Anthropic Pitches $190B-$200B 2028 Revenue in IPO Case

Bankers are being asked to underwrite a growth curve that pushes IPO math into unusual territory. \[Reuters reported\](https://www.reuters.com/business/anthropic-ipo-valuation-hinges-190-200-billion-2028-revenue-forecast-sources-say-2026-08-15/) that Anthropic is telling investors to price its coming listing off projected 2028 revenue of roughly $190 billion to $200 billion, a number two people familiar with the company's financials shared with the wire. Set against the $47 billion revenue run rate Anthropic publicized as recently as May, the pitch asks buyers to bet on roughly a fourfold expansion in about two and a half years, and to price the deal today off a 2028 number rather than what the business is doing now. Reuters frames this as unusual: bankers and investors are applying enterprise value-to-revenue multiples to forecasts that far out because margins are still being squeezed by spending on compute, model training, and hiring. The comparable multiples in the piece give a sense of scale. Reuters cites LSEG data showing Palantir trading at 53 times expected 2026 revenue and Cloudflare at 41.6 times. Even a compressed multiple applied to a $190B-$200B target implies a valuation in the trillions. For scale, \[OpenAI recently held its own valuation at $852B\](https://aiweekly.co/alerts/openai-buys-7b-in-employee-stock-holds-valuation-at-852b) via a $7B employee stock deal. David Merkel, a principal at Aleph Investments, told Reuters, "Could they (Anthropic) get a $2 trillion valuation, yeah they could, and I just wonder if it would stay there over time," and questioned whether AI truly produces enough additional productivity to justify the price. The story is sourced to two people familiar with the financials, not to a filing. It does not disclose Anthropic's own margin assumptions, how the 2028 number splits between API, enterprise, and consumer revenue, or what compute-cost trajectory gets there. It also does not name the banks running the book or a target listing date. \--- Our coverage: https://aiweekly.co/alerts/anthropic-pitches-190b-200b-2028-revenue-in-ipo-case