“So what's the '28 number? Is it $200 billion? Is it $300 billion? ... It will be very profitable at that scale because it'll be inference-dominated and people are reporting they have 85% [gross margins on inference].”

Target date is more than two years out; Anthropic was reported at roughly a $65 billion annualized run rate in July 2026 and on track for over $100 billion by year-end 2026.