Anthropy forecasts $70 billion in revenue by 2028: report

The information indicates that Anthropic expects to generate $70 billion in revenue and $17 billion in cash flow in 2028. A person familiar with the company’s financials said the growth outlook is supported by the rapid adoption of Anthropic’s commercial products.

Last month, Reuters reported that Anthropic is expected to more than double, and possibly nearly triple, its annual revenue run rate next year. The company is said to be on track to achieve a target of $9 billion in ARR by the end of 2025, and has set a target of $20 billion to $26 billion in ARR for 2026.

Anthropic expects its revenue this year from selling access to its AI models through the API to reach $3.8 billion, doubling the $1.8 billion in revenue that OpenAI expects to generate from API sales, according to the information. CloudCode is said to be close to $1 billion in annual revenue, up from about $400 million in July.

In recent weeks, Anthropic’s aggressive B2B strategy has become more apparent. Microsoft and Anthropic recently began a partnership to use Anthropic models in Microsoft 365 and Copilot applications. Anthropic has also expanded its partnership with Salesforce and plans to roll out its AI assistant Claude to hundreds of thousands of employees at Deloitte and Cognizant.

When it comes to model improvements, over the past couple of months Anthropic has launched smaller, more cost-effective models — the Claude Sonnet 4.5 and the Claude Haiku 4.5 — that are appealing to companies deploying AI at scale. The startup also expanded Claude to financial services and introduced Enterprise Search to enable companies to connect all their internal business applications to Claude.

Anthropic may build on its growth to raise more money. The startup last raised $13 billion from investors in September in an oversubscribed round that valued Anthropic at $170 billion. If raised again, Anthropic would likely target a valuation between $300 billion and $400 billion, according to The Information.

The outlet’s reports also include a forecast of $17 billion in cash flow in 2028. Cash flow is not the same as profit — it just means that the company has more money coming in than it is going out of its operations, investments, and financing activities. Anthropic’s publicly available commitments include a $2.5 billion credit facility and a $1.5 billion legal settlement from a copyright lawsuit brought against the company by a group of authors.

However, the company expects its gross profit margin — which measures a company’s profitability after accounting for direct costs associated with producing goods and services — to reach 50% this year and 77% in 2028, up from negative 94% last year, according to the information.

OpenAI, Anthropic’s main competitor that was recently valued at $500 billion, is also pursuing a B2B strategy, along with a strong consumer push fueled by its 800 million weekly users. OpenAI expects to generate $13 billion in revenue this year and reach $100 billion in revenue in 2027. But while Anthropic expects positive cash flow by 2028, OpenAI expects significant losses, with cash burn reaching $14 billion in 2026 and expected to reach $115 billion through 2029 as the company increases infrastructure spending.