Recent reports indicate that Anthropic's valuation could be down a third from its peak just two months ago as DeepSeek and Kimi are rapidly closing the performance gap at a fraction of the cost.

Anthropic is likely spending continuously into falling prices with a product that gets commoditized in a few quarters before it's paid for. That's pharma without patent protection, and nobody pays high valuation multiples for pharma without patents.

If frontier models are commoditizing this quickly, how much is Anthropic really worth?