Well, if Anthropic actually makes $200B revenue in 2028 then that valuation is justified, depending on how fat their margins are.

They are going to have to monetize their customers to try to reach that goal. So that means charging as much as the market can handle. They have a couple of problems though called OpenAI, SpaceX, Google, Chinese models and Open weights.

With the (unknown?) blend of consumer vs enterprise customers, what do "experts" project their margins to be around?

Some notes from me researching trying to answer my own question:

> Wall Street experts and financial research firms project Anthropic’s current blended gross margins to be in the mid-40% to mid-60% range, with internal company forecasts aiming for a software-like 77% gross margin by 2028

> Anthropic’s revenue is heavily dominated by enterprise and developer customers (roughly 75% to 85% of total revenue).

> Premium Token Pricing: Enterprise and API clients generate 3 to 5 times more revenue per token than consumer users.

Net is estimated to be between 10% and 30%