Goldman Sachs

Goldman Sachs projects Anthropic's revenue will exceed $600B by 2030, more than 130 times its 2025 level, with roughly $52B this year, $136B in 2027 and $442B in 2029, according to figures shared verbally with a potential investor as the IPO roadshow begins. The forecast ties valuation tightly to compute converting into revenue on schedule, so any delay in data center build-out would first widen the 2027 cash gap.

Goldman Sachs, lead underwriter for Anthropic's IPO, projects the company's revenue will surge from $4.6 billion in 2025 to over $60 billion by 2030, placing it among the world's highest-revenue enterprises. The bank also forecasts an operating loss peak of $40.4 billion in 2027 and positive free cash flow only by 2030. At the top of the proposed price range, Anthropic's valuation would reach $1.4 trillion, with the listing expected before Thanksgiving.

Anthropic has formally launched the roadshow for its Class A common stock IPO, offering 825 million shares at an expected price range of $70 to $78, implying a raise of up to roughly $64 billion, with a planned Nasdaq Global Select Market listing under the ticker ANT. It marks the first time a leading frontier model developer enters public markets, setting a key valuation benchmark for the AI sector.

Goldman Sachs updated internal guidance in October to restrict Anthropic's Claude Code and Microsoft's GitHub to engineers, cutting off traders and bankers who had used the tools to track client flows and build market models. The bank, a lead underwriter on Anthropic's IPO, had already barred Hong Kong bankers from Claude in April.