Wall Street is modelling an Anthropic IPO valuation around a reported USD 190–200 billion revenue forecast for 2028, more than four times its USD 47 billion May run rate, Reuters reported Friday.
Two people familiar with Anthropic’s finances provided Reuters with the forecast. Anthropic has not published the projection and did not respond to the news agency’s request for comment.
Anthropic said on May 28 that its annualised revenue pace had crossed USD 47 billion. The company also announced a USD 65 billion funding round at a USD 965 billion post-money valuation.
A revenue run rate annualises the company’s recent business pace and does not represent booked full-year revenue.
Bankers and investors are applying enterprise-value-to-revenue multiples to Anthropic’s 2028 forecast, four people told Reuters. The approach looks beyond current earnings, even as the company spends heavily on computing capacity, model training and hiring.
Reuters reported that Anthropic projected at least USD 10.9 billion in revenue for the second quarter of 2026. The company also forecast its first quarterly operating profit of USD 559 million.
David Merkel, principal at Aleph Investments, said a USD 2 trillion valuation was possible but questioned whether it could hold over time.
Anthropic had not announced a final IPO valuation, offer price or listing date as of August 14.
