Anthropic Aims for $70 Billion Revenue by 2028

Anthropic has set its sights on an ambitious financial future, with internal projections pointing toward revenue reaching as much as $70 billion by the year 2028. This staggering growth forecast is reportedly supported by the company’s rapidly expanding suite of business products, according to sources familiar with its financial outlook. The artificial intelligence firm is also anticipating cash flow of $17 billion in that same year, underscoring a powerful financial trajectory.

Recent reports indicate that Anthropic’s annual revenue run rate could more than double, and potentially nearly triple, in the coming year. The company appears well on its way to achieving an annual recurring revenue, or ARR, goal of $9 billion by the close of 2025. Looking further ahead, it has established an even more aggressive ARR target ranging between $20 billion and $26 billion for 2026.

For the current year, revenue generated from selling access to its AI models via an API is projected to hit $3.8 billion. This figure notably doubles the API sales revenue that its primary competitor, OpenAI, expects to bring in. One of its specialized offerings, Claude Code, is reportedly nearing a major milestone, approaching $1 billion in annualized revenue, a significant jump from approximately $400 million just a few months prior.

The company’s business-to-business strategy has come into sharper focus in recent weeks. A new partnership with Microsoft will integrate Anthropic’s models into Microsoft 365 applications and the Copilot platform. The company has also broadened its existing collaboration with Salesforce. Furthermore, plans are underway to deploy its AI assistant, Claude, to the massive workforces of Deloitte and Cognizant, reaching hundreds of thousands of employees.

On the technological front, Anthropic has recently launched more compact and cost-efficient models, Claude Sonnet 4.5 and Claude Haiku 4.5. These models are specifically designed to attract enterprises looking to implement AI solutions on a large scale. The company has also introduced specialized offerings like Claude for Financial Services and an Enterprise Search feature, allowing businesses to link Claude with their entire ecosystem of internal work applications.

This rapid expansion may provide the foundation for future fundraising efforts. The startup last secured $13 billion from investors in September through an oversubscribed funding round that valued the company at $170 billion. Should it return to the market, Anthropic would likely be targeting a valuation in the range of $300 billion to $400 billion.

The projected $17 billion in cash flow for 2028 reflects a situation where more money is entering the company from its operations, investments, and financing activities than is leaving. It is important to note that cash flow is distinct from profit. Among the company’s known liabilities are a $2.5 billion credit facility and a $1.5 billion legal settlement resulting from a copyright lawsuit filed by a group of authors.

In terms of profitability, Anthropic expects its gross profit margin to hit 50 percent this year, a dramatic improvement from negative 94 percent last year. By 2028, that margin is forecast to climb to 77 percent.

Meanwhile, its chief rival, OpenAI, recently valued at $500 billion, is also aggressively pursuing a B2B strategy, complemented by a substantial consumer-facing business powered by 800 million weekly users. OpenAI anticipates generating $13 billion in revenue this year and aims for $100 billion in revenue by 2027. However, a key differentiator lies in their financial health projections. While Anthropic forecasts positive cash flow by 2028, OpenAI is reportedly preparing for significant losses, with its cash burn expected to hit $14 billion in 2026 and accumulate to a total of $115 billion through 2029 as it heavily invests in infrastructure.

(Source: TechCrunch)