Anthropic saw its annual revenue run rate top $65 billion by the end of July amid preparations for a blockbuster IPO. The company has reportedly forecast 2028 revenue of roughly $190 billion to $200 billion. The projections have become a focal point for investors — with many betting on a $2 trillion valuation for the artificial intelligence start-up.
According to a source-based Reuters report, the AI startup has seen its revenue run rate rise higher after $47 billion in May and an extraordinary jump from about $9 billion at the end of 2025. The metric projects annual performance by extrapolating current sales levels. A separate report by Bloomberg has also highlighted the more than sevenfold jump since the end of 2025.
Anthropic was valued at $965 billion in May after raising $65 billion in its Series H funding round, more than double its $380 billion valuation in February. The company has emerged as an AI frontrunner as its Claude coding agent gains traction among developers. It began filing draft papers at the beginning of June, with many expecting what could be one of the biggest IPOs on record later this year. The number of shares to be offered and the price have not yet been set.
A separate Reuters report on Friday said the company was projecting 2028 revenue of roughly $190 billion to $200 billion — dwarfing the $47 billion revenue ‘run rate’ that reflected its current pace of business. Anthropic has projected revenue of at least $10.9 billion for the second quarter of 2026. The figure is more than double its previous quarter, and the AI startup reportedly remains on track for its first quarterly operating profit of $559 million. Reuters cited the company as saying that its revenue run rate grew more than 10-fold annually in each of the three years through early 2026.
“Could they get a $2 trillion valuation, yeah they could and I just wonder if it would stay there over time. Does it (AI) really produce so much additional productivity…These are just questions that we have to ask if we were thinking of pricing this, buying this,” David Merkel, a principal at investment firm Aleph Investments, told the publication.
Sources told Reuters that bankers and investors were using enterprise value-to-revenue multiples based on forecasts. It is typical to use such markers to gauge high-growth software companies that have yet to establish a mature profit profile. And the surging figures outlined by Anthropic have left investors increasingly ready to look as far ahead as 2028 when applying a revenue multiple.
The report noted that valuation now rested on expectations that Anthropic’s current spending is funding a business that will eventually generate much higher revenue and margins. Training and inference could become more efficient as technology improves, while personnel and other operating costs could become a smaller share of revenue as the company scales.
Recent reports also suggest that Anthropic is in talks to buy Nvidia-backed startup Decart AI. The Claude-maker is reportedly seeking acquisitions that could help it handle growing demand ahead of the public listing. Bloomberg News reported last week that such a deal could be worth about $6 billion.
According to the company website, Decart’s Lucy model can edit live video in real time. The startup has also developed Oasis — a model that generates simulated environments to train and test robotics and autonomous-driving systems. Decart said in May that it had raised $300 million in a funding round led by Radical Ventures, with Nvidia joining as a new investor.