Bankers are pricing the AI company's upcoming IPO using revenue forecasts for 2028 of between $190 billion and $200 billion. This target supports a valuation of $2 trillion, relying on a method that prices the business based on results 2 years into the future.

Anthropic's current revenue run rate is $47 billion, compared to $9 billion at the end of 2025. While the growth pushes the firm toward the largest stock market debut in history, some investors questioned whether productivity improvements can justify the valuation.

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Key sources

  1. SUPPORT@marionawfal“pricing the company off revenue forecasts two years out, which almost never happens”x.com
  2. SUPPORT@firstadopter“The projection dwarfs the $47 billion revenue "run rate," reflecting the firm's current pace of business, that the company publicized as recently as May”x.com
  3. SUPPORT@cnbc“reportedly jumps to more than $11.5 billion in second quarter”x.com
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