I was arguing a 20x ARR valuation based on a simple 'potential' justification for $1T.

If I was to go further into that, I'd say that Anthropic has grown from $9B ARR Dec 2025, to $47B at their Series H.

I'd say that Anthropic is still a growth stock, so their $1T valuation is based on expected ARR/growth over the next year, and if we assume a double in ARR (justified by their supply constraints as proof of demand), that's 10x Valuation to revenue.

We could consider valuing by P/E, but they're in a growth stage so that's a waste of time, hence why investors focus on growth, and hence ARR growth is hugely important. If they managed $100B ARR, the same P/E as other top software companies by marketcap, they'd fit in that lineup.

If Anthropic was to hit $100B ARR, they be in similar ratios of ARR:Valuation to Meta, MSFT, Apple, etc. If you assume per token price reduces, and 'per intelligence' prices to reduce, which bullish investors would, you'd also assume a good margin over time, (which rumours appear to support for Anthropic).