Anthropic Projects $70 Billion in Revenue by 2028
Key Points
- Anthropic aims for $70 billion in revenue and $17 billion in cash flow by 2028.
- API sales projected at $3.8 billion this year, more than double OpenAI's forecast.
- Partnerships with Microsoft, Salesforce, Deloitte, and Cognizant expand Claude’s enterprise reach.
- New models Claude Sonnet 4.5 and Claude Haiku 4.5 target cost‑effective, large‑scale deployments.
- Recent $13 billion financing round valued the company at $170 billion; future targets $300‑$400 billion.
- Balance sheet includes a $2.5 billion credit facility and a $1.5 billion legal settlement.
- Gross‑profit margin expected to rise to 50% this year and 77% by 2028, up from negative 94% last year.
- ARR goals: $9 billion by end‑2025; $20‑$26 billion for 2026.
- OpenAI, valued at $500 billion, projects $13 billion revenue this year but expects significant cash burn.
Anthropic is targeting up to $70 billion in revenue and $17 billion in cash flow by 2028, driven by rapid adoption of its AI business products. The firm expects its current‑year API sales to reach $3.8 billion, more than double OpenAI’s projected $1.8 billion from the same channel. Partnerships with Microsoft, Salesforce, Deloitte and Cognizant are expanding Claude’s enterprise footprint, while new, cost‑effective models such as Claude Sonnet 4.5 and Claude Haiku 4.5 aim to capture large‑scale deployments. A recent $13 billion financing round valued Anthropic at $170 billion, and future fundraising could push the valuation toward $300–$400 billion. The company also reports a $2.5 billion credit facility and a $1.5 billion legal settlement. Gross‑profit margins are projected to rise to 50% this year and 77% by 2028, marking a dramatic turnaround from a negative 94% margin last year.
Revenue and Cash‑Flow Outlook
Anthropic expects to generate as much as $70 billion in revenue and $17 billion in cash flow by 2028. Growth is anchored in the rapid adoption of its AI business products, with the company forecasting $3.8 billion in API‑related revenue this year—more than double the $1.8 billion that OpenAI expects from its own API sales.
Enterprise Expansion and New Models
Strategic partnerships are widening Claude’s reach. Microsoft is integrating Anthropic’s models into Microsoft 365 and Copilot, while Salesforce’s partnership expands Claude’s deployment to hundreds of thousands of employees at Deloitte and Cognizant. Anthropic has also rolled out smaller, cost‑effective models—Claude Sonnet 4.5 and Claude Haiku 4.5—targeted at large‑scale business use. Claude Code is approaching $1 billion in annualized revenue, up from about $400 million in July.
Financial Backing and Valuation
The startup raised $13 billion in a recent financing round, valuing it at $170 billion. Future fundraising could seek a valuation between $300 billion and $400 billion. Anthropic’s balance sheet includes a $2.5 billion credit facility and a $1.5 billion legal settlement from a copyright lawsuit.
Profitability Trajectory
Gross‑profit margins are projected to climb to 50% this year and 77% by 2028, a stark contrast to a negative 94% margin last year. The company’s ARR goals include $9 billion by the end of 2025 and $20‑$26 billion for 2026.
Competitive Landscape
OpenAI, Anthropic’s main rival, is valued at $500 billion and targets $13 billion in revenue this year with a goal of $100 billion by 2027. However, OpenAI anticipates sizable losses, forecasting cash burn of $14 billion in 2026 and $115 billion through 2029 as it scales infrastructure.