Secret Coatue projections from January 2026In a presentation to prospective investors in January, Coatue offered a rare look at how it justifies Anthropic’s heady valuations. An anonymous source sent me the slides, which give a unique look at how a top investment firm values Anthropic’s business. This is a moment in time when some of America’s most valuable, growing technology companies remain private.In the January presentation, Coatue estimated that Anthropic would lose $14 billion in EBITDA o...