As Anthropic prepares for what could be one of the biggest IPOs on record, Wall Street is looking further into the future than it commonly does to put a price on the AI company, valuing it based on how much revenue it could generate two years from now.
The company’s financial trajectory already shows how quickly that equation is changing. Anthropic is projecting 2028 revenue of roughly $190 billion to $200 billion, according to two people familiar with the company’s financials, a figure that has not previously been reported. Anthropic’s revenue run rate was about $9 billion at the end of 2025, according to the company, before rising to more than $47 billion by May. Anthropic has projected revenue of at least $10.9 billion for the second quarter of 2026, more than double the previous quarter, on track for its first quarterly operating profit of $559 million.
The projection dwarfs the $47 billion revenue “run rate,” reflecting the firm’s current pace of business, that the company publicized as recently as May, and shows the scale of growth investors are being asked to underwrite.
