Anthropic IPO Valuation Hinges on $190B to $200B Revenue Target by 2028

Anthropic projects $190B-$200B revenue by 2028 for IPO valuation, far exceeding current runs. Q2 2026 revenue set at $10.9B with $559M operating profit potential.

Woofun AI reports that Anthropic has presented financial projections to investors indicating a revenue target of $190 billion to $200 billion by 2028, significantly higher than its approximately $9 billion annualized run rate by end-2025 and the $47 billion figure cited in May. The company disclosed that second-quarter 2026 revenue will reach at least $10.9 billion, more than doubling from the prior quarter, with potential quarterly operating profit of $559 million.

Investment banks are utilizing these 2028 forecasts to determine enterprise value multiples, looking two years ahead rather than the standard one-year horizon used for high-growth software firms. This approach reflects rapid expansion and infrastructure investment challenges. For context, Palantir trades at 53 times expected annual revenue, while SpaceX and Cloudflare trade at 41.6 times. Investors anticipate that revenue growth will outpace increases in hash rate, training, and staffing costs, thereby expanding profit margins.