Anthropic's listing price rests on a number two years away: $190–200 billion of revenue in 2028
Reuters reported on 14 August, citing sources, that Anthropic is telling investors to expect roughly $190 billion to $200 billion in revenue in 2028 — more than four times the $47 billion run rate it disclosed in May. Bankers are pricing the offering off that 2028 forecast rather than off current results, using enterprise value-to-revenue multiples; Reuters names Palantir at about 53 times expected 2026 revenue and SpaceX and Cloudflare at 41.6 times as the comparisons being used. Anthropic has projected at least $10.9 billion of revenue for the second quarter of 2026 and a first quarterly operating profit of $559 million. Its run rate has grown more than tenfold a year in each of the three years to early 2026. Anthropic declined to comment.
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