Funny I consider this valuation modest considering what the max extent of the investment thesis is here.

SaaS and legal market caps have already contracted a multiple of the combined OpenAI + Anthropic valuations just based on the _threat_ of what they may be able to accomplish.

They'll have the data + knowledge edge over open alternatives and be able to implement + deploy (see the story about Anthropic employees being at GS for 6 months already[0])

[0] https://www.cnbc.com/2026/02/06/anthropic-goldman-sachs-ai-m...