A potential $4 trillion post-listing valuation for Anthropic—and cheaper-model risks

The September 19, 2026 post puts Anthropic’s annualized revenue at $65 billion in July and says many early investors expect revenue to exceed $120 billion by year-end. It argues that cheaper open-weight models and easier switching could challenge that growth, citing Ramp’s claim that routing tasks across competing models cut its AI spending by 40%. The post also says Anthropic retains more OpenRouter users after 12 months: 22.5%, versus about 13.2% for OpenAI.