Industry AI Minute Newsroom 2026-08-15

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.

Why it mattersValuing a company on revenue two years out is unusual, and it is unusual for a reason: the buyer pays today for a forecast nobody can check until 2028. The published numbers behind it are real — a first operating profit, a run rate that has multiplied every year — but the distance from $47 billion to $200 billion has to be filled by demand that does not exist yet. If it arrives, the price looks cheap in hindsight. If corporate spending on AI settles at half that, the mispricing lands on whoever holds the shares, and the pension funds and index trackers that end up owning a listing this size never got to vote on the forecast.

✓ Verified · 4 sources

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Anthropic's listing price rests on a number two years away: $190–200 billion of revenue in 2028

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