Inference has dropped by like 75% from a year ago. While anthropic does offer more tokens now for the same money, the value of the business is based on an expectation of future profits. There are dozens, if not hundreds of examples of companies being valued this way.
You could be right but the unit economics matter to this business in a way they don't for a SaaS or ads business, they're not free and you can't just point at revenue.
If a system can perform or positively augment the work done by a human, especially knowledge workers, then it’s got value, it’s just quite hard to put a finger on what the extent of that value is even now, let alone next month.
