IPO math leans on a $190–200B 2028 revenue forecast

Reuters, citing sources, reports that Anthropic's IPO valuation hinges on a forecast of $190–200 billion in revenue for 2028. Bankers and investors are applying enterprise value-to-revenue multiples to those forecasts, according to Global Banking and Finance. CFO Krishna Rao is leading the early investor meetings, which CNBC describes as high-level, with no discussion of specific financials. As of August 15, 2026, Anthropic hasn't priced or completed an offering.