--- title: Anthropic’s near-$2tn IPO rests on a revenue forecast... description: Anthropic's reported near-$2tn IPO valuation reportedly hinges on an internal forecast of $190bn-$200bn in revenue by 2028, a two-years-forward bet rare in... canonical: https://daily.dev/posts/anthropic-s-near--2tn-ipo-rests-on-a-revenue-forecast-for-2028-cccncnccg twitter:card: summary_large_image twitter:site: @dailydotdev og:type: website og:site_name: daily.dev og:title: Anthropic’s near-$2tn IPO rests on a revenue forecast for 2028 | daily.dev og:description: Anthropic's reported near-$2tn IPO valuation reportedly hinges on an internal forecast of $190bn-$200bn in revenue by 2028, a two-years-forward bet rare in... og:url: https://daily.dev/posts/anthropic-s-near--2tn-ipo-rests-on-a-revenue-forecast-for-2028-cccncnccg og:image: https://api.daily.dev/og/posts/cccnCNcCG.png og:image:alt: Anthropic’s near-$2tn IPO rests on a revenue forecast for 2028 og:image:width: 1200 og:image:height: 630 og:locale: en --- > ## Documentation Index > Fetch the complete documentation index at: https://daily.dev/llms.txt > Use this file to discover all available pages before exploring further. # Anthropic’s near-$2tn IPO rests on a revenue forecast for 2028 **[The Next Web](https://daily.dev/sources/tnw)** · 4 min read · 0 upvotes · 0 comments ## Summary Anthropic's reported near-$2tn IPO valuation reportedly hinges on an internal forecast of $190bn-$200bn in revenue by 2028, a two-years-forward bet rare in public markets but used previously for Cerebras and SpaceX. Current run rate sits around $47bn as of May 2026, up from $9bn at the end of 2025, with Q2 2026 revenue projected at $10.9bn and a possible first quarterly operating profit near $559m. Bankers apply enterprise-value-to-revenue multiples comparable to Palantir (53x), SpaceX and Cloudflare (~41.6x) to justify the price tag, but investors like David Merkel of Aleph Investments question whether such a valuation would hold over time, especially given heavy GPU and compute costs pressuring margins and cheaper rivals threatening the underlying economics. ## Full article daily.dev links to this article rather than hosting it. Read it at the original source: ## Questions this post answers ### What revenue forecast is Anthropic reportedly using to justify its IPO valuation? Anthropic is reportedly relying on an internal forecast of $190bn-$200bn in revenue for 2028 to justify an IPO valuation that could approach $2 trillion. This compares to a revenue run rate of roughly $47bn as of May 2026, up from about $9bn at the end of 2025, meaning the 2028 target implies revenue more than quadrupling again within roughly two years. _Track how AI valuation stories like Anthropic's IPO forecast unfold by following daily.dev._ ### What revenue multiples are being used to value AI companies like Anthropic against comparable public companies? Bankers are reportedly applying enterprise-value-to-revenue multiples based on projected 2028 figures rather than current earnings, a two-years-forward method previously used before the IPOs of Cerebras and SpaceX. For comparison, Palantir trades at roughly 53 times its expected 2026 revenue, while SpaceX and Cloudflare trade at around 41.6 times. _Developers weighing AI vendor stability can follow valuation and funding shifts on daily.dev._ ### Is Anthropic profitable, and what is its projected operating profit for Q2 2026? Anthropic is projected to reach its first quarterly operating profit around Q2 2026, forecast at approximately $559m, with second-quarter revenue expected to reach at least $10.9bn, more than double the prior quarter. This would mark a genuine inflection point for a company that has spent most of its history burning cash on GPUs, compute, and model training. _Keep up with shifts in AI lab finances that shape tool pricing and access on daily.dev._ ## Similar posts on daily.dev - [Anthropic eyes a $900b valuation in a potential $50b round](https://daily.dev/posts/anthropic-eyes-a-900b-valuation-in-a-potential-50b-round-7z63n5bpl) · The Next Web · 0 upvotes · 1 comments - [Anthropic raises $65 Billion, nears $1T valuation ahead of IPO](https://daily.dev/posts/anthropic-raises-65-billion-nears-1t-valuation-ahead-of-ipo-sgkrla5x1) · TechCrunch · 10 upvotes · 4 comments --- Tags: [#anthropic](https://daily.dev/tags/anthropic), [#ipo](https://daily.dev/tags/ipo) [View this post on daily.dev](https://daily.dev/posts/anthropic-s-near--2tn-ipo-rests-on-a-revenue-forecast-for-2028-cccncnccg) ```json {"@context":"https://schema.org","@graph":[{"@type":"Organization","@id":"https://daily.dev/#organization","name":"daily.dev","url":"https://daily.dev","logo":{"@type":"ImageObject","url":"https://daily.dev/apple-touch-icon.png","width":180,"height":180},"sameAs":["https://twitter.com/dailydotdev","https://github.com/dailydotdev","https://www.linkedin.com/company/daily-dev-ltd"]},{"@type":"WebSite","@id":"https://daily.dev/#website","url":"https://daily.dev","name":"daily.dev","publisher":{"@id":"https://daily.dev/#organization"},"potentialAction":{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://daily.dev/search?q={search_term_string}"},"query-input":"required name=search_term_string"}}]} {"@context":"https://schema.org","@type":"TechArticle","headline":"Anthropic’s near-$2tn IPO rests on a revenue forecast for 2028","url":"https://daily.dev/posts/anthropic-s-near--2tn-ipo-rests-on-a-revenue-forecast-for-2028-cccncnccg","mainEntityOfPage":{"@type":"WebPage","@id":"https://daily.dev/posts/anthropic-s-near--2tn-ipo-rests-on-a-revenue-forecast-for-2028-cccncnccg"},"datePublished":"2026-08-17T07:11:04.223Z","dateModified":"2026-08-19T22:10:32.882Z","description":"Anthropic's reported near-$2tn IPO valuation reportedly hinges on an internal forecast of $190bn-$200bn in revenue by 2028, a two-years-forward bet rare in...","image":"https://media.daily.dev/image/upload/f_auto,q_auto/v1/posts/7b52b01fa6eef74af23d92932cf9570f?_a=AQAEuop","thumbnailUrl":"https://media.daily.dev/image/upload/f_auto,q_auto/v1/posts/7b52b01fa6eef74af23d92932cf9570f?_a=AQAEuop","isAccessibleForFree":true,"articleSection":"The Next Web","inLanguage":"en","publisher":{"@type":"Organization","name":"daily.dev","url":"https://daily.dev","logo":{"@type":"ImageObject","url":"https://daily.dev/apple-touch-icon.png","width":180,"height":180}},"author":{"@type":"Organization","name":"The Next Web","logo":"https://media.daily.dev/image/upload/t_logo,f_auto/v1/logos/tnw","url":"https://daily.dev/sources/tnw"},"commentCount":0,"discussionUrl":"https://daily.dev/posts/anthropic-s-near--2tn-ipo-rests-on-a-revenue-forecast-for-2028-cccncnccg","interactionStatistic":[{"@type":"InteractionCounter","interactionType":{"@type":"LikeAction"},"userInteractionCount":0},{"@type":"InteractionCounter","interactionType":{"@type":"CommentAction"},"userInteractionCount":0}],"keywords":"anthropic,ipo","timeRequired":"PT4M"} {"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://daily.dev"},{"@type":"ListItem","position":2,"name":"The Next Web","item":"https://daily.dev/sources/tnw"},{"@type":"ListItem","position":3,"name":"Anthropic’s near-$2tn IPO rests on a revenue forecast for 2028"}]} {"@context":"https://schema.org","@type":"FAQPage","@id":"https://daily.dev/posts/anthropic-s-near--2tn-ipo-rests-on-a-revenue-forecast-for-2028-cccncnccg#faq","mainEntity":[{"@type":"Question","name":"What revenue forecast is Anthropic reportedly using to justify its IPO valuation?","acceptedAnswer":{"@type":"Answer","text":"Anthropic is reportedly relying on an internal forecast of $190bn-$200bn in revenue for 2028 to justify an IPO valuation that could approach $2 trillion. This compares to a revenue run rate of roughly $47bn as of May 2026, up from about $9bn at the end of 2025, meaning the 2028 target implies revenue more than quadrupling again within roughly two years. Track how AI valuation stories like Anthropic's IPO forecast unfold by following daily.dev."}},{"@type":"Question","name":"What revenue multiples are being used to value AI companies like Anthropic against comparable public companies?","acceptedAnswer":{"@type":"Answer","text":"Bankers are reportedly applying enterprise-value-to-revenue multiples based on projected 2028 figures rather than current earnings, a two-years-forward method previously used before the IPOs of Cerebras and SpaceX. For comparison, Palantir trades at roughly 53 times its expected 2026 revenue, while SpaceX and Cloudflare trade at around 41.6 times. Developers weighing AI vendor stability can follow valuation and funding shifts on daily.dev."}},{"@type":"Question","name":"Is Anthropic profitable, and what is its projected operating profit for Q2 2026?","acceptedAnswer":{"@type":"Answer","text":"Anthropic is projected to reach its first quarterly operating profit around Q2 2026, forecast at approximately $559m, with second-quarter revenue expected to reach at least $10.9bn, more than double the prior quarter. This would mark a genuine inflection point for a company that has spent most of its history burning cash on GPUs, compute, and model training. Keep up with shifts in AI lab finances that shape tool pricing and access on daily.dev."}}]} ```