Why Anthropic Trades at a 65% Valuation Discount Despite 3x Faster Growth Than Palantir

Anthropic's $30B valuation commands a 65% discount to Palantir's EV/NTM multiple (17x vs 49x) despite growing 165% versus Palantir's 62%. Four factors explain this gap: massive capital intensity from GPU infrastructure costs, uncertain path to profitability, volatile revenue growth, and regulatory risks in AI.