Anthropic booked $100 million of revenue in 2023, then $1 billion in 2024, then $4.6 billion in 2025. By May of this year, the annualized run rate had climbed to $47 billion. That last number is the one the $2 trillion IPO gets priced on, and it changes the math completely. Divide $2 trillion by the 2025 figure and you get 435x revenue, which looks absurd next to Samsung's 5.7x. Divide it by the current run rate and you get about 31x. Divide it by the $100 to $120 billion in annualized…