Exactly. Anthropic has been losing three-comma money until recently. In Q2 2026 it earned a profit for the first time, about $500 million. If we imagine they will earn $2 billion in 2026, that’s a 0.2% return on the $1 trillion investment.

To believe the valuation, Anthropic earnings need to grow 100x. For a more likely outcome, I can recommend a bridge in Brooklyn.