Anthropic: ~$145B raised, $2T IPO target. What profit makes that work?

Strip it back: investors have put roughly \~$145B into Anthropic since 2021. It’s now reportedly targeting a $2T valuation at IPO, about 14x every dollar ever invested.

I know tech isn’t valued on capital raised. It’s valued on future earnings. But a big chunk of that \~$145B has already gone on losses and compute, so the $2T rests almost entirely on profits that don’t exist yet.

Revenue growth is impressive, but revenue alone doesn’t reward shareholders. If compute costs keep scaling with revenue, it doesn’t matter whether Anthropic makes $100B or $1T.

At a mature-tech multiple of \~25x earnings, $2T implies something like $80B of annual net profit. For context, that’s in the range of the most profitable companies in the world.

So my question: what does the path to that level of profit actually look like, and how long do investors wait for it?