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Fortune's Math on Anthropic at $2 Trillion: It Would Need $59–79 Billion in Annual Profit — More Than Amazon Earns Today
Fortune ran the comparable-multiple math on August 14 and concluded that an October 2026 IPO at $2 trillion implies $59–79 billion in annual profits, against Nvidia's $120.1 billion, Microsoft's $133.7 billion and Amazon's $77.7 billion in net income. Renaissance Capital's Avery Marquez said reaching near-operating-profitability 'makes this very large valuation maybe not seem so crazy,' while Neostellar Capital's Evan Schlossman reframed the real question as compute access: 'what is Anthropic's source over the next 18 months, 24 months, of how much compute they will be able to access?' The counter-argument to the bull case is not demand — it is whether the supply exists to serve it.
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