Anthropic’s planned IPO valuation is tied to a projected $190 billion to $200 billion in revenue for 2028, according to multiple reports citing two sources familiar with the company’s financials. The figure is described as a key assumption underpinning investor expectations for the offering.
The outlets say this forecast implies a much larger scale of growth than Anthropic’s current revenue pace. One report specifically contrasts the $190–$200 billion 2028 target with a roughly $47 billion “run rate” figure the company publicizes as recently as May, suggesting the valuation question centers on how quickly revenue can accelerate. Other sources largely focus on the same range and attribution, without adding new operational details.
Overall, the coverage converges on the disclosed 2028 revenue projection range and its relevance to valuation, while differing mainly in emphasis—some highlight the size of the gap versus the recent run rate, and others primarily restate the forecast as the valuation anchor.
