Anthropic’s $1T IPO could depend on revenue it hasn’t made yet

Anthropic is being priced on the money it hopes to make two years from now rather than what it earns today. This could change how investors judge the growing number of AI companies preparing for the public markets.

The AI firm has reportedly told people involved in its offering that it expects revenue of $190 billion to $200 billion in 2028. The figure had not previously been reported. The bigger story is how bankers are using it. They are looking far ahead to value a changing business.

Pricing on revenue two years out

A Reuters report mentioned that banks and investors in the deal were using enterprise value-to-revenue multiples based on projections to assess valuation. This method is standard for growth-stage software companies still working to achieve steady profits. Making predictions two years into the future is a rather bold gamble.

Anthropic’s current business operations and its goal for 2028 are miles apart. The company reported a revenue run rate of $47 billion in May. Hitting the annual target of $190 billion to $200 billion would require almost fourfold growth in the company’s revenue trajectory.

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