Anthropic’s potential initial public offering is increasingly being shaped by an extraordinary financial forecast: the artificial-intelligence company is projecting revenue of roughly $190 billion to $200 billion in 2028, according to people familiar with its financials. The figure is becoming a key reference point for investors and bankers attempting to determine how much the Claude maker could be worth when it enters public markets.
The forecast represents a dramatic acceleration from Anthropic’s already rapid growth. The company had a revenue run rate of about $47 billion in May, but that figure reportedly surpassed $65 billion by the end of July. The latest increase highlights the explosive demand for Anthropic’s AI models and enterprise services.
For potential IPO investors, the challenge is valuing a company whose current profitability remains difficult to assess because of enormous spending on computing infrastructure, model training and hiring. Instead, bankers are reportedly looking at forward enterprise-value-to-revenue multiples, using high-growth technology companies as benchmarks.
The scale of the forecast has fueled speculation that Anthropic could eventually command a valuation of around $2 trillion, potentially making its IPO one of the largest ever. However, that valuation would depend heavily on the company sustaining extraordinary growth while improving margins.
Anthropic’s financial trajectory has already surprised the market. Its annualized revenue reportedly rose from roughly $9 billion at the end of 2025 to $47 billion by May 2026 and then above $65 billion by July.
The company is preparing for a potential public listing later this year, although the exact timing and valuation have not been finalized. Investors will ultimately have to decide whether the projected $190 billion-$200 billion revenue target reflects a realistic expansion of AI adoption or an exceptionally aggressive bet on the future of the technology.
With competition intensifying across the AI industry, Anthropic’s ability to convert surging demand into sustainable profits could determine whether its ambitious IPO expectations are justified.