Archive · 18 Aug 2026
Anthropic projects $200 billion 2028 revenue ahead of IPO
Anthropic is a company that makes artificial intelligence, or AI, like the Claude helper that assists people with their work.
The company sells its AI to businesses, and reports from Reuters and Bloomberg say it is growing very fast.
By the end of July, the money coming in had reached a pace of $65 billion a year.
Anthropic thinks it could make between $190 billion and $200 billion in 2028.
Because of that, some investors think the company could be worth $2 trillion when it sells shares to the public for the first time, an event called an IPO.
In May, the company was already worth $965 billion after raising $65 billion from investors.
Anthropic also expects to make its first quarterly operating profit soon.
The company is reportedly planning to buy another AI startup called Decart, which makes an AI that can edit live video in real time.
Some people are excited about Anthropic's future, while others wonder if AI really creates enough value to support such a big price tag.
Anthropic's annual revenue run rate topped $65 billion by the end of July, according to a Reuters report, up from about $9 billion at the end of 2025.
The company has reportedly forecast 2028 revenue of roughly $190 billion to $200 billion.
Anthropic was valued at $965 billion in May after raising $65 billion in its Series H funding round, more than double its February valuation of $380 billion.
Anthropic projects revenue of at least $10.9 billion for the second quarter of 2026 and expects its first quarterly operating profit of $559 million.
Anthropic is reportedly in talks to acquire Nvidia-backed startup Decart AI in a deal worth about $6 billion.
- Who
- Anthropic, the artificial intelligence startup behind the Claude AI models, along with investors and bankers weighing its upcoming IPO.
- What
- Anthropic saw its annual revenue run rate top $65 billion and projected 2028 revenue of roughly $190 billion to $200 billion as it prepares for a blockbuster IPO.
- When
- The revenue run rate was reported by the end of July, with the IPO expected later this year.
- Where
- Not specified in the articles.
- Why
- Investors are betting on a valuation that could reach $2 trillion based on Anthropic's surging revenue and long-term growth forecasts.
Bullish investors
Skeptical analysts
Potential $2 trillion valuation
Bullish investors
Many investors are betting on a $2 trillion valuation for Anthropic and are increasingly ready to look as far ahead as 2028 when applying revenue multiples.
Skeptical analysts
David Merkel, a principal at Aleph Investments, wonders whether a $2 trillion valuation would stay there over time and questions whether AI really produces so much additional productivity.
Reliance on forward-looking revenue forecasts
Bullish investors
Bankers and investors use enterprise value-to-revenue multiples based on forecasts, a typical approach for high-growth software companies that have yet to establish a mature profit profile.
Skeptical analysts
Skeptics note that the valuation rests on expectations that Anthropic's current spending will eventually generate much higher revenue and margins, which is not guaranteed.
- Revenue run rate (end of July)
- $65 billion
- Projected 2028 revenue
- $190 billion to $200 billion
- Valuation in May
- $965 billion
- Series H funding round
- $65 billion raised
- Valuation in February
- $380 billion
- Projected Q2 2026 revenue
- At least $10.9 billion
- First quarterly operating profit
- $559 million
- Potential Decart AI acquisition
- About $6 billion