Anthropic projects $70B in revenue by 2028 and more free cash flow than OpenAI

Anthropic raised its growth forecasts by up to 28%, projecting $70B in revenue and $17B in free cash flow by 2028, compared to OpenAI’s projected $47B cash burn that same year. The company, valued at $170B after a $13B raise in September, could target a $300–$400B valuation in its next funding round. Anthropic expects API sales to businesses to remain its primary driver, which are already double OpenAI’s projected API revenue this year, and to generate over 80% of total revenue through 2028. Its Claude Code assistant is nearing $1B in annualized revenue, with overall annualized revenue at $7B.