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Cut the crap.

The value of the firm's operating assets = EBIT(1-t) - Reinvestment

You (Anthropic) want that sky-high valuation? Accept reinvestment is part of the equation.

If they decide to stop reinvesting, then they are as good as dead.

Moreover, they clearly are not re-investing cash flows from operations. Why do you think they are continually raising money? Lmao.

and to make matters worse, they are massively over-valued.

Whoever buys the stock at a richly priced 1tn at ipo is a bozo lmao. I know I know, index funds will be forced to hold it bypassing the 1 year rule. Disaster already.