Anthropic IPO: Goldman projects $33.6B free cash flow by 2030, report says
In brief
- Anthropic free cash flow projected at $33.6 billion in 2030 in Goldman materials, per Crypto Briefing.
- 2030 revenue projected above $600 billion; Bloomberg's analysis puts it near $685 billion.
- Infrastructure spending keeps free cash flow negative until 2030 under the projections.
- Anthropic IPO roadshow began November 10, targeting a $1.4 trillion valuation, the report said.
What the projections show
Under the forecast, Anthropic's free cash flow stays negative until 2030, the year it's expected to turn positive at $33.6 billion. That's a long stretch of burn (followed by a very large swing once it ends).
Revenue does most of the work. Goldman's materials suggest Anthropic's revenue could surpass $600 billion by 2030, while Bloomberg's analysis puts the figure at approximately $685 billion, according to Crypto Briefing. About $586 billion of that is expected from enterprise clients, with roughly $100 billion coming from other sources. For context, Anthropic's revenue was forecast at around $4.6 billion in 2025.
Why so long in the red?
Infrastructure.
Crypto Briefing said the years of negative free cash flow come down to infrastructure spending. Anthropic has committed more than $900 billion to compute and cloud infrastructure through partnerships with major tech firms, including Google and Microsoft.
The publication also flagged what the forecast leans on. The $33.6 billion figure depends on revenue scaling as projected, on enterprise customers continuing to adopt AI at pace, and on those infrastructure commitments actually delivering the capacity Anthropic needs. These are forecasts, not results, and they don't come with any on-the-record confirmation from either company.
The IPO terms
Anthropic filed its registration in late October 2026 and began its roadshow on November 10, Crypto Briefing reported. The company suggested a price range of $70 to $78 per share for 825 million shares, which would raise approximately $57.75 billion to $64.35 billion at that range. A $26 billion private placement with strategic investors sits on top of the offering, and the IPO targets a fully diluted valuation of $1.4 trillion, per the report.
That's well above Anthropic's last private mark. In May 2026, a $65 billion Series H round valued the company at $965 billion post-money. The report also put Anthropic's run-rate revenue at $81 billion by the end of October.
Frequently asked questions
Why is Anthropic's free cash flow projected to stay negative until 2030?
Crypto Briefing said the years of negative free cash flow come down to infrastructure spending. Anthropic has committed more than $900 billion to compute and cloud infrastructure through partnerships with firms including Google and Microsoft, according to the report.
What does the $33.6 billion free cash flow forecast depend on?
According to Crypto Briefing, the figure depends on revenue scaling as forecast, enterprise customers continuing to adopt AI at pace, and infrastructure commitments delivering needed capacity. The projections came from Goldman materials shared with investors and haven't been independently verified.
