❯ Anthropic Hands Investors a $190B 2028 Revenue Forecast, Paving the Way for IPO Pricing

FORECASTAccording to Reuters, citing two sources familiar with the company’s finances, Anthropic has given bankers and investors a 2028 revenue forecast of $190 billion to $200 billion — versus the $47 billion annualized revenue it disclosed publicly in May. Underwriters are pricing the company not on current numbers, but on numbers two years out.

VALUATIONThe standard practice is to value high-growth software companies that have yet to post stable profits on an enterprise value/revenue multiple — typically applied to current- or next-year revenue. This time, per the report, Wall Street has pushed the anchor straight to 2028, effectively requiring investors to first accept the premise of a fourfold increase in two years before debating whether the valuation is rich. Anthropic has not publicly confirmed the figures, which remain subject to the eventual IPO filing.

PRESSUREThe forecast pushes the pressure back onto compute procurement and enterprise contract velocity. To lift revenue toward $200 billion within two years, Anthropic must simultaneously secure enough inference compute and move enterprise customers from pilots to full-scale deployment — while GPU long-term deals are currently queued 12 to 18 months out. For institutional investors weighing the IPO, the real calculation is how much slope this growth curve retains once compute constraints are factored in.

▪ SIGNALWhen a company’s valuation anchor is pushed two years out, what’s being traded is no longer performance — it’s the underwriting syndicate’s confidence in growth velocity.