Goldman Sachs has forecast that artificial intelligence developer Anthropic will grow its annual revenue to $685 billion by 2030 as the company launches its Wall Street initial public offering roadshow.
The parent company of the Claude large language model announced on Tuesday, November 10, that it had begun its investor presentations in the United States, setting out the financial terms for its upcoming stock market listing. According to reports from the Financial Times and Bloomberg citing people familiar with the matter, Goldman Sachs modelled the long-term growth projections ahead of the offering, which Bloomberg reported will take place on November 19.
Anthropic stated that it plans to offer 825 million shares, including 801.3 million new shares, at a price range of $70 to $78 per share. At the top of that proposed range, the company's total valuation would reach up to $1.4 trillion, well below the $1.5 trillion to $2 trillion range previously discussed in US media reports.
Valuation multiples and hyper-growth revenue
Even at the lower figure, Anthropic's implied valuation remains steep by traditional market standards. Last year, the young company generated $4.6 billion in annual revenue, meaning its stock would trade at more than 300 times its last published full-year sales. By comparison, rocket and satellite maker SpaceX, whose valuation drew intense debate during its own initial public offering in June, listed at only around 100 times its annual revenue.
However, analysts note that trailing full-year revenue is a limited benchmark for a hyper-growth startup like Anthropic, which was founded in 2021. During the first nine months of 2026 alone, the company generated 33.24 billion euros in revenue, a 1,200% year-on-year jump that already far exceeds its entire 2025 total.
Based in San Francisco and led by Chief Executive Officer Dario Amodei, a former OpenAI executive who co-founded the firm, Anthropic develops the Claude family of artificial intelligence systems. Large language models such as Claude are trained on massive datasets to generate text, write software code, and automate complex enterprise workflows.
Goldman Sachs financial projections through 2030
The final valuation investors assign to Anthropic will depend heavily on the future trajectory of the business under Amodei. According to the Financial Times and Bloomberg, Goldman Sachs models project that Anthropic will multiply its 2025 revenue 150-fold to reach $685 billion in 2030, an expansion comparable to what many analysts forecast for SpaceX. That 2030 total includes $100 billion expected to come from public sector contracts.
The Financial Times noted that Anthropic shared these projections orally with investors during its roadshow meetings. Despite the surge in revenue, Goldman Sachs expects the company to wait years before turning cash positive in 2029, reaching $33.6 billion in generated cash by 2030. The bank estimates that Anthropic will post heavy operating losses until 2028, peaking at a $40.4 billion loss in 2027, before reaching $65.2 billion in operating profit in 2030.
As an advisory bank on the deal, Goldman Sachs is tasked with generating investor interest, collecting orders, and structuring and sizing the offering. Because underwriters pitch the stock to institutional buyers during roadshows, their expectations can lean optimistic, even though financial forecasts are normally produced by the bank's sell-side research teams operating behind an internal firewall meant to separate them from the investment banking advisory division.
AI spending concerns and neocloud debt
Anthropic's listing arrives at a delicate moment for the artificial intelligence sector, which has struggled for several weeks as investors question the profitability of heavy capital expenditures, or capex, on AI infrastructure such as data centers. Swiss bank UBS estimates that global AI capital spending will reach $1 trillion in 2026 and rise to $1.4 trillion in 2027.
Google parent Alphabet and Facebook owner Meta Platforms were both punished by the stock market during the recent earnings season after either raising their capital expenditure budgets or sparking concerns about the return on their spending across their core historical businesses.
Investors have also grown nervous over the finances of heavily indebted companies that operate data centers and rent out computing capacity. Known in the market as neocloud providers, the most prominent companies in this segment are Nebius and CoreWeave.
Midterm election fallout and market reaction
Political shifts have compounded those market jitters. Following the Democratic Party's victory in the US midterm elections and in several states that are key hubs for future data center development, investors feared that Democrats would introduce measures to slow the expansion of data centers and artificial intelligence more broadly.
Those concerns triggered a steep market sell-off on November 5, when the Nasdaq Composite suffered its worst session in 19 months with a 5.52% drop. The Philadelphia Semiconductor Index, the main benchmark for chipmakers, plunged 12.25% during the same session.
Stephen Innes of SPI Asset Management recently observed that Anthropic is not going public at a time when the AI sector is booming, noting that its market debut comes right as Wall Street has stopped applauding every new data center, every increase in capital spending budgets, and every promise that returns will eventually catch up with expenses.
