Anthropic IPO Valuation Driven by Massive 2028 Revenue Forecast

Anthropic is preparing for what could turn into one of the biggest tech IPOs around. Investors are watching its valuation, and honestly, it all hinges on Anthropic’s wild prediction: between $190 billion and $200 billion in revenue by 2028. That’s way above where they're at right now.

By May 2026, Anthropic said its revenue run rate hit $47 billion, which is a big jump from $9 billion at the end of 2025. For Q2 2026, they expect to pull in at least $10.9 billion in revenue, and for the first time, they’re actually making money, with $559 million in operating profit. Growth like this has bankers and investors looking way beyond the usual numbers. Instead of focusing on current earnings, they’re using multiples based on forecasted revenue.

Valuing these high-growth AI companies isn't easy. They pour tons of money into computing, training their models, and hiring top talent. Still, investors are betting that as Anthropic gets bigger, its revenue will outrun the costs, and those margins will finally widen. People have started comparing Anthropic to companies like Palantir, Cloudflare, and SpaceX — other firms judged on future growth. Palantir trades at 53 times expected revenue; Cloudflare and SpaceX sit at over 41 times their projected 2026 revenue.

Depending on forecasts like this shows just how much hope — and uncertainty — there is in the AI arena. Whether Anthropic can actually keep up this pace and get more efficient will decide if it can hit or even blow past the $2 trillion valuation some analysts are dreaming about.