They don't need $200B profit for the math to make sense. Where are you getting that? Anthropic is expected to IPO around $2T valuation. That's around half Goo

They don't need $200B profit for the math to make sense. Where are you getting that? Anthropic is expected to IPO around $2T valuation. That's around half Google's value, and Google's profit is around $130B. So using the same P/E ratio as Google that implies $65B profit. Of course Google is a mature company and Anthropic is growing revenue faster than any company in history so you'd expect Anthropic to have a higher P/E ratio than Google which means a lower profit to justify that valuation. In any cay startups are valued on revenue rather than profit so that's the real number people will be looking at.