Both Anthropic and OpenAI can be multi-trillion-dollar winners over time, says Altimeter's Yang

Pauline Yang of Altimeter Capital defends Anthropic's near-trillion-dollar valuation by highlighting revenue growth from $9B to $47B run-rate, making the multiple cheaper than the prior round. She sees AI as the largest TAM in generations, believes both Anthropic and OpenAI can be multi-trillion-dollar winners, and notes Anthropic's strong enterprise execution in early 2025.

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Altimeter Capital 8.2
Hedge Fund $3.50B
Pauline Yang 9.0

Both Anthropic and OpenAI can be multi-trillion-dollar winners over time, says Altimeter's Yang

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Pauline Yang describes AI as the largest TAM in generations, with potential for multiple multi-trillion-dollar winners, implying strong long-term growth for tech-heavy indices like the Nasdaq-100.

Anthropic was valued at $380B in February 2025 and now nearly $1T; asks how that happened.

Sarah
Pauline Yang

Revenue grew from $9B to $47B run-rate since February; the valuation multiple is actually cheaper at ~20x revenue vs. the prior round.

The headline number is large but justified by growth; the revenue multiple is lower than the last round.
Asks why Anthropic raised now if it's near an IPO.

Sarah
Pauline Yang

Investors were eager to invest; if you can raise capital, you should; more cash and a stronger balance sheet never hurt.

The rumored IPO timeline is October, but raising now makes sense given demand.
Altimeter also has a stake in OpenAI; asks if both Anthropic and OpenAI can be winners given the competition.

Sarah
Pauline Yang

AI is the largest TAM in generations; both Anthropic and OpenAI can be multi-trillion-dollar winners, similar to past super-cycles (internet, mobile, AI infra) that each produced $5T companies.

Past super-cycles each generated a $5 trillion company; AI is even larger.
Anthropic has outpaced OpenAI in revenue growth over the last six months, possibly due to enterprise focus; asks if that will continue.

Sarah (or third host)
Pauline Yang

Both companies target enterprise; Anthropic executed well with product velocity in early 2025, but OpenAI and Google are not counted out.

Enterprises are willing to pay for frontier models; Anthropic's growth has been strong but competition remains.

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