> Is Anthropic worth 1.2 trillion when it’s not clear they will have positive cash flow in the foreseeable future?

Maybe think of it as a bimodal thing. I can easily imagine a future in which Anthropic builds a sustainable profit model, grows into new sectors, and is credibly worth 7T in ten years.

I can also easily imagine a future in which AI capabilities continue to increase but the amount that enterprises are willing to spend on Anthropic’s services to do, and in which that, plus ever-increasing competition, cause Anthropic’s revenue to grow slowly, stall, or even contract. And that Anthropic would be unable to raise sufficient capital to make up for it and would therefore forced to default on their obligations. (Or that they would be able to raise enough capital but on poor enough terms that existing investors take substantial losses as a result.)