Anthropic IPO Buyers See Valuation as Low as $1.1T

Arguments are being made that, with the midterms over and 2028 just around the corner, a less sympathetic administration would create significant headwinds, adjusting the valuation of Anthropic and OpenAI down.

What we don't know are what Anthropic and OpenAI have planned and in the works.

A large population of extremely skilled and talented people are being laid off by their employers to make space for AI investments. It's likely a significant number of them will start their own business with AI.

AI is also gaining a much wider audience and acceptance. It's likely over the next few years, AI demand will grow, not stagnate.

That said, IPOs are usually liquidity events for LPs and for something really disruptive and unpredictable as AI, I won't be engaging in their IPOs. Only time will tell if this was a good decision, or bad.

Claude has been pushed by force and coercive marketing into most software organizations and many open source projects. In 2026 the companies buying the narrative were exuberant and told employees to tokenmaxx.

This will stop in 2027 because companies will find out that nothing has improved. Nothing at all. They'll evaluate the expenditures.

So the market is saturated and usage is going down. Anthropic should be valued at $200 billion at best.

Apple: 5 T

Google: 3.5 T

Meta: 1.55 T

Microsoft: 3.97 T

Berkshire Hathaway: 1.2 T

Eli Lilly: 1.28 T

Tesla: 1.38 T

Walmart: 1 T

Spotify: 125 billion