> If you value Anthropic at $500b that's still a fuckload and vastly less than their obligations and a lot of people are going to say "well wait a minute how am I going to get paid"

Not how valuations work!

Walmart made $187bn in sales last quarter of which $6.5bn became net income [1]. That supports $115bn in liabilities and a trillion-dollar market cap at 46x earnings [2].

If you want a more-extreme example, look at JPMorgan: Its $900bn valuation (14x earnings) [3] supports $4.6 trillion of liabilities and $5 trillion in assets [4].

Comparing valuation to liabilities to judge solvency is bunk on multiple levels.

[1] https://www.sec.gov/ix?doc=/Archives/edgar/data/0000104169/0...

[2] https://finance.yahoo.com/quote/WMT/

[3] https://finance.yahoo.com/quote/JPM/

[4] https://www.sec.gov/ix?doc=/Archives/edgar/data/0000019617/0...