If you ignore the cost of building cars, they are also very profitable.
>Profits Can Grow, By A Lot
They can also decline by a lot, and Anthropic's S-1 suggest that is what is happening, as their losses are widening, not narrowing.
>Google Has No Moat, But Neither Does McDonald's
That's why no one is sinking several trillion dollars into a new fast food chain.
>Alphabet, Meta, and NVIDIA are all AI companies that have seen their market capitalization explode over the past few years, but all of them have stable P/E ratios in their 20s.
The "E" in their PE ratios is circular revenue that is ultimately derived from debt and equity, not real end-user demand from profitable companies. For some of these bubble companies, if you subtract the debt-fueled private stimulus money, their actual PE ratios skyrocket.
sounds pretty good. if I made 2.08 for every dollar of my spend I would make more money. Plenty of businesses operate on much much thinner margins, and thats not utility-like at all.
When using traditional business metrics, such as operational net income, we'll see that Anthropic has been in the red for the entirety of its history, at times to the tune of $3B per quarter, except in Q2 2026.
When looking at amended S-1 (with Q3 numbers), page 23, "Consolidated Statements of Operational Data", we can see that for 2026 YTD (Q1 - Q3) net loss was $103B; operating loss was $1,260B.
Anthropic also disclosed up to $895B (multiyear) commitments for infrastructure build-up.
Basically, the company's financial results do not allow for any reasonable valuation (which would be more than 0), leave alone $2T or even $1T. If this is not an indication of a bubble I don't know what is.
And that's their only revenue stream
It's almost as if they know something about the finances that the rest of us don't...