Jon Ma maps Anthropic net ARR after Meta and distillation deductions toward a $1.3–1.6T frame

Building from a reported ~$65B gross ARR in July 2026 and ~$10B net-new ARR per month, the post backs out Meta (~$5B), AWS/GCP take-rate, and Chinese-lab distillation to sketch ~$62B net ARR in Q3'26 and ~$82B in Q4'26 — implying ~$1.3T–$1.6T at 20× EV/ARR, close to a cited ~$1.4T pre-IPO print.