Anthropic is aiming for dramatic revenue growth over the next few years, with plans to scale up from about $4.7 billion in 2025 to as much as $70 billion by 2028.
This ambitious target, reported by The Information, would require more than doubling in 2026 and 2027, followed by about 80% growth in 2028.
| Year | Revenue (billion dollars) | Year-over-year growth (%) |
|---|---|---|
| 2025 | 4.7 | - |
| 2026 | 15.2 | approx. +223% |
| 2027 | 38.9 | +156% |
| 2028 | 70.0 | +80% |
Reaching these numbers will require Anthropic to dramatically improve its gross margin—the share of revenue left after paying for server costs. Last year, Anthropic's gross margin was negative 94 percent, but the company expects it can boost that to 50 percent in 2025 and as high as 77 percent by 2028.
These projections focus on paying users only. If non-paying users are included, the margins drop slightly: negative 109 percent last year, 47 percent in 2025, and 75 percent by 2028.
The bulk of Anthropic's revenue comes from selling API access to businesses, and that is expected to remain the main growth engine. By 2028, over 80 percent of revenue is projected to come from API and related business applications. Anthropic's developer tool, Claude Code, is also becoming a bigger part of the business, with forecasts showing it could soon reach $1 billion in annualized revenue.
OpenAI, Anthropic's main rival, expects to hit $20 billion in annualized recurring revenue by the end of 2025, which is more than four times Anthropic's most optimistic revenue forecast for the same year. But OpenAI has its own ambitious targets: to meet investor expectations, the company needs to hit at least $100 billion in annual revenue by 2028, even as it reportedly plans to operate at a $47 billion loss. By 2030, OpenAI projects $200 billion in revenue, finally moving past break-even for the first time.
