In a September 25, 2026 post, a user argues that enormous valuations are being set in private markets before companies go public—but that revenue multiples still don’t look like dot-com bubble numbers.

The post puts OpenAI’s valuation at $1.2 trillion against $40 billion in annualized revenue, or around 30 times revenue. It puts Anthropic at $2 trillion against a $65 billion-plus run rate, or roughly 31 times or less.

For comparison, the user says the median U.S. tech IPO traded at 43 times sales after its first day in 1999 and 49.5 times in 2000.