According to Goldman Sachs, the lead underwriting investment bank of Anthropic, Anthropic is expected to exceed $600 billion in revenue by 2030, representing a growth of over 130 times compared to last year's revenue.
The predictive model presented by Goldman Sachs to the potential investors for this IPO project shows that the company's total revenue is expected to be around $52 billion this year, increasing to $136 billion in 2027, reaching $442 billion in 2029, and further surging to over $600 billion in 2030. Anthropic The revenue for 2025 is projected to be $4.6 billion.
This forecast highlights the incredibly impressive growth prospects of this company, which has been established for less than six years. If the targets are achieved, this Claude large model developer will join the ranks of companies with the highest global revenue.
However, Goldman Sachs also estimates that Anthropic will not achieve positive free cash flow until 2030, with the projected free cash flow for that year being $33.6 billion. The filing indicates that Anthropic has committed to investing approximately $900 billion over the next few years in purchasing computing power.
Although Anthropic had positive free cash flow in the first three quarters of this year, Goldman Sachs expects that there will be a net outflow of $12.8 billion in free cash flow in the fourth quarter of 2026, and this net outflow is expected to increase to $65.7 billion in 2027.
Currently, Anthropic has officially launched the roadshow for IPO. During the roadshow, Goldman Sachs orally introduced this forecasting model to investors. The maximum fundraising scale for this IPO could reach $64 billion; if priced at the upper limit of the indicated price range, the company's valuation is expected to reach $1.4 trillion.
Anthropic has not yet responded to the request for comments, and Goldman Sachs has declined to issue any statements.
Goldman Sachs was also the lead underwriter for SpaceX IPO in June of this year. Before the listing of SpaceX, the bank predicted that its AI segment's revenue would grow from $3.2 billion in 2025 to $322 billion in 2030.
Anthropic is expected to be completed before Thanksgiving in the United States. Recently, the Democratic Party took control of Congress in the mid-term elections, and there are concerns in the market that the construction pace of AI data centers may slow down, which could drag down billions of dollars in related investments by tech giants and large-scale cloud providers.
Documents submitted to US regulators last month by IPO showed that the company incurred a net loss of $81 billion in the first half of this year, of which $72 billion came from changes in the value of convertible bonds due to an increase in the company's valuation.
Goldman Sachs estimates that the operating loss of Anthropic will peak at $40.4 billion in 2027; it is expected to turn profitable in 2029, with an operating profit of $65.2 billion projected for 2030.
If Goldman Sachs' revenue forecast comes true, Anthropic's revenue scale will rank among the top in the world. The market's consensus ( Visible Alpha ) indicates that Amazon's revenue this year is expected to reach approximately $830 billion, and NVIDIA's revenue in 2027 is projected to be $700 billion.
Documents disclosed on Tuesday by Anthropic show that the annualized revenue operating rate, which investors are closely monitoring, reached $81 billion in October, an increase of $10 billion from the previous month.
Goldman Sachs' measurement scope includes both corporate and non-corporate revenues, which is different from the Anthropic-preferred annual recurring revenue ( ARR ) indicator: ARR calculates the company's recurring revenue based on a single month's performance only, whereas Goldman Sachs' model covers a broader range.
