Matt Frankel

Yeah, I love the word you used, ambitious valuations.

Anthropic is having success getting money in the private markets.

In my opinion, they would be wanting to step it up a bit.

Right now, they're valued at about $350 billion, reportedly.

in an ongoing funding round to which Microsoft and Nvidia have already committed $15 billion.

It's not like they can't raise money privately.

This is up from $183 billion valuations, almost double, in a September funding round.

It really shows you the magnitude of hype surrounding these big AI players.

It's not as if Anthropic is a pre-revenue business.

It's making money.

It expects to end this year with $9 billion in annual recurring revenue.

Management's projecting that to rise to over $20 billion next year.

They have a pretty ambitious target of $70 billion

for 2028.

But it all depends, really, on the rapid growth in AI spending.

My real thought is, if the IPO market and the AI market are doing what they're doing now, then 2026 is a good target, even toward the first half.

If the market cools, this could be delayed significantly.

It's going to depend on what they think they can get out of the market.

But as it stands now, it's not surprising to see a sense of urgency develop.

The easy answer is Alphabet.