TheAnthropic IPO Arrives: My (but not the) Anthropic Valuation!

Analyst Aswath Damodaran evaluates Anthropic's initial public offering prospectus, examining its revenue growth, compute commitments, profitability path, and risk factors. The author attempts to value the company using a projected revenue target of one trillion dollars by 2036, concluding that its equity value depends heavily on market assumptions while criticizing its dual-class voting structure and public benefit corporation framework. Open article →