Despite Anthropic's forecast of its first quarterly profit, a $900 billion valuation is unrealistic

Anthropic is projecting rapid revenue growth, with Q1 revenue of $4.8 billion and about $10.9 billion in Q2, alongside a move into adjusted operating profit.

Reuters Breakingviews says the comparison is misleading because it uses gross revenue and overlooks the heavy costs of training and running large AI models.

That makes the reported $900 billion valuation look unrealistic, despite strong investor enthusiasm for AI startups.

The debate highlights a broader concern across the sector: soaring growth expectations may be outpacing actual profitability.