🦔Anthropic is expected to tell IPO investors that its total addressable market exceeds $30 trillion. That's roughly the entire GDP of the United States. TAM is the revenue a company could theoretically earn if it captured 100% of its market, and Anthropic is defining that market as all work that could be completed with AI models. The company lost $42 billion last year, projects $190 to $200 billion in revenue by 2028, and is seeking a $2 trillion valuation. SpaceX claimed a $28.5 trillion TAM in its IPO filing. Anthropic is one-upping that. My Take Every company inflates its TAM in an IPO filing, that's standard. But $30 trillion is the entire US economy. Anthropic is telling investors that its addressable market is every task a human does that could theoretically involve AI. By that logic my addressable market is every atom in the universe because I could theoretically touch all of them. TAM is supposed to help investors size an opportunity. At $30 trillion it's just a number on a slide. A year ago these companies were pitching billions. Then it was hundreds of billions. Now it's $30 trillion, which tops SpaceX's $28.5 trillion claim from May. The numbers escalate because they have to. Each round of fundraising needs a bigger story than the last one, and the story has to be big enough to make a $2 trillion valuation on a company that lost $42 billion last year seem like a bargain. I think most of the investors in the room know the $30 trillion number is decorative. The problem is the retail investors who buy the IPO after them, who might not. Hedgie🤗