Anthropic Revenue Guidance and Valuation Outlook
Anthropic is projecting annual revenue of roughly $190 billion to $200 billion by 2028, which is more than four times the $47 billion revenue run‑rate the company disclosed in May 2026. The run‑rate itself rose from about $9 billion at the end of 2025 to over $47 billion by May 2026. For the second quarter of 2026 the company forecast at least $10.9 billion in revenue and reported its first quarterly operating profit of $559 million.
Investors and bankers are applying enterprise‑value‑to‑revenue multiples to these forward forecasts, a practice common for fast‑growing software firms lacking mature profit profiles. Comparable public companies cited include Palantir Technologies, which trades at 53 times its expected 2026 revenue, and Cloudflare and SpaceX, each valued at approximately 41.6 times their forecast 2026 revenue according to LSEG data.
The valuation approach carries considerable risk if Anthropic fails to meet its growth targets or if AI‑infrastructure costs such as GPUs, model training and inference remain elevated. David Merkel of Aleph Investments noted that while the company could potentially achieve a $2 trillion valuation, sustaining such a level may be challenging. Anthropic did not immediately respond to a request for comment.