Goldman Sachs reports Anthropic's ARR topped $65bln in July 2026, versus $47bln in May and $9bln at end‑2025. ARR is still expanding at about 18% MoM despite the larger base. Goldman says markets have begun trading the "second derivative" — whether growth can further accelerate or will slow as the base rises. It warns that once ARR moves from sub‑$10bln into the hundreds‑of‑bln range, simply sustaining high percentage growth may deliver less marginal valuation support than earlier.