Anthropic makes over $840M a quarter from model distillation, some investors value it at $1.5T not $2T
Kr00ney · x · 2026-10-15
- Anthropic estimates 5–7% of its revenue comes from distillation customers — companies using its models to learn how they work and train their own.
- That translates to over $840M in Q3 revenue from distillation alone.
- Given the lower quality and substitutability of this revenue, some investors argue a $1.5T market cap is more appropriate than the $2T its bankers have reportedly targeted.
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