Anthropic Targets $2 Trillion Valuation on Internal 2028 Revenue Guidance

Anthropic is preparing for a public listing that could value the artificial intelligence company at up to $2 trillion, supported by internal financial models that project annual revenue of $190 billion to $200 billion by 2028, according to reporting by Reuters as cited by The Next Web.

The target relies on continuing a period of rapid top-line growth. The AI startup reported an annualized revenue run rate of approximately $9 billion at the end of 2025, which increased to around $47 billion as of May 2026. Meeting its 2028 internal target would require revenue to more than quadruple again over the next two years.

In the near term, Anthropic anticipates revenue for the second quarter of 2026 to reach at least $10.9 billion, more than double its figure from the preceding quarter. The company also projects its first quarterly operating profit during the second quarter, estimated at roughly $559 million.

To establish the potential public valuation, investment bankers are applying enterprise-value-to-revenue multiples against the company's 2028 financial forecasts. While using a two-year forward valuation method is relatively uncommon for public equity markets, similar multi-year forward structures were applied prior to public listings for companies including SpaceX and Cerebras.

Comparable technology firms trade at elevated multiples based on forward revenue estimates. Palantir currently trades at approximately 53 times its projected 2026 revenue, while SpaceX and Cloudflare sit at roughly 41.6 times forward revenue. Applying comparable valuation multiples to Anthropic's 2028 revenue projections underpins the $2 trillion valuation figure.

Despite the financial projections, market analysts have cautioned about potential long-term valuation volatility. David Merkel of Aleph Investments noted that while the company could achieve a $2 trillion valuation at launch, maintaining that level over time remains uncertain as market conditions evolve.

The underlying valuation logic assumes that operational expenditure will decline as a proportion of total revenue over time. Anthropic continues to run high capital costs associated with compute infrastructure, graphics processing units, and model training. The IPO preparations follow earlier funding discussions where investors offered valuations of $800 billion, alongside reports of a potential $50 billion capital raise targeting a $900 billion valuation.