Anthropic and OAI are both looking for 1T valuations. Anthropic is projected* to make $500mil operating profit off 10bil annualized revenue. They need to grow these numbers 10-50x more for the valuation they're seeking to make sense.

Tough pill to swallow given they lack a moat and their compute is being subsidized by the companies they lease it from, all of which are INVESTED in Anthropic and have a desire for their growth story to look good because when they IPO it gives those same investors a better shot at making their money back.

That's the circular aspect of this whole scheme. Nobody makes their money back if the LLM company valuations get more realistic.