Goldman Sachs projects Anthropic revenue surpassing $600B by 2030

Goldman Sachs, the lead bank on Anthropic's initial public offering, shared revenue projections with a prospective investor that show the AI company's sales topping $600 billion by 2030, roughly 130 times its 2025 revenue. The year-by-year path starts from $4.6 billion of actual revenue in 2025, rising to $52 billion in 2026, $136 billion in 2027, $442 billion in 2029 and more than $600 billion in 2030. The Financial Times reports that the bank also expects Anthropic to turn cash-flow positive by the end of the decade.

The figures are not settled. Quartz, citing Bloomberg, reports a Goldman model with Anthropic revenue reaching $685 billion by 2030, an operating profit from 2029 and $33.6 billion of positive free cash flow in 2030, while Crypto Briefing argues the viral $600 billion figure has no clear paper trail. Until the bank's materials are public, the exact numbers should be treated as reported, not confirmed.

The timing matters. The projections are circulating while Anthropic markets its IPO, with a share price range of $70 to $78 that values the company at as much as $1.4 trillion and trading that could begin as soon as November 19. Forecasts shared by the lead underwriter during a deal are marketing material as much as analysis, so the numbers are best read as the bank's bull-case framing for the book, not an independent estimate.

For public markets, the projection sets the yardstick investors will use to judge the stock once it lists. It also reaches beyond Anthropic: a revenue curve that steep implies a matching surge in compute spending, which is the demand story behind chip and cloud suppliers such as NVDA, AMD, GOOGL and AMZN.

What to watch: how Anthropic's reported revenue run rate tracks the 2026 projection of $52 billion, whether the final IPO pricing lands at the top of the range, and how the company describes its path to cash-flow breakeven in its first public disclosures.