Aswath Damodaran estimates Anthropic’s equity at $1.475 trillion, slightly below his $1.5 to $2 trillion IPO valuation range. His model assumes $1 trillion revenue by 2036, 27.5% operating margin, and 9.74% cost of capital, while noting competition, computing costs, regulatory risks, and governance concerns could lower value sharply or, in an optimistic case, raise it to $4.04 trillion.
