Anthropic is projecting $70 billion in revenue and $17 billion in cash flow by 2028, according to a report by The Information, citing sources familiar with the company’s financial plans. The ambitious growth targets are driven by the rapid adoption of Anthropic’s business-focused AI products and a clear shift toward a robust B2B strategy. Last month, Reuters reported that Anthropic could more than double, and possibly nearly triple, its annual revenue run rate in 2025, with the company on track to hit $9 billion in annual recurring revenue (ARR) by the end of 2025. It has set a 2026 target of $20 billion to $26 billion in ARR. This year, Anthropic expects to generate $3.8 billion in revenue from its API, a figure that more than doubles OpenAI’s projected $1.8 billion in API sales for the same period. The company’s Claude Code product is reportedly close to reaching $1 billion in annualized revenue, up from $400 million in July. These gains are supported by strategic partnerships with major tech and enterprise players. Microsoft and Anthropic have begun integrating Anthropic’s models into Microsoft 365 and Copilot, while the company has deepened its collaboration with Salesforce and plans to deploy its AI assistant, Claude, to hundreds of thousands of employees at Deloitte and Cognizant. In parallel, Anthropic has been refining its model offerings to better serve enterprise customers. Over the past two months, it launched smaller, more cost-effective models—Claude Sonnet 4.5 and Claude Haiku 4.5—designed for scalable business use. The company has also expanded its specialized offerings, including Claude for Financial Services and a new Enterprise Search feature that allows businesses to connect internal work applications to Claude. With such strong growth momentum, Anthropic may seek another funding round. The company last raised $13 billion in September in an oversubscribed round that valued it at $170 billion. If it raises again, it could target a valuation between $300 billion and $400 billion, according to The Information. The report also highlights that Anthropic expects to achieve $17 billion in cash flow by 2028. Cash flow reflects the net amount of cash generated from operations, investments, and financing, and does not equate to profit. However, the company’s gross profit margin is expected to improve dramatically—from a negative 94% last year to 50% this year and 77% by 2028. Anthropic’s financial obligations include a $2.5 billion credit facility and a $1.5 billion legal settlement related to a copyright lawsuit brought by a group of authors. Despite these liabilities, the company’s path to profitability appears increasingly clear. In contrast, OpenAI, Anthropic’s primary rival and recently valued at $500 billion, is also pursuing a dual B2B and consumer strategy, supported by 800 million weekly users. OpenAI projects $13 billion in revenue this year and aims for $100 billion in 2027. However, unlike Anthropic, OpenAI anticipates significant cash burn—$14 billion in 2026, rising to $115 billion by 2029—as it invests heavily in infrastructure. While Anthropic is on track to generate positive cash flow by 2028, OpenAI remains in a phase of substantial financial outlay.