Anthropic’s near-$2tn IPO rests on a revenue forecast for 2028
According to a Reuters exclusive, the AI lab’s initial public offering hinges on an internal forecast that it will book between $190bn and $200bn of revenue in 2028, a previously unreported figure that bankers and investors are already leaning on to justify a price tag that could brush $2tn.
The leap involved is the sort that only makes sense inside a boom. Anthropic’s revenue run rate sat at roughly $47bn as of May 2026, up from about $9bn at the end of 2025, so the reported 2028 target implies revenue more than quadrupling again in a little over two years.
The near-term numbers are, admittedly, moving fast. Second-quarter revenue for 2026 is projected to reach at least $10.9bn, more than double the previous quarter, and the company is said to be eyeing its first quarterly operating profit, a forecast figure of around $559m.
For a lab that has spent...
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