> Maybe think of it as a bimodal thing. And how does that justify the valuation that they are planning to IPO at?

It's just a total gamble, is that the claim?

> 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 easily imagine a future in which Anthropic fails to find a market fit that results in the kinds of profit that will cover their current spending commitments, and where the company is another casualty of progress.