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Anthropic IPO valuation centers on $190-200 billion 2028 revenue target

AI Market Summary
Reuters reports Anthropic's IPO valuation discussions hinge on aggressive 2028 revenue projections of $190–200B versus a recently cited $47B run-rate, with bankers leaning on forward EV/revenue multiples due to heavy ongoing AI infrastructure spend. The framing underscores both strong growth narratives and elevated execution risk, and may influence sentiment toward high-multiple AI and software comparables as investors reassess how far forward to underwrite growth amid margin pressure.
Impact level
● Medium
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NCSKANTHROPIC2USD/USDT+5.16%
AI Insight · NCSKANTHROPIC2USD/USDTAI Insight
● Neutral
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Anthropic projects 2028 revenue of $190 billion to $200 billion, far above its current $47 billion run rate. The company’s run rate is about $9 billion at the end of 2025, and it forecasts at least $10.9 billion of revenue in the second quarter of 2026. It is also on track to post its first quarterly operating profit of $559 million.