The $2tn+ Anthropic IPO talk is pure absurdity!

Chinese models have already closed much of the capability gap while running at a fraction of the cost; the idea that Claude alone can sustain 800% growth and justify 30x revenue multiples ignores how quickly the frontier is commoditizing.

Revenue run-rate projections of $100-120bn by year-end feel like spreadsheet fan fiction when open-weight and low-cost alternatives are eroding pricing power and enterprise lock-in.

This is classic late-stage investor cash-out theater: pump the private valuation, float at peak hype, and let public markets hold the bag once competition and margin pressure hit.