Anthropic targets $200 billion revenue by 2028 but faces challenges as customers favor cheaper AI models over premium offerings.
Anthropic plans a $2 trillion initial public offering after its annualized revenue surged to $65 billion, up from $9 billion in late 2025. The company aims for $200 billion in revenue by 2028, justifying its lofty valuation.
Revenue growth has been rapid, climbing from $47 billion in May to $65 billion by July. However, its flagship Fable 5 model captured only 11% of corporate AI spending, while the cheaper Opus 5 quickly gained traction. This shift suggests businesses may prioritize cost over cutting-edge performance.
The AI market’s evolution poses risks to Anthropic’s ambitious targets. Early adopters paid premium prices for top-tier models, but enterprises now question the necessity of frontier AI, potentially undermining revenue projections tied to massive infrastructure investments.