Anthropic’s potential initial public offering is being valued against an ambitious revenue forecast of up to $200 billion in 2028, highlighting the extraordinary growth expectations surrounding the artificial intelligence company.
The Claude maker is projecting revenue of approximately $190 billion to $200 billion in 2028, according to people familiar with its financials cited by Reuters. The forecast is central to discussions over the company’s IPO valuation, with bankers and investors looking several years ahead rather than relying only on Anthropic’s current earnings.
Bankers use forward projections
Using revenue estimates from two years into the future is an unusual approach in IPO pricing, but it reflects the rapid expansion of the generative-AI market. Anthropic’s revenue run rate reportedly rose from about $9 billion at the end of 2025 to more than $47 billion by May 2026.
The company expects revenue of at least $10.9 billion in the second quarter of 2026 and is projected to record its first quarterly operating profit of $559 million, according to the Reuters report. Such figures have encouraged investors to assign considerable value to future growth, even as the company remains privately held.
Anthropic was valued at approximately $965 billion after raising $65 billion in May, according to reports. At that valuation, a 2028 revenue forecast of $190 billion to $200 billion would imply a forward revenue multiple of roughly five times.
Public companies set valuation benchmarks
Bankers are reportedly considering Palantir Technologies, Cloudflare and SpaceX as reference points for Anthropic’s valuation. These companies are being used as public-market comparables because of their exposure to artificial intelligence, cloud infrastructure or rapidly expanding technology markets.
Palantir is trading at about 53 times expected 2026 revenue, while Cloudflare and SpaceX are each valued at roughly 41.6 times expected revenue, according to LSEG data cited by Reuters. Applying similarly high multiples to Anthropic’s projected sales could support a valuation reaching into the trillions of dollars.
However, Anthropic has no directly comparable publicly listed US rival. Its business combines foundation-model development, cloud computing and enterprise software, making traditional comparisons difficult.
Some investors have reportedly speculated that Anthropic could seek a valuation of $2 trillion or more, potentially surpassing SpaceX’s reported $1.77 trillion public-market valuation. Anthropic executives, however, have not publicly confirmed a final IPO valuation or timetable.
Prediction markets reflect investor interest
Prediction markets are also showing strong anticipation of an AI IPO race. Contracts on Kalshi tracking whether OpenAI or Anthropic will go public first have attracted combined trading volume of about $1.3 million.
OpenAI has carried a 94% implied probability of listing before Anthropic in the market referenced in reports, although such odds represent trader expectations rather than confirmed corporate plans.
Growth projections face scrutiny
The valuation case depends heavily on Anthropic sustaining an exceptional pace of growth through 2028. Investors will need to assess whether demand for AI models, enterprise subscriptions and coding tools can expand quickly enough to support the company’s projections.
Skeptics have also questioned whether current AI valuations adequately reflect the productivity gains these systems can deliver. David Merkel, a principal at Aleph Investments, said a $2 trillion valuation was possible but questioned whether it would remain sustainable over time.
Anthropic’s prospective IPO therefore represents more than a test of investor appetite for one company. It could become a major market test of whether aggressive long-term AI revenue forecasts can justify valuations previously associated with the world’s largest technology companies.
