Morningstar published a report saying Anthropic’s equity is worth $1.7T, about 13 times its expected 2027 sales.

That figure rests on a base-case forecast of 47% compound annual revenue growth over the next 5 years.

The 1st growth driver is deeper spending inside existing accounts: almost 12,000 customers pay over $100K a year, yet Fortune 500 clients in that group spend less than 0.1% of their total budgets on Claude.

The 2nd is new customers, since roughly half the Fortune 500 still spends little or nothing on Anthropic, and the third is AWS Bedrock and Google Vertex AI, which let revenue scale without a matching increase in sales reps.

Morningstar rates the company’s moat as narrow, citing research speed, enterprise pricing power and multiyear compute deals, but rates its uncertainty as Very High: its bull case is $3T and its bear case is $500B.