Goldman Sachs sees Anthropic sales rising more than 130-fold by 2030

Goldman Sachs projected in a briefing for a prospective investor that Anthropic’s top line would exceed $600 billion by 2030, more than 130 times its 2025 sales, the Financial Times reports. The bank is one of the lead underwriters for the AI developer’s IPO. The forecast was reported after Anthropic disclosed the price range for its IPO.

Goldman Sachs projects that Anthropic’s revenue will reach about $52 billion this year, climb to $136 billion in 2027 and $442 billion in 2029, and top $600 billion by 2030. Bloomberg reports a more precise estimate of about $685 billion, citing a person familiar with the figures. Goldman projects $586 billion in annual revenue from enterprise customers and about $100 billion from other users. The AI start-up generated $4.6 billion in sales in 2025.

The forecasts show how quickly Anthropic has grown since its founding less than six years ago, the FT notes. If Goldman Sachs’ projections hold, the developer of Claude would rank among the world’s largest companies by revenue, the FT says. The $600 billion figure is roughly triple Meta’s 2025 revenue, 1.5 times Alphabet’s, and about 84% of Amazon’s.

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

Goldman Sachs projects that Anthropic’s annual free cash flow will turn positive in 2030, reaching $33.6 billion. The AI developer has committed to spending about $900 billion on computing capacity over the coming years, according to company filings. Anthropic generated positive free cash flow in the first three quarters of this year. Goldman Sachs, however, projects cash outflows of $12.8 billion in the fourth quarter of 2026 and $65.7 billion in 2027.

Separate filings Anthropic disclosed ahead of its IPO showed a net loss of $81 billion for the first half of the year. Of that total, $72 billion reflected changes in the value of convertible notes as Anthropic’s valuation rose. Goldman Sachs projects that Anthropic’s operating loss will peak at $40.4 billion in 2027. The company is projected to post its first operating profit in 2029, with that figure rising to $65.2 billion in 2030, the bank’s analysts estimate.

Goldman Sachs representatives briefed a prospective investor on their projections as Anthropic kicked off its IPO roadshow, the FT reports. Bankers are pitching investors on an offering that could raise as much as $90.4 billion, including $26 billion through a private placement, Bloomberg reports. Anthropic plans to price its IPO at $70-78 per share. At the top of that range, Anthropic would be valued at about $1.4 trillion on a fully diluted basis and about $1 trillion on an undiluted basis, which excludes securities such as stock options and restricted stock, Reuters reports.

Anthropic is preparing to go public amid growing concerns that construction of AI data centers could slow. Those concerns intensified after Democrats won control of both chambers of Congress in last week’s midterm elections. A slowdown could jeopardize tens of billions of dollars that tech giants and hyperscalers have already invested, the FT writes.

The day before it released its updated prospectus, Anthropic unveiled new versions of its powerful Mythos and Fable models. Both are faster than their predecessors, and Fable is also cheaper to use.