They sell unsexy infra. For example, if you are a retailer everything from the POS system to the accounting system behind it to the ERP system that sits on top of that.

Absolutely terrible products to work with both from a user and developer standpoint, but once they are up and running they are built like tanks.

The value of hyperscalers' equity in Anthropic alone dwarfs their contracts with the government. Not to mention the revenue from hosting their models that helps justify the insane capex. Anthropic going to $0 would be a huge hair cut to all of their balance sheets.

I like Jetbrains pricing model in general. Basically you get a discount that increases each year based on how long you have been a customer, to the point where it caps out at I think 50% off.

Or just buy Paramount in a couple of years.