Anthropic Revenue Soars: $47B Now, $200B by 2028?

Anthropic's revenue run rate has surpassed $47 billion. What's interesting is that Wall Street is already pricing in a fivefold increase by 2028. Bankers and investors are looking unusually far into the future. They're using revenue estimates two years out to determine the AI company's potential worth. Anthropic is projecting annual revenue of roughly $190 billion to $200 billion by 2028. This would require the company to more than quadruple its current revenue level in about two years. This approach uses revenue multiples, which are common for fast-growing software companies. However, applying these multiples to projections several years into the future is less common. For context, investors considered 2028 revenue expectations for Cerebras Systems' IPO and 2029 projections for SpaceX. Wall Street is comparing Anthropic to companies like Cloudflare, Palantir, and SpaceX to find valuation benchmarks. These companies offer different comparisons, from significant AI exposure to high-growth software and infrastructure. The bottom line is these valuations are steep. This highlights the high expectations for future growth in the AI sector.