Damodaran Values Anthropic at $1.475T, Cites Compute Commitment Risks
NYU Professor Aswath Damodaran valued Anthropic at $1.475 trillion in a detailed analysis. He highlighted slowing revenue growth due to competition and compute shortages, warned of over $600 billion in fixed compute commitments, and criticized the founders' absolute voting control via a dual-class structure.
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Rohan Paul (@rohanpaul_ai) · 2026-10-29 00
Dean of Valuation Professor Aswath Damodaran just published a long post valuing Anthropic at $1.475T.
He says Anthropic’s voting setup, where 7 co-founders hold 50.1% of votes through a single share, “would put Kim Jong Un to shame.”
Anthropic is growing fast but slowing: first-half revenue was about 14x a year earlier, then third-quarter growth cooled as OpenAI won share and Anthropic ran short of compute.
The headline 72B non-cash bond charge; the real operating loss was just over $8B, and Anthropic says it made an operating profit last quarter.
The biggest risk is over $600B in compute commitments, a fixed bill owed even if growth stalls, while founders hold 50.1% of votes, leaving public shareholders little say.
