Goldman Sachs expects Anthropic to generate $685 billion in revenue by 2030, roughly 150 times the $4.59 billion the company recorded in 2025, according to Bloomberg. The forecast landed as banks began pitching the AI developer's initial public offering, which the company is marketing at a targeted valuation of approximately $1.4 trillion on a fully diluted basis.

Anthropic disclosed the 2025 revenue figure in an amended IPO registration statement filed Tuesday. The Goldman Sachs estimate, reported by Bloomberg, frames a company still scaling from a modest revenue base toward enterprise dominance within five years.

Where does the $685 billion come from?

Goldman's analysts attribute $586 billion of the 2030 projection to enterprise clients, with non-enterprise revenue contributing approximately $100 billion. The split signals the bank's conviction that corporate adoption of Anthropic's models will drive the overwhelming majority of future growth.

The analysts do not expect Anthropic to turn free cash flow positive for a full year until 2030, according to Bloomberg. Spending on computing infrastructure is projected to grow more than tenfold by 2030, approaching $400 billion, while compute profit expands by roughly the same factor.

How large is the IPO itself?

The offering and an accompanying $26 billion private placement could raise as much as $90.4 billion combined at the top of the price range, according to Bloomberg calculations. Banks handling the deal met prospective buyers Tuesday morning to pitch the transaction. The IPO is set to be priced on Wednesday, Nov. 18, with shares beginning to trade a day later.

The filing lists an expected price range of $70 to $78 per share for 825 million Class A shares. The stock will list on Nasdaq under the symbol "ANT." Goldman Sachs and Morgan Stanley serve as lead underwriters.

Anthropic will sell 801,351,354 of the shares, while selling stockholders will offload the remaining 23,648,646.

What do the financials show?

The amended filing paints a picture of steep growth paired with heavier spending. Key figures from the nine months ended Sept. 30:

• Revenue of $33.2 billion, including $17.0 billion in the third quarter
• Net loss of $104.0 billion, attributed mainly to a rise in the fair value of convertible notes tied to a higher enterprise valuation
• Compute and infrastructure expenses of $18.8 billion

The company's forward commitments are larger still. Anthropic has purchase commitments and lease agreements totaling approximately $900.9 billion, substantially all tied to compute and infrastructure. About $451.6 billion of that total is expected to be incurred before Dec. 31, 2030.

What are the risks?

Anthropic cautioned in the filing that it does not expect its revenue growth rate to continue at recent levels. The company stated the rate will decline over time, a disclosure that sits against the backdrop of Goldman's tenfold-plus infrastructure spending projection through 2030.

The gap between the $4.59 billion revenue base in 2025 and the $685 billion target for 2030 defines the scale investors must underwrite. The pricing on Nov. 18 will test whether the market accepts the arithmetic.