Anthropic: What Has to Go Right for a $1.13 Trillion Valuation
Summary
My investment case rests on ANT growing into a lasting business, with customers continuing to pay for Claude as usage expands.
Revenue growth is only part of the story. Anthropic also has to keep more of that revenue after paying for compute.
My base case values the equity at $1.03 trillion before the IPO, assuming strong growth and a 25% operating margin by 2036.
Paid usage, compute spending and the final IPO terms will help determine whether the shares offer an attractive entry price.
