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

According to people familiar with the matter, Goldman Sachs' research team expects AI startup Anthropic's annual revenue to soar to about $685 billion by 2030, a nearly 150-fold increase from $4.59 billion in 2025. This aggressive growth forecast supports the roughly $1.4 trillion valuation Anthropic is seeking in its upcoming initial public offering (IPO). The people said that according to forecasts disclosed by Goldman Sachs' research team in a verbal briefing, Anthropic's annual revenue from enterprise customers is expected to reach $586 billion by 2030, while revenue from non-enterprise customers is expected to reach about $100 billion. That means enterprise customers will contribute about 85% of the company's revenue by then, becoming the main driver of its business expansion. Anthropic is currently pushing forward with a highly anticipated IPO. The underwriting banks plan to hold a meeting with potential investors on Tuesday morning to market the offering. Including a $26 billion private placement, the IPO-related fundraising is targeting $90.4 billion. According to media calculations, the fully diluted valuation Anthropic is seeking in this offering is about $1.4 trillion. Under the terms of the deal, the company is expected to set the offering price on Wednesday, November 18, and begin trading the following day. Goldman Sachs' forecast reflects Wall Street's high expectations for the commercialization potential of AI technology. The core logic supporting this valuation is that AI is expected to profoundly change the way work is done across many professional fields, and Anthropic's Claude series products may capture a significant market share in this transformation. Currently, Anthropic's AI coding tools such as Claude Code have been widely adopted in software development, but the market believes this may only be the starting point of the AI commercialization wave. In the future, AI technology applications are expected to expand further into areas such as new drug development, complex legal and accounting affairs, and manufacturing automation, thereby creating new revenue sources for Anthropic. However, although Goldman Sachs is highly optimistic about Anthropic's future revenue growth, the bank expects that because AI infrastructure construction requires massive capital investment, the company may not achieve positive full-year free cash flow until 2030. People familiar with the matter disclosed that Goldman Sachs' research team expects Anthropic's computing infrastructure spending to grow more than 10-fold by 2030, reaching nearly $400 billion. However, the bank also expects the profit from the company's computing business to grow by a similar magnitude. This means that although Anthropic is expected to achieve explosive revenue growth in the coming years, continuously expanding computing demand and infrastructure investment will still put enormous pressure on its cash flow. How to improve profitability while rapidly expanding market share will become an important factor for investors in assessing the company's long-term value. As Anthropic's listing enters its final stage, investors are facing a key judgment: whether the current high valuations of AI companies reflect the enormous economic value that a technological revolution may bring, or are built on long-term growth expectations that have not yet been fully validated. In particular, as Anthropic seeks a valuation of up to $1.4 trillion, Goldman Sachs' forecast of $685 billion in revenue by 2030 further highlights the market's optimism about the prospects for AI commercialization. But at the same time, massive capital expenditures, the late timing of positive free cash flow, and whether AI technology can truly penetrate more industries also mean that this growth outlook still carries considerable uncertainty.