Anthropic IPO valuation hinges on revenue

The Express Tribune reported that Wall Street is looking two years ahead to value Anthropic, the AI developer readying an IPO that could be among the largest ever. According to two people familiar with its finances, Anthropic is projecting 2028 revenue of roughly $190 billion to $200 billion. That figure is far above the $47 billion revenue run rate the company publicised in May.

Investors and bankers are measuring enterprise value against projected revenue, a method typically used for high-growth software firms that are not yet consistently profitable. Cloudflare, Palantir and SpaceX are among the public companies used as benchmarks. Palantir trades at 53 times expected revenue for this year, while SpaceX and Cloudflare each trade at 41.6 times expected 2026 revenue, according to LSEG data.

Heavy spending on computing capacity, model training and hiring is weighing on Anthropic's current margins, so current earnings measures do not fully show the economics investors expect at scale. Investors are wagering that revenue will climb faster than these costs, which would let margins widen as the business grows. The company has projected second-quarter 2026 revenue of at least $10.9 billion and is on track for a $559 million operating profit, its first quarterly operating profit.