Anthropic's IPO valuation hinges on $190-200B 2028 revenue forecast

Anthropic IPO valuation hinges on $190-200B 2028 revenue forecast

Anthropic is projecting 2028 revenue of $190-200 billion, a figure that underpins its upcoming IPO valuation. Bankers and investors are using enterprise value-to-revenue multiples based on these forecasts, looking two years ahead—unusual for most IPOs. The projection dwarfs the $47 billion run rate announced in May, reflecting the company's explosive growth. Comparable companies like Cloudflare, Palantir, and SpaceX serve as reference points, with Palantir trading at 53 times expected 2026 revenue. The valuation rests on the belief that current heavy spending on AI infrastructure will lead to expanding margins as revenue scales.