It has zero network effects and barely any economies of scale. It's a good product without a moat which will get replaced by any company with their own compute and cheaper energy.

I think the only way out for Anthropic is to buy a few neoclouds as they go under, but even then it's a coin flip as to if they survive the next 3 years.

The market is a cold beast and doesn’t care. If things hit the fan it will happily take ownership Opus 5.5 in bankruptcy court and slit everything else out on the street.

If people paid a profitable price for Opus 5.5 it would not be the best product in the world and would not be slotted into so many things where it's benefiting from ubiquity. That circle needs squaring. There will be an Opus 5.5 that's a 10th of the price in a few months.