The Information reports that Anthropic expects to generate as much as $70 billion in revenue and $17 billion in cash flow in 2028. The growth projections are fueled by rapid adoption of Anthropic’s business products, a person with knowledge of the company’s financials said.  

Last month, Reuters reported that Anthropic is projected to more than double, and potentially nearly triple, its annual revenue run rate next year. The company is reportedly on track to meet a goal of $9 billion in ARR by the end of 2025, and has set a target of $20 billion to $26 billion ARR for 2026. 

Anthropic expects its revenue this year from selling access to its AI models through an API to hit $3.8 billion, doubling the $1.8 billion revenue OpenAI expects to generate from API sales, per The Information. Claude Code is reportedly close to generating $1 billion in annualized revenue, up from about $400 million in July.

In recent weeks, Anthropic’s aggressive B2B strategy has become clearer. Microsoft and Anthropic recently began partnering to use Anthropic’s models in Microsoft 365 apps and Copilot. Anthropic has also expanded its Salesforce partnership and plans to roll out its AI assistant Claude to hundreds of thousands of employees at Deloitte and Cognizant.  

When it comes to model improvements, Anthropic has, over the last two months, launched smaller, more cost-effective models – Claude Sonnet 4.5 and Claude Haiku 4.5 — which appeal to businesses deploying AI at scale. The startup has also expanded Claude for Financial Services and introduced Enterprise Search to enable businesses to connect all their internal work apps to Claude. 

Anthropic might lean on its growth to raise more funds. The startup last raised $13 billion from investors in September in an oversubscribed round that valued Anthropic at $170 billion. If it raises again, Anthropic would likely target a valuation of between $300 billion and $400 billion, according to The Information.

The outlet’s reporting also includes a projection of $17 billion in cash flow in 2028. Cash flow isn’t the same thing as profit – it just means a company has more money coming in than is going out from its operations, investments, and financing activities. Anthropic’s publicly available liabilities include a $2.5 billion credit facility and a $1.5 billion legal settlement from a copyright lawsuit that a group of authors brought against the company. 

That said, the company expects its gross profit margin — which measures a company’s profitability after accounting for direct costs associated with producing goods and services — to reach 50% this year and 77% in 2028, up from negative 94% last year, per The Information.

OpenAI, Anthropic’s main rival recently valued at $500 billion, is also pursuing a B2B strategy, coupled with a strong consumer push fueled by its 800 million weekly users. OpenAI expects to generate $13 billion in revenue this year and reach revenue of $100 billion in 2027. But whereas Anthropic is projecting positive cash flow by 2028, OpenAI is expecting sizable losses, with cash burn reaching $14 billion in 2026 and expected to mount to $115 billion through 2029 as the company ramps up infrastructure spending.