Goldman Sachs expects Anthropic's revenue to reach approximately $685 billion by 2030, nearly 150 times that of 2025.

November 11 — Goldman Sachs research team expects Anthropic's full-year revenue in 2030 could reach approximately $685 billion, about 150 times its 2025 revenue of $4.585 billion. Of this, enterprise customer revenue is projected at about $586 billion, with non-enterprise customer revenue at about $100 billion.

Goldman Sachs expects Anthropic's revenue to grow from about $52 billion in 2026 to $136 billion in 2027 and $442 billion in 2029. However, Goldman Sachs expects the company's operating loss in 2027 to reach about $40.4 billion, with full-year operating profitability not achieved until 2029. Free cash flow is expected to show a net outflow of $65.7 billion in 2027, not turning positive until 2030, when it is expected to be about $33.6 billion.

In terms of actual performance, Anthropic disclosed in its updated prospectus that revenue for the first nine months of 2026 was about $33.2 billion, with an operating loss of $1.26 billion; after excluding items such as stock-based compensation and non-cash charitable donations, adjusted operating profit was about $4.1 billion. As of the end of October, annualized revenue based on recent business levels was about $81 billion, an increase of $10 billion from the end of September. The company disclosed contractual spending commitments of about $900.9 billion, almost entirely related to compute and infrastructure, of which about $451.6 billion is expected to be incurred before the end of 2030.

On the offering side, Anthropic has launched its IPO roadshow, with an initial offering price of $70 to $78 per share, the upper end of which corresponds to a fully diluted valuation of about $1.4 trillion. Based on the upper end of the offering price, the IPO and concurrent private placement combined would total about $90.4 billion, of which the private placement is $26 billion, excluding the over-allotment option. Offering arrangements seen by Bloomberg show the IPO is planned to be priced on November 18 and begin trading the following day.

The prospectus shows that each of the 7 co-founders plans to sell about 3.3784 million shares. Based on the midpoint of the offering price range of $74 per share, each is expected to cash out about $250 million, for a total of about $1.75 billion. The shares to be sold represent less than 1.5% of each founder's reported holdings, with proceeds going to the selling shareholders and not included in Anthropic's fundraising proceeds. Jay R. Ritter, professor emeritus at the University of Florida, believes that despite the high dollar amount, the limited percentage of reduction is unlikely to deter potential investors.