Anthropic has rapidly scaled its sales, and this is expected to impact the valuation metrics of the entire artificial intelligence sector. As of the end of July, the company's projected revenue exceeded $65 billion, and investment bankers have begun to view its initial public offering as a potential precedent for other AI companies awaiting listing, aiming to set valuation benchmarks for other major enterprises in the AI field.
This is significant as Anthropic is forecasted to go public earlier than OpenAI, possibly this fall. Investment banks have informed both companies that whoever goes public first "will create a model for the entire industry." Anthropic is targeting a valuation exceeding $2 trillion, which would make this IPO the largest in history.
Growth Rate Tripled in Seven Months
Investors continue to use the growth curve as a key metric. By the end of 2025, Anthropic's annual revenue was nearly $9 billion, or a projected annualized run rate based on recent data. In May, this figure increased to $47 billion, and by the end of July, it reached $65 billion. According to Anthropic's own statement made in May, "our annualized revenue exceeded $47 billion at the beginning of this month."
Investors expect this trend to continue, projecting revenue of $100 to $120 billion for 2026. OpenAI's revenue, while companies may measure it differently, doubled, reaching $40 billion this year compared to $20 billion at the end of 2025. Anthropic's growth trajectory is drawing investor attention as they prepare for its IPO.
Bankers Are Valuing Their Investments for 2028, Not Today
The implications of Anthropic's IPO could extend far beyond this specific company. Anthropic has informed participants in the IPO process that it expects revenue of $190 to $200 billion in 2028—information previously unknown. Banks and investors are using an enterprise value-to-revenue multiple based on these forward projections instead of current profit figures—a method typically used for fast-growing software companies in the past, not traditional public corporations.
Regarding the 2028 target, Anthropic's $965 billion valuation from its May Series H funding round is approximately five times its projected future revenue. Cryptopolitan compared metrics: Palantir trades at about 53 times its forecasted revenue, while SpaceX and Cloudflare are around 41.6 times, although these figures are based on 2026 estimates.
The key point here is not that Anthropic's stock is undervalued. Rather, it's that the company wouldn't merit such a high multiple based on the revenue bankers are projecting for it now. If public investors accept multiples based on revenue a couple of years out, it will be easier for other AI companies to justify their current valuations based on future revenue.
The Demand Behind This Number
From a business perspective, the forecasts are supported by real demand. Ramp's July AI Index shows Anthropic leading OpenAI in adoption metrics among U.S. companies: 43.5% of U.S. companies pay for either a subscription or tokens from Anthropic, compared to 39.7% for OpenAI. In May, Anthropic raised $65 billion from Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, enabling it to invest in compute resources, research, and enterprise products that fuel its growth.
However, this valuation model also raises the stakes. The 2028 forecast assumes that revenue will be able to sustain a significant advantage while exceeding enormous costs for chips, model training, and personnel. Ramp's data also points to constraints that businesses face when investing their resources into cutting-edge AI technologies.
If economic conditions improve, Anthropic's IPO will likely usher in a new valuation strategy for the AI sector. Conversely, constructing complex valuation strategies based on price-to-revenue ratios two years out could become a trap for investors.
