Goldman Sachs predicts Anthropic's annual revenue will soar to $685 billion by 2030, supporting a $1.4 trillion IPO valuation

According to information obtained by Zhihui Finance APP, sources revealed that the Goldman Sachs research team expects annual revenue of artificial intelligence (AI) startup Anthropic to soar to approximately $685 billion by 2030, representing an almost 150-fold increase from $4.59 billion in 2025. This aggressive growth forecast underpins the approximately $1.4 trillion valuation sought for Anthropic's upcoming initial public offering (IPO).

Sources stated that, according to projections disclosed by the Goldman Sachs research team during an oral briefing, Anthropic's annual revenue from enterprise clients is expected to reach $586 billion by 2030, while revenue from non-enterprise clients is expected to reach about $100 billion. This means that enterprise clients would contribute roughly 85% of the company’s revenue at that time, becoming the main driver of its business expansion.

Anthropic is currently moving forward with its IPO, which has attracted significant market attention. Underwriting banks plan to hold meetings with potential investors on Tuesday morning to present the offering. Including a $26 billion private placement, the total fundraising target for this IPO is $90.4 billion.

Based on media calculations, Anthropic is seeking a fully diluted post-IPO valuation of about $1.4 trillion. According to transaction terms, the company is expected to set the offering price on Wednesday, November 18, and officially begin trading the following day.

Goldman Sachs’s forecast reflects Wall Street’s high anticipation for the commercial potential of AI technologies. The core logic supporting this valuation lies in AI’s potential to profoundly change the way many professional fields operate, with Anthropic's Claude product line potentially capturing a significant market share during this transformation.

Currently, Anthropic’s AI programming tools such as Claude Code are already widely used in software development, but the market believes this may only mark the beginning of the AI commercialization wave. In the future, AI technology’s application scope is likely to further expand into new drug development, complex legal and accounting tasks, as well as manufacturing automation and other fields, thereby creating new revenue streams for Anthropic.

However, despite Goldman Sachs’s highly optimistic outlook for Anthropic’s future revenue growth, the bank expects that, due to the massive capital expenditure required for AI infrastructure, the company may not achieve positive annual free cash flow until 2030.

Sources revealed that the Goldman Sachs research team expects Anthropic’s spending on computing infrastructure to increase more than tenfold before 2030, reaching nearly $400 billion. However, the bank also projects that the company’s computing-related profits will grow at a similar rate.

This means that although Anthropic may achieve explosive revenue growth in the coming years, the ongoing expansion of computing power demand and infrastructure investment will continue to put tremendous pressure on its cash flow. How to improve profitability while rapidly expanding market share will be a key factor for investors evaluating the company’s long-term value.

As Anthropic’s listing enters the final stage, investors are facing a crucial question: do the current high valuations of AI companies truly reflect the enormous economic value that this technological revolution may bring, or are they built on long-term growth expectations that have yet to be fully validated?

Especially as Anthropic seeks a valuation as high as $1.4 trillion, Goldman Sachs’s projection that its 2030 revenue will reach $685 billion further highlights the market’s optimism toward the commercialization prospects of AI. At the same time, however, massive capital expenditures, delayed positive free cash flow, and the question of whether AI technology can truly penetrate more industries all add significant uncertainty to this growth outlook.