Anthropic's $2T valuation tops 35 SaaS firms combined despite 4.6x less revenue
ordax · x · 2026-10-18
A chart compares Anthropic with 35 SaaS companies (Salesforce, SAP, Adobe, Intuit, ServiceNow, Zoom, Atlassian, etc.): Anthropic's $2.0T market cap exceeds their combined $948B, yet its $11.5B Q2 2026 revenue is 4.6x less than their combined $53.4B. The author argues SaaS isn't dead but being reinvented — don't confuse market cap (expectations) with business value (real revenue, profits, and paying customers). AI hype is great until someone asks to see the balance sheet.