Sam Dickie

Well, I think Anthropic's growth rate is absolutely phenomenal.

And if we go right back to the start, you said, why are these companies listed in such big valuations?

It's partly that private market phenomenon and sloshing capital I talked about, but also it's

You know, we've never seen these growth rates at scale in the history of the world.

So Anthropic was, what, $80 million of revenue two and a half years ago?

It's $30 billion today.

It's extraordinary.

So the growth rate of Anthropic.

Anthropic really sort of got escape velocity by focusing on the enterprise with very, very good model evolutions.

Yeah.

And if it's true, and we'll see when their prospectus and S1 properly come out, it's actually profitable as well.

I mean, that is a potentially enormously valuable business.

There's a few truisms, right?

So IPOs have no track record.

So when traditional investors like to analyze companies, they like to look back over a lot of track record.

There is none.

So that's one.

So that heightens the risk.

The second thing is there's an enormous amount of vested interests trying to inflate the price this company lists out on the stock market.

Investment bankers, thousands of insiders, not least the founders themselves,