Goldman Sachs forecasts that Anthropic's revenue will grow more than 130-fold over three years

Anthropic’s revenue will exceed $600 billion by 2030, representing more than a 130-fold increase compared to last year, Goldman Sachs projected in a presentation to a potential investor, according to the Financial Times. The bank has become one of the underwriters for the artificial intelligence developer’s IPO. Goldman’s note was released after Anthropic disclosed its IPO price range.

According to Goldman Sachs’ forecasts, Anthropic’s revenue will reach approximately $52 billion this year, grow to $136 billion in 2027, in 2029 to $442 billion, and by 2030 will exceed $600 billion. Bloomberg, citing sources, provides a more precise figure—about $685 billion: $586 billion in annual revenue from corporate clients and another approximately $100 billion from other users. By comparison, the AI startup’s sales totaled $4.6 billion in 2025.

These projections show just how rapidly Anthropic—founded less than six years ago—is growing, notes the Financial Times. If Goldman Sachs’ expectations are met, the developer of Claude will rank among the world’s largest companies by revenue, the publication emphasizes. Anthropic’s projected revenue for 2030 is roughly three times Meta’s revenue for 2025, 1.5 times that of Alphabet, and amounts to about 84% of Amazon’s revenue.

Anthropic did not respond to the FT's request for comment, and Goldman Sachs declined to comment.

Goldman Sachs forecasts that Anthropic’s free cash flow will not turn positive until 2030, when, according to the bank’s calculations, it will reach $33.6 billion. According to the company’s documents, the AI developer has committed to spending approximately $900 billion on computing power in the coming years. In the first three quarters of this year, Anthropic’s free cash flow remained positive. However, Goldman Sachs expects cash outflows to total $12.8 billion in the fourth quarter of 2026 and to increase to $65.7 billion in 2027.

Documents disclosed by Anthropic in preparation for its IPO showed that the company’s net loss for the first half of the year reached $81 billion. Of this amount, $72 billion was attributable to changes in the value of convertible debt as Anthropic’s valuation rose. According to Goldman Sachs’ forecasts, Anthropic’s operating loss will peak at $40.4 billion in 2027. In 2029, the company will post its first operating profit, which, according to the bank’s analysts, will grow to $65.2 billion by 2030.

Goldman Sachs representatives verbally briefed a potential investor on their projections as Anthropic kicked off its pre-IPO roadshow, the FT reports. During the meetings, the bankers aim to attract investors to the offering, which could reach $90.4 billion, including $26 billion in a private placement, Bloomberg notes. Anthropic plans to price its shares in the IPO within a range of $70–78 per share. If the shares are priced at the upper end of the announced range, Anthropic’s valuation will be $1.4 trillion.

Anthropic’s IPO is underway amid growing concerns about a slowdown in the construction of AI data centers. These concerns intensified after the Democratic Party gained control of both houses of Congress in last week’s midterm elections. A potential slowdown in construction could jeopardize tens of billions of dollars in investments already made by tech giants and hyperscalers, the FT notes.

Ahead of the release of its updated prospectus, the company unveiled new versions of its high-performance Mythos and Fable models, both of which are faster than their predecessors; the Fable has also become more affordable.

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