Leaked Coatue Presentation Projects Anthropic at $1.995 Trillion Valuation by 2030, $14 Billion EBITDA Loss in 2026

A leaked January presentation from Coatue Management projected that Anthropic would post a $14 billion EBITDA loss on $18 billion in revenue in 2026, while reaching a $1.995 trillion valuation by 2030, according to a report by Eric Newcomer published Monday. The presentation, which circulated internally at Coatue, offers a rare window into how one of the leading venture capital firms valued the AI safety startup at a time of intense investor competition to back frontier AI labs. Coatue was among the investors in Anthropic's most recent fundraising rounds. The projected $14 billion EBITDA loss reflects the enormous cost structure of frontier AI development, where compute expenses for training and inference routinely run into the billions annually. Anthropic's primary product is Claude, a family of large language models sold via API and through consumer and enterprise subscriptions. The $1.995 trillion valuation target by 2030 would rank Anthropic among the most valuable companies ever created if realized, placing it alongside Apple, Microsoft, and Nvidia in the current top tier of global market capitalization. The projection assumes continued growth in AI adoption and Anthropic's ability to maintain a leading position in an increasingly competitive market. Anthropic was most recently valued at approximately $61 billion following a $3.5 billion fundraising round in late 2024. The company has received a $4 billion investment from Amazon and $2 billion from Google, both of which have integrated Claude into their cloud service offerings. Coatue declined to comment. Anthropic did not respond to a request for comment, according to Newcomer.