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Perhaps $50B would be a fair valuation to aim for?

Imagine that - 50 (fifty) times more than an average unicorn start-up!

Something they could be very proud of, and many if not all employees would become multi-hundred-thousandaires practically overnight!

Reportedly Anthropic's ARR is $80B and gross margin 85%, so $50B sounds low.

Sure, if you ignore all RnD costs. If you don't; they were $80B in the hole the first half of 2026.

Almost all of that loss is accounting charges due to valuation increases, not R&D or other expenses.

No