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Charu Chanana, chief investment strategist at Saxo Markets, said, Anthropic’s revenue looks “really strong but that’s not enough for now. The market has moved from simply rewarding growth to asking much tougher questions about funding, cost of capital and returns on that spending.” She added, “For Anthropic’s IPO, these numbers strengthen the growth story, but valuation will still be the big debate. … A valuation above US$2 trillion would be roughly 30 times annualized Q3 revenue, while investors will also have to digest the enormous infrastructure commitments required to sustain that growth.”
