According to The Information, Anthropic anticipates reaching up to $70 billion in revenue and $17 billion in cash flow by 2028. These ambitious forecasts are driven by the swift uptake of Anthropic’s enterprise offerings, someone familiar with the company’s finances revealed.
Reuters reported last month that Anthropic’s annual revenue run rate is expected to more than double, and possibly nearly triple, in the coming year. The company is reportedly on pace to achieve $9 billion in annual recurring revenue (ARR) by the close of 2025, with a goal of $20 billion to $26 billion ARR set for 2026.
This year, Anthropic projects that revenue from API-based access to its AI models will reach $3.8 billion, which is twice the $1.8 billion OpenAI is expected to earn from similar API sales, according to The Information. Claude Code is reportedly approaching $1 billion in annualized revenue, a significant increase from about $400 million in July.
Anthropic’s assertive approach to the B2B market has become more apparent in recent weeks. The company has started collaborating with Microsoft to integrate Anthropic’s models into Microsoft 365 applications and Copilot. Additionally, Anthropic has deepened its partnership with Salesforce and is preparing to deploy its AI assistant Claude to hundreds of thousands of employees at Deloitte and Cognizant.
In terms of product advancements, Anthropic has introduced smaller, more affordable models — Claude Sonnet 4.5 and Claude Haiku 4.5 — over the past two months, targeting businesses that require scalable AI solutions. The company has also broadened the reach of Claude for Financial Services and launched Enterprise Search, allowing organizations to connect all their internal work tools to Claude.
Anthropic may leverage its rapid expansion to secure additional investment. The company last raised $13 billion in September during a heavily oversubscribed funding round, which valued Anthropic at $170 billion. Should it seek more capital, Anthropic is expected to aim for a valuation between $300 billion and $400 billion, as reported by The Information.
The report also forecasts $17 billion in cash flow for 2028. It’s important to note that cash flow is not synonymous with profit; it simply indicates that the company’s incoming funds exceed its outgoing expenses from operations, investments, and financing. Anthropic’s known liabilities include a $2.5 billion credit line and a $1.5 billion settlement from a copyright lawsuit filed by a group of authors.
Furthermore, the company projects its gross profit margin — which reflects profitability after direct production costs — will reach 50% this year and climb to 77% by 2028, a dramatic turnaround from last year’s negative 94%, according to The Information.
OpenAI, Anthropic’s chief competitor, was recently valued at $500 billion and is also focusing on B2B initiatives, alongside a robust consumer strategy driven by 800 million weekly users. OpenAI anticipates $13 billion in revenue this year, with expectations to hit $100 billion by 2027. However, while Anthropic forecasts positive cash flow by 2028, OpenAI is bracing for significant losses, with cash burn projected at $14 billion in 2026 and potentially reaching $115 billion by 2029 as infrastructure investments accelerate.
