# Evan Armstrong analyzes Anthropic's S-1 and whether a $2 trillion valuation holds

> Original title: Is Anthropic Worth $2 Trillion?

- Source: Every
- Published: 2026-10-26T04:00:00.000Z
- Bad Influence: https://badinfluence.news/items/gmpj5c2jlxjrdxiwdhygc2dkv
- Original: https://every.to/napkin-math/is-anthropic-worth-2-trillion

## Summary

Evan Armstrong says Anthropic's S-1 shows revenue of about $11.6 billion in Q2 2026 and net revenue retention near 900 percent. He argues the valuation depends on Anthropic's next models staying ahead, since frontier models lose revenue within about six months. He also notes that its 85 percent reported gross margin falls to 45 percent when training compute is counted.

## Why it matters

The piece reads Anthropic's S-1 figures, including retention, customer concentration, and gross margin, to test whether a $2 trillion valuation holds up.