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

The IPO underwriter's projections show years of heavy cash burn before the AI lab flips positive at the end of the decade 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. 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.

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