Anthropic expects to generate up to $70 billion in revenue and $17 billion in cash flow in 2028, the Information reported. The growth forecast is being driven by rapid adoption of Anthropic’s business products, a person familiar with the company’s finances said.
Reuters reported last month that Anthropic’s annual sales are expected to more than double, and possibly nearly triple, next year. The company is on track to achieve its $9 billion ARR goal by the end of 2025, and has reportedly set its 2026 ARR target at $20 billion to $26 billion.
According to The Information, Anthropic expects to generate $3.8 billion in revenue this year from selling access to AI models through APIs, double the $1.8 billion in revenue OpenAI expects to generate from API sales. Claude Code is reportedly approaching $1 billion in annual revenue, up from about $400 million in July.
In recent weeks, Anthropic’s aggressive B2B strategy has become clearer. Microsoft and Anthropic recently began a partnership to use Anthropic’s model in Microsoft 365 apps and Copilot. Anthropic is also expanding its partnership with Salesforce to deploy its AI assistant, Claude, to hundreds of thousands of employees at Deloitte and Cognizant.
In terms of model improvements, Anthropic has over the past two months announced Claude Sonnet 4.5 and Claude Haiku 4.5, smaller, more cost-effective models that will appeal to companies deploying AI at scale. The startup also expanded Claude for Financial Services and introduced enterprise search, allowing businesses to connect all their internal business apps to Claude.
Anthropic may rely on that growth to raise more capital. The startup last raised $13 billion from investors in September in an oversubscribed round that valued Anthropic at $170 billion. If Anthropic were to raise again, it would likely target a valuation of $300 billion to $400 billion, according to The Information.
The outlet’s report also includes a forecast for cash flow of $17 billion in 2028. Cash flow is not the same as profit. It simply means that a company has more money coming in than it takes out of its operations, investments, and financing activities. Anthropic’s disclosed debt includes a $2.5 billion line of credit and a $1.5 billion legal settlement from a copyright lawsuit brought against the company by a group of authors.
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However, the company expects its gross profit margin, which measures a company’s profitability after taking into account the direct costs of producing goods and services, to reach 50% this year and 77% by 2028, down from minus 94% last year, according to The Information.
Anthropic’s main rival, OpenAI, which was recently valued at $500 billion, is also pursuing a B2B strategy coupled with a strong consumer push backed by 800 million weekly users. OpenAI has $13 billion in revenue this year and expects to reach $100 billion in revenue by 2027. But while Anthropic projects positive cash flow by 2028, OpenAI projects significant losses, with cash burn expected to reach $14 billion in 2026 and $115 billion by 2029 as the company ramps up infrastructure spending.
