- Anthropic’s $2T valuation implies ~30x annualized revenue; Q3 reached $16.8B (+45% QoQ), with 85% adjusted gross margin.
- The treadmill combines $518B committed over a decade, 80% owed regardless of usage, with flagship pricing premiums lasting six weeks, then three.
- Author views $965B fair; $2T requires $200B 2028 revenue and 30% cash margins, with ~1-in-5 joint odds and two-in-three below-IPO odds within 18 months.
Investment pitches
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