Goldman Sachs analysts expect Anthropic’s annual revenue to reach approximately $685 billion by 2030, reflecting extraordinary growth expectations for the artificial intelligence company behind Claude. The forecast, reported by Bloomberg and the Financial Times, suggests Anthropic could generate nearly 150 times the revenue it recorded in 2025 as businesses increasingly adopt AI-powered software, coding tools and automated services.
The projection comes as Anthropic prepares for a major initial public offering (IPO), with investors evaluating the company’s growth potential and the economics of the broader AI industry. Goldman Sachs expects enterprise customers to account for the largest share of future revenue. However, the bank also anticipates enormous spending on computing infrastructure, with Anthropic potentially waiting until 2030 to generate positive annual free cash flow.
Goldman Sachs Projects Anthropic Revenue Could Reach $685 Billion
According to Bloomberg, Goldman Sachs analysts are modelling Anthropic’s annual revenue at approximately $685 billion by the end of 2030.
The forecast is based on estimates shared with a potential investor during the company’s IPO marketing process. Goldman Sachs reportedly expects enterprise customers to contribute approximately $586 billion, while non-enterprise customers could generate around $100 billion.
The projection represents a dramatic increase from Anthropic’s reported 2025 revenue of approximately $4.59 billion.
If achieved, the forecast would place Anthropic among the world’s largest companies by annual sales.
Goldman’s estimates also suggest that demand for AI services could expand far beyond chatbot subscriptions. Businesses could increasingly use AI systems to automate software development, customer support, research, legal work, accounting and other professional activities.
However, the $685 billion figure is an investment-bank forecast, not a revenue target guaranteed by Anthropic.
Enterprise Customers Could Drive Most of Anthropic’s Growth
One of the most important aspects of Goldman’s projection is the expected contribution from enterprise customers.
The bank estimates that business clients could generate approximately $586 billion in annual revenue by 2030.
This reflects the growing commercial importance of AI software across industries.
Companies are increasingly experimenting with AI tools to improve productivity, reduce repetitive work and automate complex processes. Anthropic’s Claude models and Claude Code products are positioned to benefit from this shift.
Potential enterprise applications include:
- Software development: AI coding assistants can help developers write, test and maintain software.
- Customer support: AI agents can handle customer questions and automate service workflows.
- Legal services: AI tools can assist with document analysis, research and contract review.
- Financial operations: Businesses can use AI to support accounting, reporting and data analysis.
- Research and development: AI systems can help organizations analyse information and accelerate scientific work.
- Business automation: AI agents could eventually complete multi-step tasks across different workplace applications.
The scale of Goldman’s enterprise forecast suggests it expects AI to become an important part of business operations rather than remaining an optional productivity tool.
However, companies must still demonstrate that these systems deliver measurable financial benefits and can be deployed reliably at scale.
Anthropic’s Revenue Growth Has Been Rapid
Anthropic has experienced significant revenue growth as demand for its AI products has expanded.
The company’s reported revenue increased from approximately $4.59 billion in 2025 to a much higher level during 2026.
Goldman Sachs’ projections indicate that this growth could accelerate substantially over the next several years.
| Period | Revenue |
|---|---|
| 2025 | $4.59 billion |
| 2026 forecast | Approximately $52 billion |
| 2027 forecast | Approximately $136 billion |
| 2029 forecast | Approximately $442 billion |
| 2030 forecast | Approximately $685 billion |
<text color=”secondary” size=”xs”>Source: Goldman Sachs estimates reported by the Financial Times and Bloomberg. Figures are forecasts except for reported 2025 revenue.</text>
The projected increase is particularly striking because Anthropic was founded in 2021.
Nevertheless, forecasts of this scale depend on several assumptions, including continued customer adoption, higher spending on AI software and Anthropic’s ability to maintain its position against competitors.
The company also cautioned in its regulatory disclosures that its recent revenue growth rate should not be expected to continue indefinitely.
Computing Costs Could Reach Nearly $400 Billion
While Goldman Sachs expects Anthropic’s revenue to increase dramatically, the company will also need to spend enormous amounts to support its AI operations.
Training and operating advanced AI models require substantial computing capacity, including specialized chips, data centers, networking equipment and electricity.
According to Bloomberg’s reporting on Goldman’s projections, Anthropic’s spending on computing infrastructure could increase more than tenfold by 2030, approaching $400 billion annually.
This spending is central to the company’s growth strategy.
As more businesses use Claude and other AI products, Anthropic needs additional computing resources to process requests, train new models and provide reliable services.
The infrastructure challenge also creates dependencies on major technology suppliers, including semiconductor manufacturers and cloud computing providers.
Anthropic has made substantial commitments related to computing capacity. Its regulatory disclosures describe purchase commitments and lease agreements exceeding hundreds of billions of dollars, with the financial burden extending across multiple years.
These commitments highlight the capital-intensive nature of the AI business.
Anthropic May Not Become Free Cash Flow Positive Until 2030
Despite its rapid revenue growth, Anthropic faces a significant challenge: turning its expansion into sustainable cash generation.
Goldman Sachs expects the company to generate positive annual free cash flow for the first time in 2030, potentially reaching $33.6 billion.
Free cash flow measures the cash a company generates after accounting for capital expenditures. It is an important indicator of whether a business can fund its operations and investments without continually relying on external financing.
The bank expects Anthropic’s cash outflows to increase substantially before improving.
Its projections reportedly include:
- Cash outflows of approximately $12.8 billion in the fourth quarter of 2026.
- Cash outflows rising to approximately $65.7 billion in 2027.
- Operating losses potentially reaching $40.4 billion in 2027.
- Operating profitability beginning in 2029.
- Operating profit reaching approximately $65.2 billion in 2030.
- Positive free cash flow of approximately $33.6 billion in 2030.
These estimates illustrate the financial challenge facing frontier AI developers.
A company can generate substantial revenue while continuing to spend heavily on infrastructure, research and product development. Investors will therefore need to evaluate profitability alongside revenue growth.
Anthropic’s IPO Puts the Forecast Under the Spotlight
Goldman’s projections arrive as Anthropic markets its planned IPO to investors.
The company is seeking a valuation of approximately $1.4 trillion, according to reporting on its offering plans.
The potential listing has attracted attention because it could become one of the largest technology IPOs ever attempted.
For investors, the central question is whether Anthropic can grow into the valuation being discussed.
Goldman’s revenue forecast provides a bullish argument for the company’s long-term potential. If Anthropic can generate hundreds of billions of dollars in annual sales, its current valuation could look more reasonable in hindsight.
However, the forecast also depends on the continued expansion of the AI market and Anthropic’s ability to capture a substantial share of enterprise spending.
Competition from OpenAI, Google, Microsoft and other technology companies could affect pricing, customer retention and market share.
The cost of computing infrastructure also introduces uncertainty, particularly if demand grows more slowly than expected or the economics of AI services change.
The Bigger Picture
Goldman Sachs’ forecast highlights the scale of expectations surrounding the commercial future of artificial intelligence. The bank is effectively projecting that Anthropic could evolve from a rapidly growing AI startup into one of the world’s largest technology businesses within just a few years.
The enterprise market will be particularly important. If businesses increasingly rely on AI agents and advanced models to perform professional tasks, companies such as Anthropic could develop substantial recurring revenue streams. However, the industry must prove that these services can generate enough economic value to justify their computing and infrastructure costs.
The difference between revenue growth and profitability will remain critical. Anthropic’s projected $685 billion in annual revenue by 2030 is impressive, but its expected infrastructure spending demonstrates why the AI business may require extraordinary amounts of capital before delivering sustainable cash generation.
Looking Ahead
The coming years will show whether Anthropic can convert its growing customer base into the kind of revenue expansion Goldman Sachs anticipates. Enterprise adoption, Claude’s competitive position, computing costs and the company’s ability to develop profitable AI products will be among the most important factors determining whether the forecast becomes realistic.
For the wider AI industry, the projection signals how much financial opportunity investment banks see in enterprise artificial intelligence. Yet it also raises questions about whether current spending levels and valuation expectations are sustainable. Anthropic’s progress toward profitability by 2030 may ultimately matter as much to investors as its headline revenue growth.
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