Anthropic IPO Valuation Hinges on $190-200B 2028 Revenue Forecast
Anthropic’s IPO valuation hinges on a projected $190-200 billion in annual revenue by 2028, more than four times its $47 billion run rate disclosed in May 2026. Bankers and investors are applying enterprise value-to-revenue multiples two years out, a highly unusual approach that reflects how hard it is to value an AI company spending heavily on compute, model development, and hiring. Whether that forecast is credible or a stretch is the central question every prospective investor must answer. ...