Anthropic is projecting between $190 billion and $200 billion in revenue by 2028, according to two people familiar with the company’s financials, as the AI startup prepares what could be one of the largest initial public offerings in technology history. The previously unreported figure, first disclosed by Reuters on August 14, would represent roughly a tenfold increase from the company’s current revenue trajectory.
Revenue Growth Timeline
The revenue forecast places Anthropic on an aggressive growth curve. The company expects to reach approximately $18 billion in revenue for 2026, up from earlier internal estimates, followed by roughly $55 billion in 2027 before the projected leap to the $190-200 billion range in 2028. For context, that 2028 figure would exceed the annual revenue of most Fortune 500 companies.
Anthropic has been working with law firm Wilson Sonsini on IPO preparations, with a listing potentially coming as early as late 2026 or in 2027. The company’s current valuation stands at approximately $380 billion following a $20 billion funding round led by GIC and Coatue, with participation from Sequoia Capital and other investors.
Delayed Profitability Target
Despite the ambitious revenue projections, Anthropic has pushed back its cash-flow-positive target to 2028, about a year later than previously planned. The delay reflects increasing operational costs and continued heavy investment in training next-generation AI models. The company is burning through capital at a rate that requires sustained growth to achieve sustainable margins.
All seven of Anthropic’s co-founders have publicly pledged 80% of their wealth to charitable causes. At the company’s current valuation, each pledge is worth roughly $5.4 billion, and analysts estimate the IPO alone could channel approximately $15 billion annually into Effective Altruism-aligned philanthropy.
Amazon and Google have both signed multibillion-dollar agreements with Anthropic to integrate its AI technology into their cloud platforms. These partnerships provide both revenue and distribution channels that underpin the company’s growth projections. The financial picture mirrors the broader AI industry trend of massive revenue growth paired with equally massive infrastructure spending, with companies racing to secure compute capacity ahead of anticipated demand.
Sources: Reuters; Financial Times; The Information; Blockonomi
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