Valuation Is Based on 2028
According to Reuters, Anthropic expects revenue of approximately $190 billion to $200 billion in 2028. This would represent a massive increase from the annualized revenue run rate of more than $47 billion reported by the company in May 2026. As a result, investors and investment bankers are using multiples of future revenue to determine the company’s valuation. Although such an approach is common among fast-growing software companies, valuing a business based on financial results as far as two years into the future remains relatively unusual. The main reason is Anthropic’s rapid expansion, but also its high spending on computing power, model training and employees, which continues to weigh on margins.
Comparable Companies Set the Valuation Framework
To determine an appropriate value for such a specific business, bankers are comparing Anthropic with established technology companies such as Palantir, Cloudflare and SpaceX. These companies offer different perspectives on how rapidly growing businesses can be valued. According to LSEG data, Palantir trades at approximately 53 times its expected revenue for the current year, while SpaceX and Cloudflare are valued at roughly 41.6 times their projected 2026 revenue.
Anthropic’s Growth Supports High Expectations
The company’s confidence is supported by strong underlying figures, as Anthropic continues to demonstrate exceptional growth momentum. Its annualized revenue run rate climbed from approximately $9 billion at the end of 2025 to more than $47 billion. The positive trend is also reflected in estimates for the second quarter, when the company expects revenue of at least $10.9 billion, more than double the previous quarter, while also heading toward its first quarterly operating profit of $559 million.
Meeting Growth Expectations Will Be Crucial
Ultimately, the company’s planned valuation rests on the assumption that today’s massive investments will create a significantly larger business in the future, with higher revenue and gradually improving margins. Investors will therefore be watching not only Anthropic’s current growth rate, but above all its ability to meet its ambitious 2028 forecasts while successfully reducing the relative share of costs associated with computing infrastructure, operations and human resources.
* Past performance is not a guarantee of future results.
