Anthropic’s August 2026 risk report disclosed an internal AI system called Model 2 that outperforms Claude Mythos 5 on many tasks but is not planned for public release, while investors continue to refine expectations for a possible IPO and the company’s long-term valuation. New reporting says Anthropic is projecting roughly $190 billion to $200 billion in revenue for 2028, far above the $47 billion annualized revenue figure the company disclosed in May. Bankers and investors are said to be valuing the company using enterprise-value-to-revenue multiples based on those forecasts, an approach common for fast-growing software companies without mature profit models but less typical when projections extend two years out. The practice underscores both the speed of Anthropic’s expansion and the difficulty of setting a valuation benchmark for a company still investing heavily in AI infrastructure. That adds a fresh financial marker to earlier signals including private secondary trading around valuations as high as $1.5 trillion, a prior Series H valuation near $965 billion, and prediction markets indicating strong expectations for a listing by the end of 2026 and for valuation outcomes above $1.8 trillion or even $2 trillion.