01 / 11 · Misconception #1: The Revenue
The 435× Gap
The $4.6 billion Anthropic booked in 2025 against a $2 trillion price, on one honest scale. Switch the revenue base and the multiple falls from 435× to 10×.
From the article Inside Anthropic's $518 Billion Bet →
Tap to enlarge SourceRevenue, 2025: Anthropic’s draft IPO filing, as reported by Reuters. Run-rates: CNBC (July) and The New York Times (on track for December). 2028 forecast and the $2 trillion: Reuters, citing sources. Multiples are our arithmetic.