Coatue, the venture capital firm that led Anthropic’s $30 billion investment round completed in February, is confirmed to have presented potential investors in January with materials assessing Anthropic’s valuation.
Newcomer reported on March 31 that it obtained the slide through an anonymous tipster.
Coatue estimated in the materials that Anthropic would post $18 billion in revenue in 2026 and a $14 billion loss on an EBITDA basis. It projected an annualised revenue run-rate of $30 billion by the end of 2026. Run-rate is calculated by multiplying current monthly revenue by 12, meaning a $30 billion run-rate implies Anthropic would have monthly revenue of $2.5 billion in 2026.
Newcomer said recent reports show Anthropic’s annual recurring revenue, or ARR, has already reached $19 billion, raising the possibility it could exceed Coatue’s annual forecast.
The 2031 outlook is more aggressive. Coatue projected Anthropic would post $200 billion in revenue and $48 billion in profit on an EBITDA basis. It forecast ARR of $224 billion. It estimated the company’s valuation at about $1.995 trillion in 2030, a multiple of 41 times expected EBITDA. The 2031 valuation forecast is $2.413 trillion.
Chi-gyu Hwang (황치규)
delight@d-today.co.kr