$META is valued at $1.89 trillion; $SPCX at $2.1 trillion. Anthropic, which has not yet gone public, is valued at $2 trillion pre-IPO according to Binance, and wants to IPO at a $2 trillion valuation.
Meta’s enormous investment is funded by its own cash flow. SpaceX uses the money it raises to build computing centers, then rents computing capacity to Anthropic and Google for $1.25 billion and $920 million a month, respectively.
Of the three, Meta is the only one that can use its existing business to prove it can afford the bill: $15.8 billion in quarterly net profit.
SpaceX’s $2.1 trillion valuation is based on computing infrastructure plus Starlink’s cash flow; rockets and Mars are part of the story. It’s the AI business that supports the valuation of this rocket company.
Anthropic’s $2 trillion valuation is the most speculative. To justify it, the company would need to raise its operating margin from -175% to 10% and sustain that for a decade—that’s beyond the realm of forecasting.
Structurally, Anthropic’s current round is a lot like what happened in 2000. Back then, Lucent lent money to telecom operators to buy its equipment. The operators’ orders became Lucent’s revenue, and Lucent’s stock price then supported its ability to borrow even more. Now, Broadcom is lending money to Anthropic to buy its chips; Anthropic pays SpaceX to rent data centers; and SpaceX uses that money to build more data centers and rent them back to Anthropic. The form has changed, but the structure is exactly the same.
Meta’s enormous investment is funded by its own cash flow. SpaceX uses the money it raises to build computing centers, then rents computing capacity to Anthropic and Google for $1.25 billion and $920 million a month, respectively.
Of the three, Meta is the only one that can use its existing business to prove it can afford the bill: $15.8 billion in quarterly net profit.
SpaceX’s $2.1 trillion valuation is based on computing infrastructure plus Starlink’s cash flow; rockets and Mars are part of the story. It’s the AI business that supports the valuation of this rocket company.
Anthropic’s $2 trillion valuation is the most speculative. To justify it, the company would need to raise its operating margin from -175% to 10% and sustain that for a decade—that’s beyond the realm of forecasting.
Structurally, Anthropic’s current round is a lot like what happened in 2000. Back then, Lucent lent money to telecom operators to buy its equipment. The operators’ orders became Lucent’s revenue, and Lucent’s stock price then supported its ability to borrow even more. Now, Broadcom is lending money to Anthropic to buy its chips; Anthropic pays SpaceX to rent data centers; and SpaceX uses that money to build more data centers and rent them back to Anthropic. The form has changed, but the structure is exactly the same.