Damodaran values Anthropic at $1.475T, slams founder voting control
rohanpaul_ai · x · 2026-10-29
Aswath Damodaran published a long post valuing Anthropic at $1.475 trillion.
Key points:
- Growth is fast but slowing: H1 revenue ran 14x year-over-year, but Q3 growth cooled as OpenAI won share.
- He criticized Anthropic's governance: 7 co-founders hold 50.1% of votes via a single share, a setup he says "would put Kim Jong Un to shame."
- On profitability, he sees the AI market splitting into a mass-market segment (10% margins, price competition from open models) and a premium segment (40% margins). With 80% of revenue from usage-based enterprise customers, Anthropic targets premium; he assumes a 75/25 premium-to-mass mix yielding a 32.5% pre-tax operating margin.
Related event: Damodaran Values Anthropic at $1.475 Trillion, Rips Its Governance(4 posts)→
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