$200 billion is the IPO valuation Anthropic is targeting, with bankers and investors anchoring the price to revenue it says could reach roughly $190 billion to $200 billion in 2028.
That approach looks unusually far ahead for an IPO and marks a sharp step up from the $47 billion annualized revenue run rate the company had publicized as recently as May.
Reuters also reported Anthropic posted its first positive adjusted operating profit—about $559 million—giving investors an early profitability marker alongside the aggressive growth case.
The planned roadshow is likely to center on how Anthropic can scale revenue, margins and capital spending, with its 2028 target poised to become a benchmark for other AI companies.