Anthropic’s near-$2tn IPO pitch leans on internal 2028 revenue forecast of $190bn–$200bn
AI Market Summary
Reuters reports Anthropic's near-$2tn IPO narrative relies on an internal 2028 revenue forecast of $190–200bn, with bankers using forward EV/revenue multiples rather than current fundamentals. Rapid near-term growth and a potential first operating-profit quarter support the story, but heavy GPU/compute costs and rising competitive pressure increase sensitivity to any forecast slippage. The setup highlights elevated valuation risk premia across AI-linked equities.
Impact level
● Medium
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AI Insight · NCSKANTHROPIC2USD/USDTAI Insight
● Neutral
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Anthropic’s IPO valuation could approach $2tn, built largely on an internal projection that the AI lab will generate $190bn to $200bn of revenue in 2028, according to a Reuters exclusive. Its revenue run rate was roughly $47bn as of May 2026, up from about $9bn at the end of 2025. Second-quarter 2026 revenue is projected at least $10.9bn, more than double the prior quarter, and the company is said to be targeting its first quarterly operating profit of around $559m.
