Anthropic's Mind-Blowing Numbers
Published 2 days ago • 1 min read
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Inaugural Issue: October 27, 2026
Anthropic's Mind-Blowing Numbers
Today, we are launching the inaugural issue of 10X EBITDA's weekly newsletter. It will give you a quick briefing on the important things happening in the investment banking, private equity and hedge fund world.
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Where's the Market?
S&P 500: 7,676.7 (~18x LTM EV/EBITDA; ~26x LTM P/E)
QQQ: ~22x LTM EV/EBITDA; ~33x LTM P/E
Sectors
Energy: ~20x LTM P/E
Financial: ~16x LTM P/E
Healthcare: ~32x LTM P/E
Industrials: ~27x LTM P/E
Software: ~33x LTM P/E
Market data as of October 26, 2026
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What's the Big Deal?
Anthropic IPO: Anthropic filed S-1 on Monday to go public. Goldman Sachs serving as left lead (business as usual). But the numbers are mind-blowing.
- 2025A Revenue: $4.6bn
- 1H'26A Revenue: $16.3bn (that's 14x 1H'25 Revenue...)
- Eyeing $40 trillion knowledge worker market
- Net Revenue Retention (NRR): 900% (that's nine hundred percent for the avoidance of doubt....how does that compare vs the typical SaaS businesses?)
- 1H'26A is nearing operating profitability and is LFCF-positive
- 7 co-founders, each will be worth >$13bn
- "Catastrophic AI-related incident" could be so harmful that the "insurance industry in the aggregate" is insufficient to cover it
DoorDash + InstaCart: DoorDash, trading at $73bn, is in talks to acquire rival Instacart for ~$17bn.
Advent Raises $30 Billion: That's $27 billion for its 11th flagship fund and the rest in a new mid-market fund.
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Who's Hiring?
Class of 2028 On-Cycle: Apollo announced it is delaying Class of 2028 recruiting until candidates are closer to completing one full year of professional experience. This means Apollo will likely recruit sometimes in 2027.
Class of 2027 PE Associate Opportunities
- American Industrial Partners, NY
- Bregal Sagemount, NY
- Carlyle Industrials, DC
- Great Hill Partners, Boston
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Why So Serious?
Can't pass a modeling test? You're not the only one. Jon Waldron says he couldn't pass model test either for an entry-level job. He's now running Goldman, Sachs & Co.
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Investment Banking | Private Equity | Hedge Funds
We are a small team composed of former investment banking professionals from Goldman Sachs and investment professionals from the world’s top private equity firms and hedge funds. Our mission is to cultivate the next generation of top talent for Wall Street and to help candidates bring their careers to new heights. We’re based in the United States, but we help candidates across Europe and Asia as well.
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