Anthropic projects revenue jump from USD 4.7B to USD 70B by 2028, API to drive 80%+
Anthropic’s latest financial outlook reads like a high‑stakes wager. The company says it expects revenue to swell from $4.7 billion this year to $70 billion by 2028—a ten‑fold increase in just five years. Why does that matter?
Because the growth plan hinges almost entirely on one line of business. While the firm has been expanding its product suite, the numbers suggest a single channel will carry the bulk of the lift. Investors will be watching how the firm translates that ambition into cash flow, especially as it rolls out new developer tools and expands its enterprise offerings.
The projection also raises questions about scalability, pricing strategy and the competitive pressure from other AI platform providers. In short, the forecast puts the spotlight on Anthropic’s core revenue engine and how it intends to sustain such a dramatic climb.
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
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.
Will Anthropic actually hit $70 billion by 2028? The projection assumes more than a two‑fold increase in revenue each year for 2026 and 2027, followed by an 80 percent jump in 2028. Such growth would demand a dramatic turnaround in gross margin, which was a negative 94 percent last year.
No detail is given on how the company plans to reverse that loss. The bulk of current earnings already comes from API access, and the forecast expects that share to climb above 80 percent, with Claude Code adding a modest boost. If the API market expands as anticipated, the revenue engine could scale, but the reliance on a single product line introduces risk.
Moreover, the absence of a clear path to positive margins leaves the outlook’s uncertain. While the numbers are bold, the underlying assumptions remain opaque, and whether Anthropic can sustain the required pace of cost improvement is unclear. The coming quarters will reveal whether the financial targets are realistic or merely aspirational.
Further Reading
Common Questions Answered
What revenue target does Anthropic set for 2028, and how does it compare to its 2024 revenue?
Anthropic aims for $70 billion in revenue by 2028, up from $4.7 billion in 2024, representing roughly a fifteen‑fold increase over five years.
Which business line is projected to generate over 80 percent of Anthropic’s revenue by 2028?
The API access sold to businesses is expected to account for more than 80 percent of total revenue, making it the primary growth engine in Anthropic’s financial outlook.
How much annualized revenue is Claude Code forecasted to contribute, and what role does it play in Anthropic’s overall growth strategy?
Claude Code is projected to reach about $1 billion in annualized revenue, positioning it as a significant but secondary contributor alongside the dominant API business.
What challenges does Anthropic face in achieving its projected revenue growth, particularly regarding gross margin?
The company must reverse a negative 94 percent gross margin recorded last year, a substantial hurdle given the aggressive revenue targets and the lack of disclosed plans to improve profitability.