Anthropic is projecting revenue of $190 billion to $200 billion by 2028, up dramatically from its $47 billion run rate as of May, according to sources familiar with the company's financials.
Bankers and investors are using this forecast to value what could become one of the largest public offerings on record, applying enterprise value-to-revenue multiples that range from 41.6x to 53x—the same approach used for comparable high-growth software companies without mature profit profiles.
What happened
Anthropic is projecting 2028 revenue of roughly $190 billion to $200 billion, a sharp jump from the $47 billion run rate the company publicized in May. Bankers and investors are using these forecasts to price what could be one of the largest listings on record.
Why it matters
The valuation relies on revenue multiples—a standard metric for high-growth software companies without mature profits. Comparable public companies trade at multiples ranging from 41.6x to 53x expected revenue, which bankers are applying to Anthropic's forward projections to determine enterprise value.
What to watch
Anthropic has scheduled an analyst day to present these figures. Prior precedent includes Cerebras, whose backers cited 2028 figures before its listing this year, and SpaceX, whose projections ran to 2029 before its June debut.
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Anthropic's projected $190 billion to $200 billion revenue by 2028 represents a significant acceleration from its current $47 billion run rate. This projection is driving how bankers price the company's anticipated initial public offering, which sources say could rank among the largest listings on record. The valuation methodology relies on enterprise value-to-revenue multiples applied to forward forecasts—a standard approach for high-growth software companies that have not yet achieved mature profitability. The multiples used as comparables range from 41.6x to 53x expected revenue, drawn from three public companies: Palantir at 53x this year's expected revenue, and Cloudflare and SpaceX both at 41.6x expected 2026 revenue. This framework is not new to the sector; Cerebras cited 2028 figures before its listing this year, and SpaceX provided projections running to 2029 ahead of its June debut, suggesting bankers routinely extend valuations two years forward for high-growth technology companies.
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