportedly among the companies being considered as comparison points.
Palantir was valued at roughly 53 times its expected 2026 revenue. Meanwhile, Cloudflare and SpaceX were trading at approximately 41.6 times expected revenue.
Such high revenue multiples highlight the premium investors can place on companies with strong growth expectations.
Anthropic was already valued at $965 billion after raising $65 billion in May. However, its potential future valuation could depend heavily on its ability to deliver the projected growth.
Could Anthropic Reach a $2 Trillion Valuation?
The company’s enormous revenue forecast has also raised questions about whether Anthropic could eventually reach a $2 trillion valuation.
David Merkel of Aleph Investments said Anthropic could potentially reach that level. However, he also questioned whether such a valuation could remain sustainable over time.
The biggest challenge remains profitability, particularly as AI companies face extremely high operating costs.
Anthropic must spend heavily on computing hardware, data centres, model training and skilled employees. Therefore, its long-term success will depend partly on whether revenue can grow faster than those costs.
Profitability Could Become the Bigger Test
Anthropic has projected at least $10.9 billion in second-quarter 2026 revenue. It has also projected its first quarterly operating profit at around $559 million.
Those figures could strengthen investor confidence if the company continues improving its financial performance.
However, rapid revenue growth alone may not guarantee long-term profitability. AI infrastructure requires significant investment, and those expenses could remain substantial as demand increases.
As a result, Anthropic’s potential IPO could become a major test of investor expectations surrounding artificial intelligence.
The company’s future valuation will depend not only on Claude’s popularity today, but also on whether Anthropic can turn its ambitious 2028 revenue forecast into reality.
