Frontier AI labs like Anthropic are being valued on the same scarcity premium once given to L1s. Investors watched that premium fade once blockspace became abundant. Usage kept growing even as each transaction earned less. Open models, distillation and model routing are now expanding the supply of intelligence in the same way. According to Bloomberg, Anthropic’s revenue reportedly grew from $4.6B in 2025 to an annualized run rate above $65B by July 2026. But its rumored $2T IPO valuation is at odds with its growing compute expense and poor public narrative campaign. Pricing pressure would hit harder because most of Anthropic’s compute spending is locked in. Roughly 80% of the $518B it has reportedly committed to cloud and compute cannot be canceled. Revenue carries no such guarantee, since many of its largest clients reportedly have no long-term contract.