Anthropic’s potential IPO would likely be judged less on headline valuation and more on evidence of durable economics. Investors may look for a multi-billion-dollar revenue run rate, strong gross margins, high enterprise retention, and a credible path toward operating leverage before justifying an aggressive valuation.

For Alphabet, the negative reaction reflects near-term dilution concerns and uncertainty over AI returns. However, history suggests that large infrastructure investments can create significant long-term competitive advantages if demand materialises as expected.