Jason Calacanis

Well, last year it did 18, $19 billion.

It'll probably do 25 to 30 this year.

Okay, so I'm buying this thing

at a fairly costly premium, right?

So what am I buying?

Well, I'm buying probably the most important internet infrastructure project that's happened since the internet itself, that's going to scale to hundreds of millions of users.

And the reason that's going to scale to hundreds of millions of users is, it's just very useful, and it's just going to become cheaper and cheaper and cheaper.

So that's number one, I'm buying a delivery infrastructure.

But I think over time,

GDP plus 10, GDP plus 15, kind of a grower.

So good business, valuable business, but it's the underlying platform that allows everything else to happen.

And then I'm buying an AI business, which will be at the top level, the apps, but at the bottom layer, all the compute capability.

And I think when you scale that out, like, why is Colossus so valuable to anthropic?

Maybe that's like a good question to ask.

It's because if you look at who's actually capable of delivering a gigawatt data center, these guys are the closest, like an actual gigawatt.

And the reason is, is that this stuff is very complicated and very, very hard.

I think you've probably heard this famous story where Jensen was like, yeah, he was the one that figured out this one thing that nobody else could figure out so that you could strip a bunch of racks and drive a bunch of East West traffic and make the whole thing work together.

So I suspect what happens is next year, it's probably 40, 45 billion.

And then the year after that, it probably doubles again.

So now I'm buying it at 20 times revenue.