The size of the cash raised is right. This combined with their already large cash pile means that revenue growth does not need to reaccelerate and can slow to 1-3% a month. That's still exponential but at least in the real world. And the cash buffer gives them some money to play with for new training runs.

The ultimate question, does the demand exist, still has to be answered. But at least this raise means it has to be answered in a few years not in six months. The cost to Anthropic is public scrutiny and that the market price has a hand on the wheel.