Anthropic Projects $70B in Revenue by 2028, Closes in on OpenAI with Aggressive B2B Strategy
TLDR
Anthropic expects to generate $70 billion in revenue and $17 billion in cash flow by 2028, driven by rapid enterprise adoption of its Claude models. With current 2025 revenues at $3.8B, it's targeting $9B ARR by year-end and $20–26B in 2026. Strong B2B momentum, Microsoft and Salesforce partnerships, and Claude Code’s $1B run rate are fueling the rise.
SUMMARY
A new report from The Information reveals Anthropic’s ambitious growth plans: the AI startup expects to hit $70B in revenue and $17B in cash flow by 2028. Anthropic’s financial surge is powered by the widespread adoption of its Claude AI models across businesses, with enterprise tools like Claude Sonnet 4.5 and Claude for Financial Services gaining traction.
Anthropic forecasts $3.8B in revenue for 2025, more than doubling OpenAI’s expected API revenue. Claude Code alone is approaching a $1B annualized run rate, up from $400M in July. The company aims for $9B ARR in 2025 and $20B–$26B in 2026, leveraging major partnerships with Microsoft, Salesforce, Deloitte, and Cognizant.
Having raised $13B in September at a $170B valuation, Anthropic may seek further funding at a target valuation of $300–400B. Unlike OpenAI, which is burning cash rapidly, Anthropic expects positive cash flow by 2028, and its gross margin is projected to reach 77%, up from negative 94% just a year ago.
The company’s B2B strategy—launching enterprise tools, expanding integrations, and offering smaller, cost-effective models—is helping it scale rapidly and challenge OpenAI’s dominance, which is still driven by its consumer base and ChatGPT traffic.
KEY POINTS
- $70B Revenue by 2028: Anthropic expects to generate $70B in revenue and $17B in cash flow, according to internal projections.
- 2025 Revenue: Forecasted at $3.8B, with Claude Code nearing $1B ARR.
- 2026 Target: Annual recurring revenue (ARR) projected to hit $20B–$26B.
- Major Partnerships: Collaborations with Microsoft (365 and Copilot), Salesforce, Deloitte, and Cognizant are fueling enterprise adoption.
- B2B Product Push: New offerings like Claude Sonnet 4.5, Haiku 4.5, Enterprise Search, and Claude for Financial Services cater to business needs.
- Profitability Path: Gross margins to grow from -94% (2024) to 77% (2028). Anthropic expects positive cash flow by 2028.
- Massive Valuation Climb: Raised $13B in September 2025 at a $170B valuation; may aim for $300B–$400B in the next round.
- OpenAI Comparison: While OpenAI targets $100B revenue by 2027, it’s burning cash at a high rate—$14B in 2026 and $115B by 2029.
- Claude vs GPT: Claude is proving strong in B2B, while OpenAI dominates in consumer adoption with 800M weekly users.
- Strategic Difference: Anthropic’s leaner model offerings and profitability strategy contrast OpenAI’s infrastructure-heavy consumer expansion.
Posted Nov 5, 2025, 1:58 AM UTC