Anthropic trades at 65% discount to Palantir despite growing nearly 3x faster, reflecting uncertainty over capital intensity and profitability path

Anthropic has raised $15B+ and faces substantial ongoing capital demands, including a $6.2B annual cost for the xAI Colossus GPU deal at current market rates. The company's valuation reflects a 17x EV/NTM multiple, compared with Palantir's 49x despite Anthropic's 165% revenue growth versus Palantir's 62%.

The discount prices multiple uncertainties: GPUs account for 60–65% of AI data center capex, leaving unclear whether Anthropic is growing into a high-margin software business or a capital-intensive utility. Revenue volatility—including explosions in March and April—also complicates the growth trajectory public markets prefer to underwrite.

Exogenous political risks including export controls, compute caps, and safety requirements could reshape the competitive landscape. The market's caution reflects the fastest growing and quickest changing market conditions.