Wall Street veteran warns revenue targets may outpace profitability despite Anthropic’s $65 billion annualized run rate.
Anthropic’s potential $2 trillion valuation hinges on generating $725 billion to $950 billion in revenue by 2036, according to a former Goldman Sachs and JPMorgan executive. The projection assumes a 10%-13% cost of equity, 25% free cash flow margin, and a 25x terminal multiple.
The company’s annualized revenue run rate reached $65 billion in July, up from $47 billion earlier and seven times higher than a year ago. Enterprise demand for its Claude AI products drove the growth, but profitability remains a key challenge.
Analysts cite SpaceX’s volatile public market transition as a cautionary example for AI investors evaluating Anthropic’s ambitious targets.