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# Anthropic could be valued using a $200 billion revenue figure it thinks it will achieve in 2028
- URL: https://www.businessbagel.com/anthropic-ipo-2028-revenue-forecast/
- Published: 2026-08-18T03:00:00.000Z
- Updated: 2026-08-18T02:59:59.000Z
- Description: Bankers valuing the AI company's listing have skipped this year's sales and gone to a forecast two years out, Reuters reports.
- Author: Christian Maidman
- Tags: Markets, Business Bagel News

Investors pricing a new listing usually look about a year ahead. For Anthropic, Reuters reports, the bankers have gone to 2028\. The company is telling people it could book $190bn to $200bn of revenue that year, according to two people who have seen its financials. Against the $47bn annual pace it disclosed in May, that is more than four times the business it is today.

The tool being used is a revenue multiple, which prices a company at some number of times its sales rather than its profits. That is ordinary enough for fast-growing software companies without a settled profit record. Reaching two years out is not ordinary, and the people involved put it down to how quickly Anthropic is growing and how little there is to measure it against while it is still spending heavily on the infrastructure that runs AI.

## What they are measuring it against

The comparisons are public companies. Palantir trades at 53 times this year's expected revenue, which makes it one of the most expensive stocks on Wall Street, and SpaceX and Cloudflare both sit at 41.6 times expected 2026 revenue. There is precedent for the long view. Backers of Cerebras Systems pointed at 2028 revenue before it listed this year, and SpaceX projections ran to 2029 ahead of its record June debut.

## The curve the price depends on

Anthropic's run rate was about $9bn at the end of 2025 and passed $47bn by May. It has projected at least $10.9bn of revenue for the second quarter of 2026, more than double the quarter before, and a first quarterly operating profit of $559m. It says the run rate has grown more than tenfold a year for three years running. The valuation rests on that continuing, and on today's spending on chips, training and staff turning into a much larger business with much better margins later.

Anthropic filed its prospectus confidentially with United States regulators in June, and finance chief Krishna Rao has been running early investor meetings that CNBC reports have not touched specific numbers or a valuation. The $2 trillion figure attached to the listing comes from investors' own workings rather than from the company. David Merkel of Aleph Investments told Reuters that Anthropic could reach it, and that he wonders whether it would stay there. The company declined to comment.