Betting on Automation and Leadership: Why Freedom Expects Anthropic's Stock to Rise 31%

Ahead of the IPO of Anthropic, the developer of the Claude chatbot, analysts at Freedom assigned a “Buy” rating to its shares. They set a price target of $101.90. This target implies growth potential of about 31% relative to the upper end of the IPO price range of $78, according to a note reviewed by Oninvest.

Anthropic plans to begin trading its shares under the ticker symbol ANT on the Nasdaq on November 19. Pricing is expected to take place the day before. The company has tentatively set the price per share for the offering in the range of $70–78. Demand for Anthropic shares in the IPO was about six times the supply, Bloomberg reported, citing sources.

The valuation is based on a scenario in which Anthropic continues to rapidly expand its corporate customer base as AI is integrated into business processes and solidifies its leading position in the artificial intelligence market, according to the note. An additional driver of stock growth could be participation in a placement by strategic investors, who plan to purchase shares as part of a separate private placement worth $26 billion.

Freedom estimates Anthropic’s potential customer base in 2026 at 609,000 customers and forecasts that it will grow by 2% annually. Thus, by 2030, the figure will reach 659,000, and by 2035, 728,000.

According to Freedom’s estimates, the base of large clients—that is, those who have generated at least $100,000 in revenue over the past 12 months—will grow even faster. As of the end of September, Anthropic had more than 11,900 such clients, compared to about 1,500 last year. Freedom forecasts that by the end of this year, there will be 17,000 large clients; by 2030, that number will grow to 114,000; and by 2035, it will reach 342,000. The main drivers of growth will be the continued integration of the Claude chatbot into corporate infrastructure, the expanded use of AI agents, and the automation of knowledge work, Freedom notes. However, as the base of large clients grows, the growth rate will gradually slow down.

In 2025, Anthropic's revenue totaled $4.6 billion, with large clients accounting for approximately 76% of that amount. Freedom expects the corporate segment to remain the company's primary source of revenue and to gradually increase its share of the company's business.

According to Freedom’s forecast, Anthropic’s total revenue will reach $422 billion by 2030, with 88% of that coming from large clients. By 2035, Freedom analysts expect revenue to grow to $1.32 trillion, with large clients accounting for about 92% of that total.

“Our forecast assumes that the company will be able to significantly expand its presence in the corporate market and increase the monetization of its AI products. At the same time, the main driver of revenue growth will be an increase in the number of large clients, while growth in average revenue per client will play a secondary role,” wrote Freedom Finance analyst Alem Bektemirov in a note.

In 2025, Anthropic remained a loss-making company: its operating loss totaled $8.1 billion on revenue of $4.6 billion, and its EBIT margin stood at −176%. This is due to high expenses related to computing infrastructure, training and development of AI models, personnel, and the development of the product ecosystem, Bektemirov explained.

Despite rapid revenue growth, Anthropic will remain unprofitable through 2030 amid massive investments in computing power and the continued development of Claude, according to Freedom. According to its analysts’ forecast, the company could reach operational breakeven by 2030 by expanding its corporate customer base, scaling its AI products, and improving the efficiency of its computing infrastructure.

Going forward, Freedom analysts expect operating profitability to improve due to a decline in the relative share of expenses and increased monetization. By 2035, Anthropic’s EBIT margin could reach 28%, and total net reinvestments over the forecast period will amount to approximately $149 billion, they predict.

According to the Freedom note, the main risks for Anthropic remain the high cost of computing power, the need for ongoing investment in training new models, and increasing competition from OpenAI, Google, and other developers.

Long-term positions in the IPO represent a bet that Anthropic will become one of the market leaders in corporate artificial intelligence and the automation of knowledge work, writes Bektemirov.

This article was AI-translated and verified by a human editor