New York, 15 August (Brussles Morning Newspaper) A potential Anthropic IPO is putting the artificial intelligence company’s long-term growth assumptions under scrutiny, with investors weighing a reported forecast of between $190 billion and $200 billion in revenue by 2028 as they consider what the Claude developer could be worth on the public market.
The projection, reported by Reuters citing people familiar with the company’s finances, matters because Anthropic has already reached a private-market valuation approaching $1 trillion. The question for prospective shareholders is whether its extraordinary recent growth can continue at a scale sufficient to justify an even larger valuation.
Anthropic has not publicly issued the $190 billion-$200 billion figure as formal financial guidance, making the distinction between reported internal projections and confirmed company figures important for investors.
Revenue has climbed rapidly at Anthropic
What Anthropic has confirmed publicly is substantial growth.
In May, the company said its annualised revenue run rate had passed $47 billion earlier that month. That disclosure came alongside a $65 billion Series H financing that valued Anthropic at $965 billion after the investment.
Only three months earlier, Anthropic had raised $30 billion at a $380 billion post-money valuation.
The jump between the two funding rounds illustrates how quickly private investors have marked up the value of businesses at the centre of the generative AI boom.
It also raises the bar for an eventual Anthropic IPO. Public investors would have to decide how much of the company’s expected future expansion is already reflected in its valuation.
Computing costs remain central to the investment case
Revenue is only one side of that calculation.
Developing and operating frontier AI systems requires enormous computing resources, and Anthropic has been expanding capacity aggressively. The company said in May that it had agreements with Amazon for up to five gigawatts of additional capacity and with Google and Broadcom for five gigawatts of next-generation TPU capacity. It also secured access to GPU capacity through SpaceX.
That infrastructure should give Anthropic room to serve more customers, but it also highlights the capital-intensive nature of competing at the top of the AI industry.
Investors considering the company will therefore be looking beyond headline sales growth to margins, cash requirements and whether computing costs decline relative to revenue as the business expands.
Anthropic says demand for Claude is growing
Anthropic chief financial officer Krishna Rao said when the latest financing was announced that the funding would help the company respond to “historic demand” while remaining at the research frontier.
The company has also pushed Claude deeper into large businesses. KPMG announced a global alliance in May covering its workforce of more than 276,000 people, while PwC expanded its partnership with Anthropic and announced plans to train and certify 30,000 professionals on Claude.
Such agreements are significant because enterprise adoption could provide the recurring revenue needed to support Anthropic’s longer-term forecasts.
Why the $200bn forecast matters
A 2028 revenue figure approaching $200 billion would place Anthropic among a relatively small group of companies operating businesses of that scale.
The Anthropic IPO debate therefore comes down to more than enthusiasm for artificial intelligence. Investors would effectively be making a judgement about how rapidly Claude can spread through businesses, how much customers will ultimately spend on AI and whether Anthropic can turn that demand into sustainable profits.
Its $965 billion private valuation means expectations are already exceptionally high.
Wall Street awaits Anthropic’s next move
Anthropic has not announced a final IPO valuation or confirmed the timing and pricing of a public offering.
Until more detailed financial information becomes available, investors will have to balance Anthropic’s verified revenue growth against the reported 2028 projections and the considerable cost of supplying frontier AI.
That makes the road to a flotation as much a test of Wall Street’s willingness to price future AI growth as it is a test of Anthropic itself.
