Leaked Coatue Presentation Projects Anthropic at $1.995 Trillion Valuation by 2030, $14 Billion EBITDA Loss in 2026

A leaked January presentation from Coatue Management projected that Anthropic would post a $14 billion EBITDA loss on $18 billion in revenue in 2026, while reaching a $1.995 trillion valuation The presentation, which circulated internally at Coatue, offers a rare window into how one of the leading venture capital firms valued the AI safety startup at a time of intense investor competition to back frontier AI labs. Coatue was among the investors in Anthropic's most recent fundraising rounds. The projected $14 billion EBITDA loss reflects the enormous cost structure of frontier AI development, where compute expenses for training and inference routinely run into the billions annually. Anthropic's primary product is Claude, a family of large language models sold via API and through consumer and enterprise subscriptions. The $1.995 trillion valuation target Anthropic was most recently valued at approximately $61 billion following a $3.5 billion fundraising round in late 2024. The company has received a $4 billion investment from Amazon and $2 billion from Google, both of which have integrated Claude into their cloud service offerings. Coatue declined to comment. Anthropic did not respond to a request for comment, according to Newcomer.