It's actually quite reasonable.

If Anthropic is valued at $1T, with year-end ARR/run-rate reaching $100B, that's only about a 10x price-to-sales ratio (not expensive for a company that's still early-stage and growing rapidly).

If the profit margin can reach 40%, the corresponding PE would be about 25x (large tech companies have long maintained PEs above 30x), which is very cheap.

To get to the point: if it goes public with a $1 trillion market cap, I think it's worth buying.

Current stage: Fierce competition means prices can't be raised temporarily, and profits can't increase. Programming is the only area where AI has deeply penetrated.

Future stage: Once the competitive landscape settles, companies will start focusing on profitability, with deep penetration across various sectors and unlimited potential.

A 10% expansion in profit margin, from 40% to 50% (software companies have long-term profit margins of 70%+), translates to a 25% growth in the company's profitability. Over 4 years, that's 100% profit growth, easily achieving the exaggerated gains of a Davis Double.

Nowadays, what company doesn't pay for large models? And this payment is just beginning. In the future, there will definitely be a large model company with a market cap exceeding $10 trillion.