Goldman Sachs expects Anthropic revenue to exceed $600bn by 2030

{"text":[[{"start":11.6,"text":"Anthropic is expected to make more than $600bn in revenue by 2030, up more than 130 times from its sales last year, according to projections made by the AI start-up’s lead investment bank Goldman Sachs."}],[{"start":26.36,"text":"Goldman expects Anthropic’s total revenue to hit about $52bn this year, jump to $136bn in 2027 and $442bn in 2029 before accelerating to more than $600bn by 2030, according to forecasts discussed by the Wall Street bank with a potential investor in the deal. Anthropic reported revenue of $4.6bn in 2025."}],[{"start":52.76,"text":"The forecasts underline the extraordinary pace of growth at Anthropic, which was founded barely six years ago. The revenue forecast places the Claude maker among the world’s largest companies by sales."}],[{"start":64.92,"text":"However, Goldman also predicts that Anthropic will not turn free cash flow positive until 2030, when it projects the company will generate $33.6bn. Anthropic has committed to spend about $900bn on computing capacity over the coming years, filings show."}],[{"start":null,"text":""}],[{"start":83.84,"text":"While Anthropic was free cash flow positive for the first three quarters of this year, Goldman projects outflows of $12.8bn in the fourth quarter of 2026, rising to $65.7bn in 2027."}],[{"start":98.88,"text":"Goldman’s model was verbally shared with the investor as Anthropic kicks off its initial public offering roadshow, in which bankers will seek to sell money managers on a deal that could raise as much as $64bn. At the high end of its indicated price range, the IPO would value the company at $1.4tn."}],[{"start":117.46,"text":"Anthropic did not immediately respond to requests for comment. Goldman declined to comment."}],[{"start":122.92,"text":"Goldman was also the lead bank on SpaceX’s IPO in June. The bank said in the run-up to that listing that it expected revenues from SpaceX’s AI division to rise to $322bn by 2030 from $3.2bn in 2025."}],[{"start":143,"text":"Anthropic’s IPO, expected before the US Thanksgiving holiday, is set to come just as the Democratic Party’s sweep of Congress in last week’s midterm elections fuels concerns about a slowdown of the AI data centre build-out, potentially derailing tens of billions of investments made by the tech giants and hyperscalers at the centre of the boom."}],[{"start":159.12,"text":"Separate filings with US regulators, released last month ahead of Anthropic’s IPO, showed an $8.1bn operating loss for 2025, which narrowed to $1.3bn in the first nine months of this year."}],[{"start":172.6,"text":"The company has never made an operating profit, according to its IPO filing’s financial reporting going back to 2023. After adjusting for stock-based compensation expenses and non-cash charitable contributions, it made operating income of $4.1bn in the first nine months of 2026."}],[{"start":191.72,"text":"The Goldman forecasts suggest that Anthropic’s operating losses will peak at $40.4bn in 2027 before turning profitable on an operating basis in 2029. Operating profits will go on to hit $65.2bn in 2030, the analysts estimate."}],[{"start":209.68,"text":"If achieved, Goldman’s revenue target would rank Anthropic’s revenue among the world’s largest. Amazon is on track to generate about $830bn in sales this year, while Nvidia is forecast to hit $700bn in revenue in the 2027 calendar year, according to consensus estimates from Visible Alpha."}],[{"start":229.86,"text":"Anthropic said in filings released on Tuesday that its annualised revenue run rate, a sales projection that has been closely watched by investors, hit $81bn in October, up $10bn from the previous month."}],[{"start":243.2,"text":"Goldman’s figures combine enterprise and non-enterprise revenue projections distinct from Anthropic’s preferred ARR — the amount the company would make in revenue based on its results from a given month."}],[{"start":260.64,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1794362115_1643.mp3"}