Anthropic Projects $70B in Revenue by 2028: Report

Why It Matters

The projections underscore Anthropic’s emergence as a major AI infrastructure provider, intensifying competition with OpenAI and signaling multi‑billion‑dollar B2B opportunities that could reshape AI market dynamics and investor valuations.

Summary

Anthropic forecasts up to $70 billion in revenue and $17 billion in cash flow by 2028, driven by rapid uptake of its AI models through API sales and a growing roster of enterprise partners such as Microsoft, Salesforce, Deloitte and Cognizant. The company expects $3.8 billion in API revenue this year, targeting $9 billion in annual recurring revenue (ARR) by end‑2025 and $20‑26 billion ARR in 2026, while gross margins are projected to rise from 50% this year to 77% in 2028. Recent product launches of lower‑cost models like Claude Sonnet 4.5 and Claude Haiku 4.5, plus new offerings for financial services and enterprise search, underpin the B2B push. After raising $13 billion at a $170 billion valuation in September, Anthropic could seek a $300‑$400 billion valuation in a future round.