Anthropic thinks it’ll be swimming in $70 billion by 2028

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Anthropic just looked into its crystal ball (or spreadsheet) and says it’s on track to make up to $70 billion in revenue by 2028, plus a casual $17 billion in cash flow. Yes, billion with a B.

The forecast comes from The Information, citing someone who has seen Anthropic’s financials and apparently didn’t faint on the spot.

The AI startup, best known for Claude, its “polite, safety-first” chatbot, is currently in full B2B world domination mode. 

And it’s working. This year alone, Anthropic expects to make $3.8 billion selling API access to its models, which is double what OpenAI reportedly makes from the same business. 

Even Claude Code, its AI coding assistant, is pulling in nearly $1 billion a year, up from $400 million this summer. That’s not growth, that’s rocket fuel.

By the end of 2025, Anthropic aims to reach $9 billion in ARR, then leap to $26 billion in 2026. At this rate, their Google Sheets are probably smoking.

A huge chunk of this surge comes from Anthropic’s “AI for corporations” strategy. Microsoft is now plugging Claude into 365 apps and Copilot.

Salesforce is doubling down. And Deloitte and Cognizant are gearing up to give Claude to hundreds of thousands of employees, which means a lot of AI-generated emails that start with “circling back on this.”

On the model side, Anthropic isn’t just chasing size. It’s chasing efficiency. 

The company recently dropped two smaller, cheaper models (Claude Sonnet 4.5 and Haiku 4.5), perfect for businesses that want AI without accidentally spending the GDP of a small country.

Oh, and that $13 billion round in September that valued Anthropic at $170 billion? Cute. The company is now eyeing a $300–$400 billion valuation when it passes the hat again.

Of course, cash flow ≠ profit. Anthropic still has a $2.5B credit facility and a $1.5B legal settlement to deal with. 

But it expects margins to go from –94% last year to 77% by 2028, which is quite a glow-up.

Meanwhile, OpenAI, now valued at roughly $500B, expects big revenue too, but also big losses. 

Anthropic, in contrast, is aiming to be the first AI lab that prints money instead of burning it.

The AI race isn’t just about who’s smarter anymore, it’s about who hits $100B first without combusting.