Anthropic Eyes Historic IPO as Wall Street Weighs $200 Billion Revenue Target for 2028
As Anthropic prepares for what could be one of the largest Initial Public Offerings (IPOs) in history, Wall Street investors and investment bankers are looking well past current financials, anchoring valuation models on the artificial intelligence startup’s projected 2028 revenue.
Anthropic is internally forecasting revenues between $190 billion and $200 billion for 2028, according to two people familiar with the company’s financials. This previously undisclosed figure represents a massive leap from the annualized revenue run-rate of $47 billion reported in May, illustrating the steep growth trajectory investors are being asked to underwrite.
Valuation Multiples and Extended Forecast Horizons
Valuing fast-growing software and technology firms using forward revenue multiples is a standard practice on Wall Street, particularly for companies that have not yet reached mature profitability.
However, looking two years ahead into the future remains an unconventional valuation approach. According to four sources familiar with the matter, this forward-looking methodology highlights both the blistering pace of Anthropic’s business expansion and the complexities of establishing valuation benchmarks for a firm still deploying substantial capital into AI infrastructure.
Infrastructure Capex and Market Precedents
Heavy AI capital expenditure has triggered volatility and pullbacks across several high-profile technology stocks in recent months, including companies viewed as peers to Anthropic.
Nonetheless, banking syndicates point to recent mega-IPO precedents where forward revenue visibility was extended to justify valuations:
CompanyForecast Horizon Used for IPOIPO Context / Timing
Anthropic2028 Revenue ($190B – $200B)Upcoming potential historic listing
Cerebras Systems2028 Revenue ForecastsLead-up to its IPO earlier this year
SpaceX2029 Revenue ProjectionsAhead of its record-setting IPO in June