The article compares Google's August 2004 IPO at $85 a share, when it was worth about $23 billion, with Anthropic's upcoming IPO. Anthropic's first-half 2026 revenue of $16.3 billion is 12 times Google's at the same stage, and most of its customers are businesses that pay, including more than 1,900 spending over $1 million a year; however, Anthropic needs far more capital, with at least $417 billion of compute contracts. The price gap is the main difference: Google went public at about 16 times trailing revenue, while Anthropic would be priced at 76 to 101 times, or 32 to 43 times if its latest quarter is annualized to $46 billion a year. The article calculates that rising 150 times as Google did since its IPO would require a $225 to $300 trillion valuation, above every listed company today, and argues the issue is that the starting price already reflects most of the success. It also notes Alphabet is reportedly around a 14% owner of Anthropic.
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