Anthropic's IPO could be one of the biggest ever, and the way it's being valued is unusual. Normally companies get valued on what they're earning now. But Anthropic is spending so much on AI that current profits don't show what it could become. So bankers are pricing it on projected 2028 revenue, $190-200B according to Reuters, vs. its current "run rate" of $47B (its recent pace projected over a full year). That run rate went from $9B (end of 2025) to $47B (May 2026). First profitable quarter expected this Q2. Investors are comparing it to Palantir and SpaceX, betting the spending now pays off as costs shrink relative to revenue. One investor's take: a $2T valuation is possible, the question is whether AI delivers enough to justify it.(Lark Davis)