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

Summary

Pauline Yang of Altimeter Capital discusses the firm's lead investment in Anthropic, now valued near $1 trillion. She explains that the valuation is supported by rapid revenue growth from $9B to $47B in run rate, making the multiple cheaper. Yang believes both Anthropic and OpenAI can be multi-trillion-dollar winners in the AI super cycle, given the enormous addressable market.

• Altimeter Capital led a funding round in Anthropic, now its largest investment.
• Anthropic's valuation rose from $380B to ~$965B in under a year.
• Revenue run rate jumped from $9B to $47B, making the valuation multiple cheaper at ~20x.
• The company is reportedly on the brink of an IPO, likely in October.
• Yang argues the AI market is the largest TAM in generations.
• She believes both Anthropic and OpenAI can become multi-trillion-dollar winners.
• Enterprise demand for frontier models is driving growth for both companies.