This should help build some intuition and establish a baseline for what the $2T valuation means.
If you buy at $2T Anthropic needs to be worth about $3T by 2030 for a normal market return. That's ~25x P/E and ~$120B/year of profit.
That could be something like $400B of revenue at 30% net margins, $300B at 40%, or $600B at 20%.
It would take 1.7x revenue growth a year to get from today’s $68B run-rate to $400B by 2030. Anthropic's current growth rate is ~4.7x a year. Anthropic doesn't need to maintain that, they basically just need to prevent it from absolutely collapsing and hope margins hold up against open weight models.
You could look at this and say "yeah that's plausible" or "I highly doubt they achieve that" but it's hyperbolic to say its actually impossible they can meet this valuation, definitive proof of bubble, cant be worth this unless they can create God, etc.