Anthropic’s near-$2tn IPO rests on a revenue forecast for 2028

Anthropic plans an IPO valuing the company near $2 trillion, based on an internal forecast of $190-$200 billion in revenue by 2028. The company’s revenue has rapidly increased from $9 billion in 2025 to $47 billion in mid-2026, with expectations of continued growth and a first quarterly profit soon. However, the valuation relies heavily on future projections and assumes cost efficiencies as the business scales.