Anthropic is telling investors ahead of a potential IPO that it aims to generate about $190 billion to $200 billion in revenue by 2028, Reuters reported, citing people familiar with the matter. That target is far above roughly $9 billion in annualized revenue by the end of 2025 and the $47 billion annualized revenue the company disclosed in May this year. The AI company has also said revenue in the second quarter of 2026 will be at least $10.9 billion, more than double the previous quarter, with quarterly operating profit potentially reaching $559 million. Bankers and investors are valuing the company using enterprise value-to-revenue multiples (a ratio comparing company value with sales) based on its 2028 forecast, rather than the next 12 months that high-growth software companies are usually judged on, underscoring both Anthropic's rapid expansion and the valuation strain created by heavy AI infrastructure spending.