This might well be true, but it’s not the slam dunk people seem to be treating it as. A private investment round can be negotiated by as few as two people agree

This might well be true, but it’s not the slam dunk people seem to be treating it as. A private investment round can be negotiated by as few as two people agreeing on a price. It says nothing about the market clearing price for any other investment or sale like it does with a public market transaction. Public markets give you an order book of other competing offers where you can make some reasonable assumptions about how much you could sell at which price if you wanted to liquidate. There may be no other buyer for Anthropic at or near the current price. Conversely, it’s a private company and scarcity of opportunity to get in is also a thing. So it’s entirely possible someone will pay more than the previous round just to get in. Basically we don’t know until the investment bankers have done their jobs.