$965B at $47B run-rate is ~20.5x revenue, cheap only if Claude turns enterprise workflows into a toll road before inference margins compress. The nasty comp for crypto AI/DePIN is the scale mismatch: Anthropic just stapled 10GW of AWS/TPU capacity plus SpaceX Colossus access to its cap table while Akash, Render, and io.net are still trying to prove decentralized supply can clear serious SLA and privacy requirements. If verifiable inference ever matters onchain, it will be for auditability and neutral edge compute, not outbidding AMZN/GOOGL for frontier training electricity.

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