Anthropic Said to Expect Up to $200 Billion in Revenue by 2028, IPO Valuation Could Hit $2 Trillion

TradingKey - Artificial intelligence company Anthropic is preparing for a potential blockbuster IPO. According to Reuters, citing two people familiar with the company's finances, Anthropic expects revenue to reach $190 billion to $200 billion in 2028. This aggressive growth target is becoming an important basis for Wall Street to evaluate the company's public listing valuation.

This forecast is far higher than Anthropic's current revenue scale. As of May 2026, the company's annualized revenue run rate is approximately $47 billion. Reaching $200 billion in revenue by 2028 would represent expanding to about four times its current level in a little over two years, underscoring that enterprise customer demand for generative AI and the Claude model family continues to grow rapidly.

Anthropic's growth rate has accelerated significantly in recent years, particularly in enterprise AI and coding fields. Products such as Claude and Claude Code are being adopted by an increasing number of enterprise customers, and the company continues to expand investments in model training, computing power, and data centers. Rapidly growing revenue serves as an important foundation for investors willing to give it a higher valuation, but massive AI infrastructure investments mean that the company's current profit margins remain relatively limited.

Attracting even more market attention is Anthropic's potential IPO valuation. According to reports, some investors and banks are evaluating its value based on the company's projected 2028 revenue rather than current profitability levels, referencing valuation multiples of high-growth tech companies such as Palantir (PLTR), Cloudflare (NET), and SpaceX (SPCX). Under a more optimistic scenario, Anthropic's listing valuation could reach approximately $2 trillion, giving it the opportunity to become one of the world's largest tech IPOs.