The artificial intelligence developer Anthropic forecasts that its revenue could reach between $190 billion and $200 billion in 2028. According to Reuters, citing four informed sources, investors are already using these future figures to value the company ahead of a potential public offering. This forecast significantly exceeds the annual revenue growth rate announced in May, which stood at $47 billion. Anthropic’s future valuation will largely depend not on its current financial results, but on the company’s ability to achieve significant growth over the next two years. The company has already submitted a confidential application to the U.S. Securities and Exchange Commission for an initial public offering, which was the first formal step towards entering the stock market.

According to sources, bankers and potential investors use the enterprise value‑to‑earnings multiple to evaluate Anthropic, applying projected financial indicators. This approach is common among rapidly growing high‑tech companies that do not yet have stable profitability. Forecasting two years ahead for an initial public offering is less typical, but it is justified by the scale of the business and the enormous costs of building infrastructure. The company spends significant funds on graphics processors, model training, inference, hiring staff, and expanding computing capacity. Investors are effectively betting that as Anthropic grows, its revenue will increase faster than its expenses, and its operating margin will gradually expand. The company’s dynamics already demonstrate the scale of this growth: at the end of 2025, the annual revenue growth rate was about nine billion dollars, and by May 2026 it had exceeded forty‑seven billion.

During the preparation for the analyst day, investors are comparing Anthropic with public businesses that have similar growth characteristics. Among the benchmarks are Palantir, Cloudflare, and SpaceX, which are valued at multipliers ranging from forty to fifty‑three times annual revenue. A similar approach, using forecasts for 2028, was already applied before Cerebras Systems went public. Against this backdrop, Anthropic’s final valuation will depend on whether the developer of the Claude neural network can turn large‑scale investments into sustainable revenue growth. David Merkel, head of the investment company Aleph Investments, noted that the company could theoretically achieve a valuation of two trillion dollars, but he questioned whether such a valuation would be sustainable in the long term and questioned the real scale of the economic impact of artificial intelligence development. It should be recalled that Anthropic’s preparations for an initial public offering became known in March, and in April, analysts cited a preliminary valuation of the company at more than one trillion dollars.