I find this line of reasoning highly dubious.

Yes, Anthropic is compute constrained, even after the SpaceX Colossus deal.

But supply constraints are the normal operating mode of any market. Anthropic could choose to serve whatever models it pleases at whatever price points it chooses and let the market decide where the value is.

If Mythos at $X overwhelms their capacity, they could just charge $X+1. If still overwhelmed, there are larger prices as well.

Sort of, but valuation models depend on X being in a certain range. If it > this range, revenue and therefore valuation are impacted.

And then the bubble would collapse. Corps are already putting limits on token usage across the board because of costs. Increasing costs would significantly contract the hype bubble.