Anthropic, an AI company, is preparing for its initial public offering (IPO) and is valued based on its projected 2028 revenue of $190-200 billion. This valuation is significantly higher than the company’s current revenue run rate of $47 billion.

Revenue Projections

The company’s revenue projection for 2028 is a key factor in determining its IPO valuation. Bankers and investors are using enterprise value-to-revenue multiples based on forecasts to value the company. This approach is common for high-growth software companies that have yet to establish a mature profit profile.

Anthropic’s financial trajectory shows significant growth, with its revenue run rate increasing from $9 billion at the end of 2025 to $47 billion by May. The company has projected revenue of at least $10.9 billion for the second quarter of 2026, more than double the previous quarter.

Valuation Comparisons

Public-market comparables, such as Cloudflare, Palantir, and SpaceX, are being considered as reference points for Anthropic’s valuation. These companies offer different lenses on Anthropic, with Palantir being a reference point for investors valuing businesses with rapid growth and exposure to AI.

The valuation of Anthropic rests on the expectation that the company’s current spending will fund a business that will eventually generate much higher revenue and margins. Investors are betting that as Anthropic grows, revenue will rise faster than the costs required to support that growth, allowing margins to expand.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.