Two people familiar with Anthropic’s finances said the company expects 2028
revenue of $190–200bn, well above the $47bn “annualized revenue” it disclosed in
May. Four sources said bankers and investors are valuing the company using
enterprise-value-to-revenue multiples based on the forecast. While revenue
multiples are common for high-growth software firms, extending the forecast
horizon two years is unusual; sources said this reflects Anthropic’s rapid
expansion and the difficulty of setting a valuation benchmark for a company
still heavily investing in AI infrastructure.
