Anthropic is reportedly planning an initial public offering as early as October, with bankers pricing the deal based on a projected 2028 revenue of $190 billion to $200 billion rather than current results, according to a Reuters report. The forecast is more than four times the $47 billion annualized revenue run rate the company disclosed in May, reflecting steep growth expectations investors are being asked to underwrite. The report notes that recent high-profile IPOs, including Cerebras and SpaceX, fell roughly 40% from their post-debut peaks once quarterly results replaced growth narratives, illustrating the risk in valuing companies on multi-year-out projections.
