Anthropic's $2T valuation looks absurd at 435x revenue — but 17-20x on forward run rate
aakashgupta · x · 2026-10-05
Responding to the viral comparison that Anthropic is valued at $2 trillion vs Samsung's $1.35 trillion while earning $4.6B in 2025 revenue vs Samsung's $236B, the author reframes the math: Anthropic's revenue went $100M (2023) → $1B (2024) → $4.6B (2025), with an annualized run rate of $47B by May. Dividing $2T by the 2025 figure gives a seemingly absurd 435x, but by current run rate it's 31x, and by backers' projected $100-120B year-end annualized revenue it's 17-20x — expensive but rational. Samsung's 5.7x also makes sense for mature, single-digit-growth hardware revenue priced on current earnings.
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