Anthropic’s Revenue Could Soar From $47 Billion to $200 Billion by 2028 as Bankers Build a Massive AI Valuation Case Ahead of Its IPO: Report

Anthropic reportedly expects $190 billion to $200 billion in revenue by 2028, far exceeding the $47 billion annualized revenue run rate reported in May.

Bankers Reach Past Typical Timelines

Bankers are applying enterprise value-to-revenue multiples based on forecasts, Reuters reported on Friday, citing four sources.

Anthropic’s revenue run rate was about $9 billion at the end of 2025, then climbed to more than $47 billion by May.

For the second quarter of 2026, Anthropic expects revenue of at least $10.9 billion, more than double the previous quarter.

That would put the company on track to post its first quarterly operating profit, estimated at $559 million. Anthropic also said its revenue run rate increased more than tenfold annually in each of the three years through early 2026.

Anthropic did not immediately respond to Benzinga‘s request for comment.

Palantir, Cloudflare Set the Benchmark

According to the report, Palantir Technologies, Inc. (NASDAQ:PLTR), Cloudflare Inc. (NYSE:NET) and Space Exploration Technologies Corp (NASDAQ:SPCX) have become reference points for Anthropic’s valuation ahead of the company’s analyst day.

Palantir is trading at 53 times expected 2026 revenue, while Cloudflare trades at 41.6 times, according to LSEG data cited by Reuters.

Each company offers a different point of comparison.

Palantir reflects fast-growing businesses with exposure to AI. Cloudflare represents high-growth infrastructure companies. SpaceX represents a company valued more on its future growth potential than on its current earnings.

Skeptics Question

Not everyone is convinced the math holds. “Could they get a $2 trillion valuation, yeah they could, and I just wonder if it would stay there over time,” David Merkel, a principal at Aleph Investments, told the publication.

He questioned whether AI truly “produces so much additional productivity” to justify the price.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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