Anthropic is forecasting explosive top-line growth, expecting to generate as much as $70 billion in revenue and $17 billion in cash flow in 2028, according to The Information. The projections reflect rapid enterprise adoption of Anthropic products, particularly Claude’s API, a person familiar with the company’s financials told the outlet.
The company’s annualized revenue run rate is projected to more than double next year, with Anthropic reportedly on track to hit $9 billion in ARR by the end of 2025 and targeting $20 billion to $26 billion ARR in 2026. Revenue from Claude’s API is expected to reach $3.8 billion this year — double what OpenAI expects from its API — while Claude Code is nearing $1 billion in annualized sales, up from about $400 million in July.
Anthropic’s enterprise strategy has accelerated through major partnerships. Microsoft has begun integrating Anthropic models into Microsoft 365 and Copilot, while Salesforce has expanded its Claude offerings. Anthropic also plans to roll out its assistant across Deloitte and Cognizant’s large workforces.
Product development has focused on cost-effective AI for large-scale use. In recent months Anthropic introduced Claude Sonnet 4.5 and Haiku 4.5, alongside Enterprise Search and industry-specific tools like Claude for Financial Services.
The startup may leverage its growth to raise additional capital. Anthropic last secured $13 billion in September at a $170 billion valuation, and could target a valuation as high as $300 billion to $400 billion if it raises again, The Information reports.
Gross margins are projected to rise sharply, from -94% last year to 50% in 2024 and 77% in 2028 – a shift that positions Anthropic for positive cash flow by 2028. Notably, that outlook stands in contrast to OpenAI, which anticipates steep losses ahead as it scales infrastructure. OpenAI expects to generate $13 billion in revenue this year and reach $100 billion in 2027, but with cash burn totaling up to $115 billion through 2029.
