Goldman Sachs projects Anthropic to generate $33.6 billion in free cash flow by 2030

Goldman Sachs expects Anthropic to generate $33.6 billion in free cash flow by 2030. The forecast comes as the AI company moves through its IPO process, with Goldman serving as lead underwriter.

What Goldman is telling investors

As lead underwriter, Goldman has shared projections with potential investors suggesting Anthropic’s revenue could surpass $600 billion by 2030. Bloomberg’s analysis puts the more precise estimate at approximately $685 billion.

That breakdown includes about $586 billion expected from enterprise clients. Roughly $100 billion would come from other sources.

For context, Anthropic’s revenue was forecast at around $4.6 billion in 2025.

According to the projections, Anthropic’s free cash flow stays negative until 2030. That is the year it is expected to swing to positive $33.6 billion.

The IPO math

Anthropic filed its registration in late October 2026 and kicked off its roadshow on November 10.

The company has suggested a price range of $70 to $78 per share for 825 million shares. At that range, the offering could raise approximately $57.75 billion to $64.35 billion.

On top of that, there is a $26 billion private placement with strategic investors. The IPO targets a fully diluted valuation of $1.4 trillion.

The company’s last private mark came in May 2026, when a $65 billion Series H round valued Anthropic at $965 billion post-money.

Current traction gives the bull case some backing. Anthropic’s run-rate revenue reached $81 billion by the end of October.

Why the cash burns before it flows

The reason for years of negative free cash flow comes down to infrastructure. Anthropic has committed more than $900 billion to compute and cloud infrastructure through partnerships with major tech firms, including Google and Microsoft.

Goldman’s projection is effectively a bet that the spending curve flattens while the revenue curve keeps climbing. If that crossover lands on schedule, 2030 becomes the payoff year.

What this means for investors

For prospective IPO buyers, the pitch is a growth story with a long fuse. The upside is tied to enterprise demand, which accounts for the overwhelming majority of the projected 2030 revenue.

A company that is not expected to generate positive free cash flow until 2030 asks investors to stay patient through years of heavy capital outlays.

There is also execution risk baked into every assumption. The $33.6 billion figure depends on revenue scaling as forecast, on enterprise customers continuing to adopt AI at pace, and on the infrastructure commitments delivering the capacity Anthropic needs.