Anthropic

“Andreessen Horowitz, you know, all the world's most successful VC investors opening their first international office here in the UK. And that just comes on the back of Palantir saying that they're going to do their AI headquarters for research here in the UK. …”

“We're working with the companies themselves, DeepMind, Anthropic and OpenAI. I'm pleased that they've said that they will give early or priority access to the models.”

“So if all the stars align, then OpenAI and Anthropic and all of these places, they had this great first generation technology. So they're kind of like the Lycos and Alta Vista of search engines. And the technology we have is more like PageRank. And that would …”

“So if you look at anthropic and open AI, I think they're really chasing for this idea of AGI and they're relatively consumer facing.”

“I see the existing LLMs, the open AI, the Entropic as sort of basic infrastructure.”

“We've seen companies that with Seven employees have creating models that are comparable for some use cases to what OpenAI or Anthropic do.”

“Probably the opening eyes and Anthropics are continuing their innovation, which those are effectively research companies.”

“I could see Amazon just like flat up like buying Anthropic and being like, let's just make this part of the EC two cluster. And that's just a very easy route to market.”

“Giving a dollar to a startup is just a lossy way of giving it to OpenAI or Anthropic or whoever, because, you know, that's who they're basically taking it and shining it up and handing it onto.”

“I'd be wary of Amazon. So like I could see Amazon just like Flat up like buying Anthropic and being like, let's just make this part of the EC two cluster.”

“People sort of just a few weeks ago made fun of Memo and putting, you know, whatever, a billion into Anthropic, but if they're doing 200 and something million in one year, it doesn't seem like such a bad deal, does it?”

“For me, it's like a non-competitive industry. I never want to compete against fucking Sam Altman doing foundation models and Dario from Anthropic and Satya at Microsoft. I want, like, legacy architecture. I want, like, high pricing power. I want really, really…”

“It looks like around flipping. Yes. I don't know about that deal particularly, but it makes sense from both perspectives.”

“I think there is a Correlation between how aggressively people predict AGI is coming and how much capital they need to raise. So you've got Emodi from Anthropic, you've got Altman, OpenAI, Musk, XAI, all of these guys are saying that it's just around the corne…”

“Anthropic because they're algorithmically a superior company. Like they got whatever open AI got to with lower capital. They have better post training and like things like that.”

“I think with OpenAI and Anthropic, the value of the value of those companies is not in the models they have. That is a very first-order approximation. I think the second-order approximation is it's in the machine that's building the machine. That specific grou…”

“We have not spent a lot of money. What are, I'm, it's not like most of cash we raised has already gone away to compute, no. But what I'm saying is, whatever money we spent, Majority of it has gone to compute. I don't have the exact percentage, but majority is …”

“If there are companies that are working on Foundation model competitor to OpenAI. It is definitely like one of the worst arenas to be part of. Almost like I think there are five men standing today sort of thing. Google, and Anthropic, Meta Mistral, and you can…”

“I think that will probably sustain because it's not really possible to acquire these businesses. Now you can acquire the smaller ones, and we've seen that with Inflection and Adept, you can acquire some of the teams, but it's going to be much more difficult to…”

“Folks focused on superintelligence didn't feel very welcome at the company, and there has been an exodus of very prominent people, and Anthropic has picked up a lot of them. So it seems like we're seeing a split emerging where OpenAI is more focused on product…”

“What I would like to see and what I think is going to happen is that it's not just Google, Amazon, and Microsoft. It's going to be, you know, an open eye, an anthropic, a poolside, and a set of companies who are able to get that massive escape velocity needed …”

“So I'm not sure if these numbers are right, but I recently read that Anthropic is more or less doing 60% of the revenue of OpenAI, and they do this with less customers, so they kind of achieve a higher price point, probably. Plus the recent release of computer…”

“Yeah, they have a model that is great at coding for sure. And it's impressive work.”

“I think I go Anthropic. I feel generally the, it still holds to the quality of the team or maybe you know, the stability of the team and their opportunity to grow. And yeah, the value arbitrage is is still hard.”

“I don't know if I'd really want to invest in any of them right now because I think in those cases we're seeing all of them to being about the same kind of product. A lot of them are really becoming the same Technology.”

“We also use a lot of other models. We change that on a regular basis, and we've invested in a lot of model companies, including Anthropic and Mistral and Cohere and many Many of them.”

“Probably anthropic... I think the upside is bigger.”

“For music, It's very different from text, and I think people will very sloppily look at the world of OpenAI and Anthropic and the hyperscalers and say audio is just a couple years behind, which it is, but that scale is gonna solve all these things. But unlike …”

“I actually think I would do X. I think they're all great companies. I would do X because I think there, there's the most asymmetric upside if Elon delivers what he usually does. And I mean, we've all heard of some of the, like, that data set that he built, lik…”

“We're most using OpenAI... We've shifted some workloads to Anthropic. We're also using Gemini actually.”

“I can switch models readily. Like, I think there's even entire businesses now There will be an entire industry of being able to switch models from OpenAI to Anthropic when OpenAI goes down, but just to switch clouds is like, you know, for any, like, substantia…”

“I think XAI is the most undervalued company, and a really spicy take. I actually think XAI might overtake OpenAI and Anthropic in value over the next, you know, 12 to 24 months.”

“If we had believed that only capital was going to win, Then we would not have invested in Anthropic, because you know, surely Sam was telling us and everybody else, like, we're going to win the capital game. The capital game is the only way to win, and so ther…”

“There's a reason why Anthropic hasn't done as well because it operates sort of at The model level. It's all of the additional things that go into ChatGPD that I think has staying power.”

“It's OpenAI and Anthropic that have created the best models on the planet for the last three years. It's not Microsoft. It's not Amazon. It's not Google. It looks like, you know, Gemini is good, but let's face it, it's at best a fast follow.”

“So I think it absolutely has to be a mix. And I think the best models will come from that combination of great, like for code it's, you know, being, having good foundational understanding of code and good examples, but then also being able to explore a really …”

“As a really, you know, specific example with cloud code within, you know, a week of it being deployed internally, we had found a way in which one of the sort of tools that it has access to the model wasn't using as well as it could have, and that made its way …”

“Figuring out how we better either break that down into component parts, which is probably part of the story, but also think about it holistically is the biggest blocker to at least one slice of progress, which is how do models go from being extremely good at e…”

“Cause our team for all of Anthropic being big, you know, I think we crossed a thousand people. Our product team is, you know, maybe a 10th of that.”

“So when I think about the coding space and where we can play and add value, it really is on the agentic side. It's not on the ID side.”

“Probably personality and having the features they build be cohesive.”

“We think a lot about office professionals at Anthropic in terms of one of the use cases that, you know, is going to be potentially really multiplied by these models in the future. Nobody's really evaluating that.”

“Even as we think about doing our product design and data privacy and, you know, selling to German users or German companies, there's a different set of questions that get asked that are often very helpful questions.”

“We were cloud three, seven sonnet. We launched on Monday and we locked the blog post for that. Sunday night at nine PM, which is not best practice from a marketing perspective. You know, we were briefing press that day on Sunday.”

“Many, maybe even most of our good product ideas come from our engineers and come from them prototyping.”

“And I think models, this is very underappreciated and probably under-researched as well from like a model capabilities perspective because models fundamentally want to be helpful. And that is not always what you want them to be. And there's a safety case for t…”

“I got this question a bunch with deep seek when deep seek came out, like, all right, what does deep seek mean for you? And I think there's things that we learned from on the tech side, just looking at what they were doing, but from a go to market and place in …”

“We are going to be building things that are general purpose as a rule with maybe some specialization at the, like, user level, but not at the, I don't anticipate us building a lot of verticalized experiences that are, like, fairly bespoke to a given workflow o…”

“The adoption that we've gotten of our products is ahead of their actual like true Product market fit because they are still the best ways of getting the models. And I don't think that's durable over time.”

“I think we've, if anything, under-invested a bit in two things. One is just Having a faster iteration speed on first-party products, and then on the second part on the API side.”

“The Claude three, we were training a model at the frontier that was state of the art with a team that was much, much, much smaller. Than any other lab.”

“They've moved faster at shipping V-ones, even ahead of where the model is sometimes.”

“We have an active effort right now around tearing down some of that and rebuilding the core UX to just feel good. It doesn't feel great right now.”

“I think significantly if you take a deep seek moment, right? Like ideally that the, like the story of, oh, there's more than one sort of front or leading edge API, sorry, AI product to be used is some, a narrative that we should have captured. I think it hurt …”

“We got too calcified, I think. And like, oh, well, this is on this team's plate versus this team's plate. And oh, you can't get this done this quarter because it's not on this team.”

“My sense of where it ends up being most valuable to exist is places where you have some differentiated go to market, some differentiated knowledge of some particular industry or some special data that only you have access to ideally two or even three of those …”

“Over time, you start learning that, people don't just deploy models. They're doing like fine tunes or they're deploying models. Plus they've done a lot of really bespoke work to make that model be great for that use case. It's not a thing that's going to switc…”

“We use all of OpenAI's models, Google, Gemini, and the main workhorse is Anthropic's cloud model for writing the code.”

“If you look at the enterprise revenue, like, Anthropik is almost caught up to open AI from nothing, from being absolutely dominated”

“OpenAI lost all their best talent to Anthropic”

“So I would buy Grok. I think they're also very ruthless in like finding business opportunities. We'll, we'll see about that, but I feel like they could be good at that. Even though Anthropic is my favorite, I love the culture and I love the, like the leadershi…”

“I probably buy Anthropic assuming they can figure out the app, you know, the app stuff more.”

“Anthropic definitely has really stood out in, in their ability to solve programming and coding style tasks in a way that I think is like I'm very bullish on Anthropic for that reason, because I think that's such a groundbreaking part of what makes LLMs multipl…”

“I would probably go for Anthropic. It's a really interesting thing from the outside where a lot of their motivation started around these like safety concerns and like, how do we allow the models to not take over the world and so on. And I think after sort of a…”

“I think at the moment I would say that I would buy none of them. And it's not because I have a particular, and it's not because I'm critical of those businesses. It's because I don't know what the answer is to enduring competitive advantage at the large langua…”

“The valuations that Anthropic and OpenAI and some of the others are getting are historically public market only valuations.”

“I would have said OpenAI maybe six months ago, but I think Anthropic is really starting to appeal to a lot more people.”

“If you fast forward three years, all the foundation model companies that weren't populated by people who were at OpenAI haven't done great, and Anthropic that was populated by people that came from OpenAI has done pretty well.”

“Anthropic has a lot more pressure to keep building the best models because Claude is so much smaller in terms of market share for the consumer app.”

“Where is OpenAI slightly weak compared to Anthropic? It's in coding.”

“That's a quietly better model than it looks, right? And it probably can scale and absorb some significant costs From open AI and Anthropic right at that level.”

“People who did Anthropic at four billion have got about a three and a half to four X when you combine the dilution and the employee stock payouts.”

“We're talking about going from talking about 30 to fifty billion dollar outcomes to multi-trillion dollar outcomes in the form of SpaceX or OpenAI or Anthropic.”

“Do I think it'll work and raise capital? Probably it will because the facts are there. The other The other PE vehicles have worked. And then let's get real. You know, at the end, it'll be packaged with some version of this is the only way you can get access to…”

“When you look at FTX, their positions in Anthropic and Cursor actually would have saved them if they had the time to prove that out and they hadn't done the commingling. That would have saved their financial performance with those two investments alone.”

“The public BBC structure is actually what Anthropic did from day one. They got it right.”

“It creates this internal funnel of your best employees moving from your HQ to Silicon Valley. Which by itself is not a problem. The problem is then they get recruited away by the whatever the hot Silicon Valley company is at the time. You know, like it could b…”

“If there's not four exits, Above sixty five billion in the next five or seven years, then the people who bought Stripe, SpaceX, Databricks, OpenAI and Antropic are screwed. So I don't think they're screwed. So I think there's going to be, this trend is going t…”

“Because Anthropic is one to three billion in revenue in five months, right?”

“They're putting a billion in, right? That's much more ambitious than throwing a growth fund throwing fifty million into the last round of Anthropic, right? Or throwing twenty million into Lovable. It's a big bet, right?”

“A lot. A lot. And I've got appetite for more. Same with OpenAI. Same with Databricks. Wiz.”

“Today I think there's a handful of liquid private companies basically. They're quasi-liquid. But at scale. Small positions, yes. But try to go move a billion dollars of Anthropic.”

“You know, we were fortunate enough during, you mentioned FTX earlier, to be awarded during the bankruptcy a bunch of stock. We bid on it. We went through the whole process, bid on the stock, bought a big chunk, and now the company, look, the company is, in my …”

“It's not that they want to open source Lama and make money off it. They won't. It's not that they want to even have an API offering of Lama, something like, you know, a, an anthropic offering that just won't be big.”

“Seeing the, you know, the strong performance from Antropic in terms of top line growth, and then just looking at the burn, you know, five last year going to three this year.”

“Elon Musk can get away with this the most. Just because of who he is. Like, it's unacceptable to have a race, to release a racist model to the, like, there's, this is as unacceptable as it gets. But Sam Altman's going to be fried. Anthropic's going to be fried…”

“Well, Anthropic has quadrupled their revenue since they were valued at sixty billion, so it seems like a fair one to pick.”

“If you add all their valuations today, what is that? Like, 500 B, something like that? I think that's gonna go way up in the next five years.”

“How I see a world where there actually will be multiple, multiple, Frontier AI companies, Frontier AGIs, just because every one of them will be able to go in a different direction. Like, you see it already, you see it today playing out already with the differe…”

“I think it'd be very stupid of Entropic to just cut off a, probably the largest customer at the knees. And I, and the one thing, they're not stupid. So I don't think they will.”

“I think I do Anthropic at a hundred just from a back short-term momentum perspective.”

“The clear three, the two people who are clearly going to be at the table as startups when this is done are OpenAI and Entropic. It, it's hard to imagine beyond that.”

“Both Anthropic and Opener have done a remarkable job, remarkable with brand independence and market share, and so I suspect they'll continue to be stalwarts in the industry.”

“AWS was like, 70 or 80% market share early on. Nobody thought they could ever catch up to them. You know, they were the massive market leaders that created the category. I mean, they had way more dominance than Anthropic has now.”

“Gemini 2.5 is a great model. It's a great model. And if you actually look at it, you know, on the price performance, I would say in many use cases, the one that I actually use as my standard model, it's better than Anthropic.”

“I believe that there was a billion late last year and four billion this year.”

“I don't think you get to a month of a trillion dollars if you're just selling stuff to developers, which isn't to say I don't think you do extraordinarily well.”

“I think both of these companies can be plus or minus, you know, half a trillion to trillion dollar companies.”

“I don't give you the exact numbers, but if you look at the paid usage, it's majority, it's not everything.”

“I'd invest in GroK, and I would probably short Anthropic. No, I would short OpenAI.”

“And then we use for code writing, we usually use Anthropic. And right now you can say like, I want to use GPT-V and that's better when you're solving a really hard debugging problem.”

“I think it's more the slope on the Grok team. They have, they're doing something which I respect a lot, which is to hire missionaries for the data curation part, and they call it AI tutoring. And they I think the morale is much, much better in that team than b…”

“OpenAI is doing that better than Anthropic. So I see them as a more serious competitor in, in, in 12 months.”

“There's no chance, I think.”

“I mean, we put our money where our mouth is. We've been a buyer. So over, and that's again, like we a year ago when we were buyers, we still wouldn't have didn't conceive of that.”

“So it used to be Twilio. Then you know, probably StubHub, Canva, Anthropic Yeah, probably, probably that bucket.”

“Now you look at, you know, Canva, you know, forty billion plus, and Anthropica with seventy billion plus, and perplexity, you know deep into DekuKorn status, and like, these businesses, you know, aren't going public anytime soon.”

“I think the numbers right now, the top three LLMs, if you include you know, Anthropoc, OpenAI, and X in there, ah, are gonna raise a hundred billion dollars in this six month period”

“You know, 3.8 X will keep you in business for a long time, but the reason to do it is because you believe it could be a 30 X. And that's the basis of our anthropic investment is we believe that it is a generational company.”

“Like, when you actually see the anthropic numbers that he's now sharing, and like, this is real, and, you know, their path to billions and billions in revenue, and, you know, really compelling unit economics, I just, we have never seen this in the history of o…”

“And I assure you, one of the coolest things about the profile of anthropic and perplexity and Canvan, these businesses is the math actually pencils out.”

“You know, you look at an Anthropic or a Perplexity or a Canva and we, you know, we have, you know, nine figures into each of these companies and yet we are still, you know, well below historical venture standards where you aspire to own 20% or something in the…”

“Iconic is a lead for this round and Lightspeed led the last round.”

“Salesforce owns one percent of Anthropic.”

“Anthropix revenue has tripled in four months, right?”

“The stunning thing with this growth rate, if it persists, big underline, is you're only buying in at eight to nine times next year's revenues if the growth lasts.”

“Iconic rolls over a hundred million into open AI. They're not allowed to invest because they led the anthropic round. Right. So this is the only way they can put nine figures into it because they're soft band or hard band from the round.”

“This round was also super oversubscribed. It was, I know folks in the industry have been clamoring over this and it was hard to get into.”

“They went from a hundred to a billion last year.”

“They downloaded this from pirate websites. Okay. This wasn't cutting a little bit of a corner. Okay. This wasn't claiming something that wasn't quite open source was, This is literally, guys, we got to get this rocket ship going. I need a trillion books. I'm g…”

“If you're a B to B company and you're seeing nothing, you're not seeing any boost from AI. You didn't get open AI or anthropic as a customer. You're not seeing any benefits like you get an F. You get an F. There's so much money flowing through this system, rig…”

“You got, you can't walk into the partners and not have anthropic or open AI on the website. It's not enough. Yeah. It's a low, I think it's a logo deal.”

“Microsoft I think today said they're moving not just parts of office to Anthropic, but that it is the default choice for several other products and that Microsoft today said several months ago, they told their teams to start using cloud code several months ago…”

“The only interesting take I'll take is that I interview, honestly, three to four Dacacorn CEOs every week, and on this topic, two interesting elements, completely price insensitive as to how much they spend on Anthropic, and Claude Code in particular. I was th…”

“In both these cases, the small company won. They got the money, they got the critical mass, they got the credibility, and now they've pulled away. And neither on top of now open AI needs Microsoft or Amazon at this point. They don't need them for money. They d…”

“I don't think that long-term necessarily we'll always see a five X difference between open and anthropic. So I guess, yeah, maybe, maybe if the question is more like, what is spread trade? I think like that, that multiple will shrink. Over time.”

“I think their enterprise business I'd argue will be bigger than OpenAI if it already isn't already not having spent that much.”

“They've always done better than they've said, by the way, too”

“Is that an enduring investment? No, obviously now they've gone at odds with each other because there's an ambition that collides between the two companies and so they want to have more choice. They want to have anthropic at the table as well.”

“Look, we invested in a topic only you know, less than a year ago at the sixty billion dollar round,”

“And that's why the investors there will probably end up doing on a multiple basis better than again, you know, in a world of like what's durable, what's not like they're trending to be, maybe they'll do better. In their MOI than the early investors would in op…”

“So that's half a trillion dollar company, like by the end of next year. I'm not saying that's what it's going to be, but if they hit their numbers, I don't see why that won't happen. Just from, I'm just saying public market comps, like that's what those things…”

“Anthropic this round probably was the cheapest round that got done this year on a multiple spaces. Which company was raising capital at, you know, at 20 times ARR? They're all raising capital at 50 to a hundred times ARR.”

“My understanding is they were beating people off with a stick on the recent on Tropic round. And if they decided they want another ten billion, it'll be there tomorrow morning. So it's not capital constrained.”

“Our engineers recently started using codecs more than using the Anthropic tools.”

“I'd want to invest in both. They're both undervalued. Highly undervalued.”

“If OpenAI were given twice the inference compute that they have today. If Anthropic was given twice the inference compute that they have today, within one month from now, their revenue would almost double.”

“I have no doubt that OpenAI will be able to build its own chips. I have no doubt that eventually, Anthropic will be building their own chips, that every hyperscaler will build their own chip.”

“I think that Anthropic should be open sourcing their previous generation in order to get people using them instead of the Chinese models.”

“I don't think it's a monopoly, but I think it's definitely an oligopoly. To be clear. So I think that, yes, the number two at Tropic clearly can. It's a differentiated number two with an overlapping, but strategy, but not, you know, one is winning in consumer,…”

“What happens when you're working at Anthropic, for example, my guess is you're not really learning how to competitively knife fight in a sale.”

“So PLG is great, but if you want to sell to the enterprise is hyper-political, and you have to have a sales process to do that. And at some point, The PLG motion will fail you, or it won't get you to that, that large enterprise. And if you aspire to sell the l…”

“Anthropic has a big margin on their API business right now. What I've heard is 60% margin on Anthropic's API. I've heard 50% on OpenAI.”

“I'm very, very bullish on open AI because I think they have a winning consumer product.”

“Well, I think the simple version would be OpenAI and Anthropic are now steel servers and power companies. And that's like a big change that's happened in the last 12 months. And so I actually think we're, you know, in many ways, OpenAI and Anthropic are becomi…”

“Google owns 14% of Anthropic.”

“Anthropic is now projecting seventy billion in revenue in 2028”

“And Sonnet and all the models that they have is probably still a little bit ahead of OpenAI, but I think given ChatGPT, I think I would probably rather do OpenAI at 500 than Anthropic at three 50, but I both think that they're relatively good investments even …”

“Anthropic projects seventy billion in ARR by 2028.”

“If you look at a Rapplet or a Lovable, 80% of their pass-through is too anthropic.”

“Like, even if now Gemini three comes out and it's a better model than Cloud and so on, then still there's gonna be a huge number of people staying with CloudCode because they're used to it and they built some things up the stack.”

“Moving faster. They correct something in coding. They're very focused on delivering value to B to B customers of, they don't have the first mover advantage, but I think they have better models. And when they look at their trajectory they're better positioned f…”

“Of all the round tripping deals, I would argue a Microsoft, Entropic, Nvidia deal probably has better principles and upside than most. I mean, some of the other round tripping deals look like they're already, you know, a bit shaky.”

“You'd rather not create an anthropic when your team leaves too, let alone thinking machines and all that. You don't want to force two of your best people out and they build your top competitor.”

“Kind of, you didn't mention it, but in the same announcement, I think, Anthropic also said they're going to break ground on a physical data center. So that's another one of the model companies saying it's not enough to rely on compute from your service provide…”

“Is Microsoft going to increase another 30% next year? Is Antropic going to invest in compute? And right now, all those answers to those questions are yes.”

“Claude figured that out. Cursor didn't figure this out. Replit and Lovable and Bolt didn't figure it out. I can tell you the story. Claude figured it out. Anthropic, the guys, you know, once they quit OpenAI, they figured it out and everyone grafted on this, i…”

“I think Anthropic and Databricks have an incentive to IPO, as best I understand it. They have an incentive. As Rory said, times are great. And so I think it'll be the, unless, unless, unless the market crashes for some reason, I think they're going to do it wh…”

“20 X times 26 is five 20. I'm gonna guess five hundred billion IPO, right?”

“If at the API level, I'm a commodity, and there's me, OpenAI, and Gemini, and the swapping between us, I have got to grab the apps. And that's what you're saying. I mean, Antropic is grabbing the coding app, And obviously OpenAI is grabbing the ChatGPT consume…”

“Why is Entropic buying chips from Broadcom? Answer. They don't want to pay 75% gross margins to Nvidia.”

“I think the difference between Anthropix and OpenAI is, OpenAI has more ambition, perhaps, but it's more likely to just get caught In the middle with commitments it can't meet. Whereas I think Entropic is very sensibly and boringly converging on profitability,…”

“Owning almost 10% of SpaceX, owning, ah, perhaps 14% of Anthropic, depending on dilution, right? Now, and obviously, now this is the greatest in circular investment of all, owning the vast majority of Waymo, which is going to blow up. But those three are, like…”

“I think Stripe, least likely, take it off the table. My gut would be Antropic gets it done.”

“I think we see four IPOs backloaded next year. SpaceX goes out first. Canva comes out of nowhere second. Databricks does it in the back half of the year because it's just time. Anthropic does it at the end of the year. OpenAI probably should have gone first, b…”

“In the year when, you know, when Entropic raised money at four or five billion, then there is a 14, then they raised at 60. Your rough math would say four billion to sixty billion is a 15 X. It's just under a five X on a per share basis because you're issuing …”

“This is like three to four X the comp of Anthropic effectively.”

“Once it became a corporate imperative for Meta to be competitive with OpenAI and Anthropic in the LLM space, having a guy running that product, running that project, whose first line is, I don't think this is important. We should do something else. Just causes…”

“They've had a very limited number of secondaries compared to open AI.”

“It will be interesting to see, can the world support 10? Research labs coming up with 10 different variants of AI, all of which have to build either commercial or consumer businesses. I think on aggregate I'm fairly skeptical, but it's less a quality of, I mea…”

“Even little things like Anthropic cutting off XAI's access to Anthropic this week.”

“Right now, it's great for Anthropic to get an extra billion or so a year from Cursor.”

“It's a much lower revenue multiple than Palantir. It's kind of comparable with Cloudflare for God's sake in the public markets.”

“The first venture round at OpenAI was twenty-three billion pre with Thrive, and the first venture round at Entropic was four billion pre with Spark and Menlo, you know, right?”

“I think it probably will be the last one before the IPO.”

“They went from a 100,000,023 at the end of 23 run rate to a billion at the end of 24 run rate. To allegedly about between nine and ten billion at the end of 25.”

“I'm a buyer of Anthropic at this point.”

“I'm pretty sure Anthropix at like three billion in revenue right now.”

“Not entirely, but there were definitely, so we route basically based off of the use case, we route to the best combination of models and definitely our traffic went up to Opus 4.5 significantly.”

“I think if both companies literally just stopped shipping things, their revenues would still explode because there are going to be so many companies building on top of their models There are going to be so many different parts of the economy that adopt these t…”

“I think just moving fast enough on product, like that, that is always, I think, the biggest existential threat for all the application layer companies. And it's not necessarily that, you know, Anthropic or OpenAI are, you know, tomorrow gonna put 50% of their …”

“You couldn't do the Series A of OpenAI and do the Series A of Anthropic. That would be stupid. I would assume one of the CEOs would stop you.”

“So I think fundamentally, I think Elon's wrong on the core assertion. I don't think this was a cunning device to cheat everyone, because if they wanted to do that, they could have just done what Antropic did, which is the totally sensible interim stage of a pu…”

“We are pretty diehard Anthropic right now at the company in terms of the models that we deploy in our system. So initially we were only open AI. So so most of only open AI. And now we're a majority using Anthropic.”

“We, I also think there's a difference between solving enterprise needs and solving B to C needs. And to me, there's a split happening or A perceived split, at least from my vantage point, which is that Anthropic is going more enterprise and OpenAI is going mor…”

“I'll bet based on what I've seen in the last sort of three, six months. I think for our type of work, it will either be cloud or Gemini. That is the top model. And it will be dependent on if context window is a very important factor or not. So far it is not be…”

“Fundamentally, however, I don't doubt the fact that a profitable, and defined by that as free cash flow, operating income business, will emerge from something like, I mean, Atropic's not going to not have a profitable business model because this clearly is con…”

“Remember, last year they had a -94% gross margin. And this year they have a 40% plus or minus gross margin.”

“So, objectively speaking, if you kind of add up all the AI revenue, you know, you're going to get thirteen billion for OpenAI, four billion for Entropic, and everything else is in the noise, right?”

“Anthropic signed a deal for a million TPUs, right? And is deep on the whole Amazon Tranium ecosystem.”

“What all three of those say to me is there's no matter, there's subtle pressure around access to capital. Like they've all got to have an IPO strategy sooner than they'd hoped because Data center, because XAI needs capital, because Anthropic is even worried ab…”

“There is nothing even remotely closed to what is needed when you go to a complex vertical out there. Okay. And it's definitely not in the kind of Sierra level, but even if you take it to the level of the APIs, If I'm kind of taking an anthropic and an open AI,…”

“One thing that they don't say is a lot of VCs want the loose side on the wall, so when you walk into the office, on the wall is a nice logo that says, oh, you invested in OpenAI. You invested in Anthropic. Well, if you put money at three hundred fifty billion,…”

“Anthropic is, I mean, it's a generational, generational company. It changed coding. It changed everything. But the only place Anthropic is weak is consumer.”

“We use Anthropic a lot. It's one of our biggest models. We use, you know, multiple models which I think is what most good SaaS vendors are doing within their customers' choices, right? Like we use a lot of Gemini, a lot of Anthropic. We have a whole bunch of L…”

“Claude to me is very different. Claude is like my intelligent advisor and I am trying to push and I say to Antropic all the time, like, I don't want an AI that tell me you're so great, man. Like, I understand that that's, like, a nice experience, and some peop…”

“Anthropic raises thirty billion at a three hundred and eighty billion dollar post money. Now, it was originally ten billion and it upscaled to a thirty billion dollar round.”

“Anthropic looks like, for enterprise, it's clearly the best model.”

“They actually specifically, unlike some of the other funds that have invested in both, they've Specifically our fund that said, no, we backed open AI. We're not going to back on tropics.”

“The truth is you've never seen a company grow 10 X in gap revenue and runway year on year for three years. Right? At this scale. It just hasn't happened.”

“Most of OpenAI's revenues comes from ChatGPT on the consumer side, and Claude, less than 20% of the revenue is consumer.”

“Anthropic said it's hundred K customers are up seven X in the last year. So there's not enough time to steal deals. Having said that, going from five percent of OpenAI's revenue to 64% in 14 months, that is stealing budget.”

“For the first time ever with this AI wave, people are questioning the terminal value of SaaS, right? These were supposed to be like insurance companies, you know, annuity streams that just have revenue streams and profit pools forever and ever and ever. And fo…”

“The bull case on Anthropic is really simple and really straightforward. Their focus on coding has been an unbelievable advantage for them because coding is the first use case in AI that's really taken off. That code, that coding focus has led them to have a be…”

“In the last strategic decision that they made that I think is really Sort of unappreciated by the market is they built for every cloud and they built for every chip platform, and that gives them incredible optionality and a lot of people want them to win.”

“If you look at Anthropic, right, publicly available numbers, nine billion of ARR growing 800%.”

“I don't think CrowdStrike's obviated by this. I think it will totally be fine. It'll continue to be a business.”

“You gotta say these are the two fastest growing companies in history. That's just a statement of fact.”

“So I believe it will aggressively attack parts of Figma this year, even though they're key partners.”

“Definitely, I feel And Tropic have a little bit more momentum right now. They can change. And it will change, I'm sure.”

“Yeah, so first of all, I think there's like five Doomeday scenarios I'm familiar with, so that's one of them. But, you know, I'll just take you back a little bit in time, but first of all, it was everything about people will Vibe code their own apps. That was …”

“I don't think that ChatGPT or Gemini on Tropic are going to do it, because going back to my the second theory that we discussed, you know, of course, you know, people are buying a Tropic Claude, they're buying ChatGPT, but it's not a tool where you work with a…”

“So I'm not saying people will not use Entropic and OpenAI, for sure they will, but I don't think they're gonna capture all the enterprise value. Because they have a much bigger opportunity ahead of them, and it's not their focus.”

“In fact, they refused to release Claude before ChatGPT because he didn't think it was safe. They only released Claude under, under duress.”

“Given that, I think it was naive to try and sell the government at all at the Department of Defense at all.”

“He wasn't even approved at the Department of Defense for this application, right? Only XAI was, and they had lost. They had lost because Palantir picked Anthropic.”

“You've got to believe that the next round for this, Antropic, and SpaceX are all public offerings.”

“Which is why they still have the seven founders when the other guys across the street have lost almost all but one or two of the founders.”

“People that spin out of Like, Anthropic or OpenAI and raise money at, like, two billion dollars for a freaking idea. Like, there's nothing more than an idea and a napkin. To us, that seems complete lunacy.”

“Dustin will make more money from his anthropic investment than he will from definitely from Asana.”

“Yeah, I mean, they passed GPT in the app store.”

“I was talking to my dear friend Jason Lemkin the other day, and he's like, fuck this. I've had enough of this. I just want to do an anthropic SPV and go home. I don't want to pick the winner in a SaaS company.”

“I think that company and a small handful of companies in the private market today are operating on a different plane. You know, I think it is not bombastic to say that some of those businesses could be trillion dollar companies.”

“They won't clearly get a two hundred million dollar revenue deal with the U S department of war, but in a perfect world, if they bend the knee prevail on the law, what we've seen in multiple other situations is you end up at some kind of, you know, acquiescenc…”

“The government's going to say you're either going to agree to this or we're going to freeze you out of the US economy. And it doesn't matter what a court says. Because they'll come up with another justification. There'll be another one. There'll be a different…”

“The consensus is, in law, Anthropic would probably win a good slug of this case, which is different than saying they're going to win the fight.”

“Most bolt on players are not doing it. They're simply using a GPT or anthropic model. And they're basically just adding a thin layer. You have to rebuild the entire experience end to end.”

“Just to start with the facts, they actually said 73% of new spending. Right. And what it is, and the same graph shows OpenAI is still actually ahead of Anthropic in terms of total spend. But the marginal buyer in the last six weeks, eight, 10 weeks has massive…”

“So many folks sub-anthropic are going to get their arses burned because they'll end up in the dead zone. They'll have great companies without great IPOs and zero M and A opportunities.”

“There was this kind of whole meme of OpenAI reports net on their partner revenue and Entropic reports gross. And what they're saying there is if OpenAI sells through Microsoft and Microsoft takes some money off the top, OpenAI only reports the net amount. If A…”

“If you were doing application security or code review for secure security code review, you're probably going to have to either incorporate how this works in your analysis or you'll be redundant.”

“28 day month of February, where they did six billion in revenue, which was more than Databricks has done in their entire lifetime.”

“Well, to be fair about Entropic and OpenAI, they have a very clear and sensible way they define ARR. What they say is they take the last, the average of the last four weeks to smooth out times to 13, because there were 1304 week periods in a year, which is mor…”

“I have to think a company organized like that's just going to Out-execute someone with that level of drama.”

“And the result of that, and the result of that was a four or five percent decline in the average cybersecurity stock last Friday when this leak happened.”

“I think some of the most defensible businesses in the age of, you know, anthropic and open AI are businesses that actually do something physical. Like they require actual specialization and they require infrastructure.”

“It really feels like the investors in OpenAI got a much worse deal in the last round than the Anthropic ones did.”

“Their training costs are a quarter of OpenAI.”

“I would argue that you would buy OpenAI on one proviso. You could sit down with the board and say, what are you going to do about this? Because it doesn't take a lot to fix this thing, right? To just stop screwing around and focus, right? And, you know.”

“Getting to thirty billion up from nine billion at the start of the year. I mean I think it took, I mean, Salesforce is the largest software company, right? Or at least cloud one. And it took them 25 years to get there. Anthropic got there in five, but maybe th…”

“If we step back a minute, it ties to Anthropic passing them. You don't just sit there and make no changes on the team when your competitor over the last six months has radically changed the competitive posture.”

“We just had a long conversation on Entropic versus OpenAI, And they're kind of number one and two in this space, and Gemini, Google is almost certainly number three, so x.ai is number four in the kind of model LLM space at best, burning twelve billion dollars …”

“The response of security stocks going down to the Anthropic announcement was absurd. I think anyone who's cutting back on the security budget in twenty-twenty-six is missing the point, right?”

“The big three, SpaceX plus OpenAI plus Anthropic, their value at IPO will exceed every other IPO for the last 20 years combined.”

“OpenAI and Anthropic will end up, and Google will end up buying, and 11 Labs will end up buying, like, all of the new foundational model companies that will be popping up and creating research and paying just, like, a few billion here, a few billion there, and…”

“I think, like, the two companies that today have been able to make it is, or three companies, if you want, OpenAI, Anthropic, full respect for them, Cursor. The three of them, I think, for me, are, like, Cursor has killed enterprise unbelievably well. Yeah, th…”

“Anthropic. And I've put it online, like, multiple times.”

“I've had the privilege to invest many hundreds of millions of dollars into Anthropic across several rounds from the first to the most recent one.”

“And that's why, you know, it resulted in deep compute and capital for equity partnership with Amazon. That was originally four billion dollars.”

“Remember we originally tried to go out and raise five hundred million and then had to re-anchor to only raising a hundred million dollar seed round”

“Anthropic, I will say, you know, the mission and vision has always been very I think it's always been very American aligned, right? They've always said, hey, America is, The crown jewel of the world in terms of innovation. This is where we're located. Anthropi…”

“Tell them to give me a call when they'd like to be investors in the world's fastest growing business of all time, and then they can lecture me about public benefit governance and market share adoptions.”

“So I introduced them to 22, you know, friends up and down Sandhill road. And so there's some investors there and we got 21 no's, right?”

“I think if there's any reason why OpenAI, Anthropic, Gemini, and so on don't hit their revenue targets over the next few years, it's because they won't have access to enough compute.”

“I think it's a two-way fight. Antropic has the advantage of clarity and focus. OpenAI has the advantage of the consumer business.”

“SpaceX, Anthropic, OpenAI in that order.”

“Those people who said it's not a big deal are wrong and entropic is right.”

“What I realized is if I'd met them at the sea, which I didn't, because it was outside our price bracket, but if I'd met them, I would have done exactly what you did, Jess, and I would have listened to the doom warnings, and I said, that's all silly and wrong, …”

“What I mean is listen, he may well be the second greatest founder of all time behind Elon. Look what he's done in five years, right? Five years to thirty billion, the grit, the greatest grudge startup of all time.”