EXCLUSIVE: Anthropic IPO valuation hinges on $190-200 billion 2028 revenue forecast, sources say

Anthropic is preparing for a potential initial public offering, with some investors targeting a valuation of $2 trillion for an IPO in October. According to an exclusive report from Reuters, this specific valuation hinges on revenue forecasts for the year 2028, which are projected to reach between $190 billion and $200 billion. This financial trajectory is supported by recent growth data; CNBC reports that the company's revenue jumped to more than $11.5 billion during the second quarter of 2026. These developments indicate a rapid scaling of the company's financial operations as it moves toward a public listing. Coverage from multiple financial outlets emphasizes the scale of the company's ambitions. Yahoo Finance and Investopedia both highlight that some investors are eyeing a valuation that would exceed that of SpaceX.

The scale of the projected $2 trillion figure is a central point of discussion across these reports, with CNBC also noting that investor talks are ongoing. The reports collectively present a picture of a company attempting to justify a massive market capitalization through high-growth revenue projections that span the next several years. The context for this trend lies in the current appetite for high-valuation AI enterprises. By targeting a valuation that tops SpaceX, Anthropic is positioning itself as a dominant force in the global market. The significance of the $190 billion to $200 billion revenue forecast for 2028 serves as the primary justification for the $2 trillion IPO target. This suggests that the market is valuing the company based on future growth potential rather than current earnings alone, though the $11.5 billion second-quarter revenue provides a concrete baseline for recent performance.

Looking ahead, the market will be watching for the formalization of the IPO process in October. Future reports will likely focus on whether the $190 billion to $200 billion revenue forecast for 2028 is accepted by a broader range of institutional investors. Additionally, since CNBC mentioned investor talks in its Morning Squawk segment, further updates on these negotiations will be critical. The ability of Anthropic to maintain its current revenue trajectory will determine if the $2 trillion valuation remains a viable target for the upcoming listing.