Anthropic is preparing for what could be one of the largest initial public offerings in history, with its valuation heavily dependent on projected revenue for 2028. The company is forecasting revenue of roughly $190 billion to $200 billion by that year, according to two people familiar with its financials. This figure has not been previously reported and represents a substantial leap from the $47 billion revenue run rate the company has publicized as recently as May.

The projection is based on the assumption that Anthropic will achieve significant growth in the coming years. This is in line with how other companies, such as Backers of Cerebras Systems and SpaceX, have set long-term revenue expectations before going public. Investors are looking beyond current financials to assess the potential of Anthropic's business model and its ability to scale.

The revenue forecast for 2028 is more than three times the current run rate of $47 billion. This indicates a growth trajectory that would place Anthropic among the fastest-growing companies in the AI sector. The projection is not just a reflection of current performance but an expectation of what the company could achieve if it continues to expand its market presence and product offerings.

The implications of this valuation are significant for investors and the broader market. A high valuation based on future revenue expectations could lead to increased scrutiny of Anthropic's ability to meet those projections. It may also influence how the company is perceived by competitors and customers, as well as affect its strategic decisions regarding product development and market expansion.

As the IPO process continues, the focus will remain on whether Anthropic can deliver on its ambitious revenue forecasts. The company's success will depend on its ability to innovate, scale operations, and maintain investor confidence. The outcome of this valuation will have lasting effects on the AI industry and the landscape of tech IPOs.