Is Anthropic Worth Two Trillion Dollars?

Anthropic's rumored $2 trillion valuation implies revenue growth assumptions that even zero-cost, zero-tax modeling can't justify, unlike cheaply-priced, profitable NVIDIA.

• $2 trillion fails the McNeely test: At that valuation Anthropic trades ~31x revenue; even assuming zero costs, taxes, or staff, discounted at the Treasury rate, all future revenue is worth only $1.27 trillion — never paying back.
• TAM inflation is doing the work: Morgan Stanley (a likely Anthropic underwriter) now pegs generative AI's addressable market near $60 trillion, up from Elon Musk's $22.7 trillion enterprise-app estimate, echoing Uber's unmet $12.3 trillion TAM and WeWork's $3 trillion one.

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