Anthropic IPO valuation hinges on $190-200 billion 2028 revenue forecast

Anthropic is projecting 2028 revenue of roughly $190-200 billion, a figure not previously reported, as it prepares for a potential record IPO. The company's revenue run rate was about $9 billion at end-2025, rising to over $47 billion by May. Bankers are using enterprise value-to-revenue multiples based on these forecasts, with peers like Palantir, Cloudflare, and SpaceX as references.