Freedom eyes 31% upside in Anthropic on automation and AI leadership

Freedom has assigned a “buy” rating to Anthropic, the developer of the Claude chatbot, ahead of its IPO next week. The target price is $101.90 per share, implying around 31% upside from the top of the IPO range of $78 per share.

Anthropic plans to debut on the Nasdaq on November 19 under the ticker symbol ANT. The IPO is expected to price a day earlier. Anthropic set a preliminary price range of $70-78 per share. Orders for the IPO totaled around six times the number of shares on offer, Bloomberg reported, citing people familiar with the matter.

Freedom’s valuation, according to a note seen by Oninvest, assumes Anthropic will continue to add enterprise customers rapidly as businesses integrate AI into their workflows, cementing its position as a leader in the AI market. The stock could get a further lift from strategic investors that plan to buy shares in a separate $26 billion private placement.

Customer numbers

Freedom puts Anthropic’s potential customer base at 609,000 in 2026 and expects it to grow by 2% annually, reaching 659,000 by 2030 and 728,000 by 2035.

Freedom thinks the number of large customers, defined as those that generated at least $100,000 in revenue in the last 12 months, will grow even faster. Anthropic had more than 11,900 such customers at the end of September, versus around 1,500 last year. Freedom projects 17,000 by the year end, rising to 114,000 by 2030 and 342,000 by 2035. That growth will come primarily from deeper integration of the Claude chatbot into enterprise infrastructure, wider use of AI agents, and the automation of knowledge work, Freedom argues. Growth will gradually slow as the base of large customers expands.

Revenue

Anthropic generated $4.6 billion in revenue in 2025, with large customers accounting for around 76%. Freedom expects the enterprise segment to remain the company’s main source of revenue and gradually account for a larger share of its business.

It projects total revenue of $422 billion by 2030, with large customers accounting for 88%. By 2035, it expects the top line to reach $1.32 trillion, with around 92% coming from large customers.

“Our forecast assumes the company can significantly expand its presence in the enterprise market and increase monetization of AI products. Meanwhile, the main factor for revenue growth will be the addition of large customers, with higher average revenue per customer also playing a role,” Freedom Finance analyst Alem Bektemirov wrote in the note.

Margins

Anthropic remained unprofitable in 2025, posting an operating loss of $8.1 billion on $4.6 billion in revenue, with an EBIT margin of minus 176%. Bektemirov attributed the loss to high spending on computing infrastructure, AI model training and development, staffing, and building out the company’s product ecosystem.

Freedom expects Anthropic to remain unprofitable until 2030 despite rapid revenue growth as it invests heavily in computing capacity and continues to develop Claude. The house projects that Anthropic could break even on an operating basis by 2030 as it adds enterprise customers, scales its AI products, and makes its computing infrastructure more efficient.

Freedom expects operating margins to improve thereafter as expenses fall as a share of revenue and the company earns more from its products. It believes Anthropic’s EBIT margin could reach 28% by 2035, with cumulative net reinvestment of around $149 billion over the period.

Risks 

The main risks for Anthropic remain the high cost of computing capacity, the need to keep investing in training new models, and intensifying competition from OpenAI, Google, and other developers, the note states.

Taking a long-term position in the IPO is a bet that Anthropic will become one of the leaders in enterprise AI and that more knowledge work will be automated, Bektemirov concludes.