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Start free trial →Pivot (Kara Swisher & Scott Galloway) · Tech Strategy & Big Tech · October 2026
Galloway had just read out a figure from Anthropic's S-1: revenue per employee of about $6.6 million, up from $1.4 million a year earlier. He argues that "AI" in a board meeting now means more revenue with fewer employees.
…this stat. Revenue per employee is about $6.6 million. That's up from $1.4 million a year earlier. So the efficiency here is remarkable. By the way, that's greater revenue per employee than every MAG 7 member except NVIDIA, and it'll probably surpass NVIDIA's revenue and per employee. So well run.
This is a well-run company, much better run. They don't have that. I mean,
this is the nightmare. This is the nightmare for politicians and for citizens and for college grads and the dream for shareholders. They don't employ that many people. And their revenue is up 1,400%. Their employee count wasn't up 1,400%. They didn't 15X their employee base. And this is what is so, I just can't get over. This is how every board meeting in a growth company works. The CEO comes in and says, we're going to grow revenues 12% next year, 14% next year. That's like a modest count of, which means I need permission to hire another 8% employees or increase my employee base 8 or 10%, which will increase earnings 15 to 20%…
this is what Anthropic is showing. Yeah, 100%. It'll be, okay, last question because we got to move on to this show. What is the valuation in November when it goes public? Well,
it'll be looking at, I'm trying to think what their 27 projected numbers will be if their first half, if they're at a run rate of 40, I think it goes out at 2 trillion because I'm just my Greek lands are going here. If it's doing 40 this year and they think they cannot 10x it, but 5x, that's 200…
And let me say for everyone, it's coming after the election. The Democrats just got a lot of new donors because this is not a MAGA group of people. Let's just say it's, it'll be interesting to see where they deploy their political capital going forward. And speaking of how you deploy your capital…