Anthropic is now the world's most valuable unicorn, reaching a $965 billion valuation following SpaceX's IPO removed it from the private valuation rankings. OpenAI ranks second at $852 billion, following a record-setting $110 billion investment from Amazon, Nvidia, and SoftBank.
The scale of these numbers has become genuinely difficult to contextualize against historical precedent: both companies are now valued well above the market capitalization of most Fortune 500 companies, based on revenue multiples that would be considered extreme in any other software category, a bet that current growth rates are sustainable for long enough to justify the price.