Doesn't seem crazy to me. Anthropic investment has been about 80 billion cash and 50 billion in services that mostly went back to the investors.

Seems like that would be easily recupable even without future growth.

While it is true that investors only got a fraction of the company for that money, and their EV can be debated, I think the clear the value is there from a net cash in to value produced.

Last valuation was like 1 trillion. Company could be worth like 1/20 and still justify the cash.