Anthropic’s $2 Trillion IPO Relies on 2028 Revenue Forecast
The company aims for $190-200 billion in revenue by 2028.
1Anthropic’s IPO Plan
Anthropic is targeting $190-200 billion in revenue by 2028. This projection forms the basis for the company’s IPO valuation, which could approach $2 trillion. Bankers and investors are using this forecast to assess the company’s future potential. Such growth is only plausible during periods of technological boom.
2Rapid Revenue Growth
Anthropic’s revenues are growing rapidly. As of May 2026, its annual revenue run rate reached $47 billion, a significant leap from $9 billion at the end of 2025. The company plans to quadruple its revenue in less than two years to meet its 2028 target. This level of growth is rare in the industry.
3Near-Term Projections
Anthropic’s revenue for Q2 2026 is projected to reach at least $10.9 billion, more than double the previous quarter. The company is also eyeing its first quarterly operating profit, estimated at around $559 million. This could mark a significant turning point for the company.
4Future-Focused Valuation
Bankers are valuing Anthropic based on its 2028 forecasts rather than its current earnings. This is a rare approach in IPOs, previously used by Cerebras and SpaceX. This method is designed for companies growing too quickly to be valued based on their present performance.
5Industry Comparisons
Palantir trades at roughly 53 times its expected 2026 revenue, while SpaceX and Cloudflare sit at around 41.6 times. Applying such multiples to Anthropic’s 2028 projections makes the valuation appear consistent. However, these calculations rely heavily on future growth.
6Risks and Criticisms
Anthropic’s valuation depends on future revenue forecasts, which may not hold if market conditions change. Cheaper competitors could threaten the company’s economics. Multiples focused two years ahead are only as good as the conditions of the target year, posing a significant risk.
7Investor Interest
Anthropic has already attracted investor offers at an $800 billion valuation. Reports suggest the company is eyeing a valuation closer to $900 billion in a $50 billion funding round. IPO discussions are now nudging toward the $2 trillion mark, highlighting the company’s potential.
8Conclusion and Expectations
Anthropic may well hit $200 billion in revenue by 2028. However, the market is being asked to price the company as though this target has already been achieved. This requires significant confidence in the company’s future success. While recent performance boosts credibility, risks remain.