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A $30T-plus TAM may make for a striking IPO frame, but the more useful signal is the gap between theoretical demand and monetizable share. Anthropic's expected 2028 revenue of roughly $190B-$200B would represent only about 0.6% of that market, underscoring how expansive the premise is. My read: investors should weigh durable enterprise retention, pricing power and model differentiation more heavily than the headline TAM. If compute and R&D remain costly, scale must translate into profit and cash flow to support the valuation case. Not advice, just analysis. #Anthropic30TTAM