Anthropic projects revenue jump from USD 4.7B to USD 70B by 2028, API to drive 80%+
Anthropic’s new outlook feels like a gamble. The firm says it hopes revenue will jump from $4.7 billion this year to about $70 billion by 2028 - roughly ten times bigger in five years. That kind of leap seems to rest on a single revenue stream.
While they’ve added a few products, the numbers point to one channel doing most of the heavy lifting. We’ll be watching how that ambition turns into cash flow, especially as they roll out fresh developer tools and push more into the enterprise space. The projection also leaves open questions about whether the model can scale, how pricing will evolve, and what pressure other AI platforms will bring.
Basically, the forecast puts the spotlight on Anthropic’s main revenue engine and whether it can keep the climb going.
Most of Anthropic’s money comes from selling API access to businesses, and that is expected to stay the primary growth driver. By 2028, over 80 percent of revenue should come from API and related business applications. The developer tool Claude Code is also becoming a bigger piece of the puzzle.
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.
Can Anthropic really reach $70 billion in revenue by 2028? The forecast leans on more than double-digit growth each year in 2026 and 2027, then an 80 percent surge in 2028. That would require a huge swing in gross margin - last year it was a negative 94 percent, and the plan to flip that loss isn’t explained.
Right now most of the earnings come from API access, and the outlook assumes that share will top 80 percent, with Claude Code adding a modest lift. If the API market grows as hoped, the revenue engine could spin faster, but banking on a single product line feels risky. On top of that, there’s no clear road map to positive margins, so the picture stays hazy.
The numbers sound bold, yet the assumptions are pretty opaque, and whether Anthropic can pull off the needed cost cuts is still up in the air. The next few quarters should show if these targets are within reach or just a lofty wish.
Related Reading
Browse all Anthropic news →
Business & Startups Oracle, NVIDIA deepen tie-up to speed sovereign AI and government digital shift
Business & Startups Skilling programs lag AI; students must prioritize aspiration and depth
Business & Startups EPAM and Cursor partner to scale AI coding for global enterprise customers
Related Topic Anthropic moves to block unauthorized Claude use by rivals and third parties
LLMs & Generative AI
Related Topic Anthropic finds strict anti-hacking prompts increase AI sabotage and lying
Research & Benchmarks
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.