A fun game in times like these is to go to the S&P 500 Index and see how many profitable companies one can buy with the bubble private company valuation. The number that Anthropic’s valuation buys is 78, including Domino’s, Clorox, Smucker, Stanley Black & Decker, Deckers, lululemon, McCormick, Tractor Supply, NVR, Albemarle, FedEx Freight, News Corp, Alllian Energy, Kimco Realty, Hormel Foods, Clorox, Weyerhauser, DaVita, Zimmer Biomet, Lennox, Masco, A.O. Smith, MGM, Wynn, Brown-Forman, Norwegian Cruise Lines, Hungtington Ingalls, and many more. The largest inflation adjusted valuation at pre-IPO of 1990-2000 was UPS at $119 billion, 92 years old at the time. That was 26 times earnings at a net margin of about 8.6%, 2.4x sales.