I mean, yes. You are raising points, using Wall Street lingo, that are rightfully raised about every IPO, ever.
To be clear: I do not have a financial interest in this, and will not be buying the IPO. I very much am just describing the world as it is.
Well not exactly. It's quite different this time since most other tech companies used to IPO way earlier. So their valuations weren't based on everyone assuming that they will continue growing exponentially, corner the entire market and effectively become monopolies. You used to have much more uncertainty and therefore potential upside for investors. I mean Anthropic can do great by the standards of pretty much every other public company and still catastrophically underperform the current expectations.