General Obligation(@gen_obligation):Can someone explain to me why Dario should command a 30%+ premium over sama (both on futures markets and rumored IPO / fundraising valuations), when OpenAI has comparable revenues growing at a faster rate? Many signs point to a very slow Q3 for Anthropic. ps: great reporting as always, @MadisonMills22

2026.10.02 03:28

Can someone explain to me why Dario should command a 30%+ premium over sama (both on futures markets and rumored IPO / fundraising valuations), when OpenAI has comparable revenues growing at a faster rate? Many signs point to a very slow Q3 for Anthropic. ps: great reporting as always, @MadisonMills22

Brian Decker@BrianDeckerSF

2026.10.02 00:53

This data is indexed to 100 and Anthropic peaked the week of 8/2 and is down 25% from that peak. Now this is customers using the Ramp Token spend management so it is some very small subset of Anthropic revenue. Vercel/Openrouter point the same way. This understates open-weight.