Goldman Sachs Models Anthropic at $685B Revenue by 2030

Goldman Sachs is telling IPO investors that Anthropic can reach $685 billion in revenue by 2030, Bloomberg reports. That is nearly 150 times the $4.59 billion in sales the Claude maker booked last year.

Bloomberg writes that Goldman's analysts are "modeling for Anthropic's revenue to soar to roughly $685 billion by the end of the decade, bolstering the case for a targeted $1.4 trillion valuation in its IPO." Of that 2030 total, $586 billion is sales to enterprise clients and roughly $100 billion is non-enterprise.

The curve runs about $52 billion in 2026, $136 billion in 2027, $442 billion in 2029, before landing at $685 billion the year after. Operating losses still peak at $40.4 billion in 2027. The company flips to an operating profit in 2029 and reaches $65.2 billion of operating profit by 2030, with $33.6 billion of positive free cash flow the same year.

The projections are landing alongside the IPO itself. Anthropic is marketing shares at $70 to $78 and raising up to $64.4 billion when the deal prices on November 18, with a $26 billion private placement from major tech companies sitting inside the offering. Goldman Sachs and Morgan Stanley are leading the underwriters.

Goldman is a lead bank on the deal. The $685 billion number is the firm's sell-side model sitting in front of prospective investors, not an independent valuation. The story is the latest in a heavy run of Anthropic coverage heading into pricing.