It is estimated that only 2% of the global workforce is paying for AI right now. If that grows to double digits - especially in the 30%+ range - and Anthropic captures a significant proportion of it, their valuation is justified. This is assuming they don’t offer virtual employees and these are 100% in the pipeline.

Sort of. If they can rely on differentiation and loyalty now, pre-IPO, from their large-but-cheap customer base, they can focus their growth on serving enterprise/other markets, and lean on their existing base as a low-churn-risk (compared to the rest of the AI ecosystem) customer and marketing surplus. Focus is good.