I'm not arguing that their product is not valuable or that it doesn't have customers.

I'm stating that their current business model, prices, and behavior they are trying to instill is not profitable. For example, token maxing every code change is great for Anthropic and terrible advise for Anthropic customers.

The moment they stop training, they become irrelevant. The moment they become irrelevant their valuation crashes down to normal valuation ranges for a company with their revenue and future growth