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Anthropic released its IPO filing documents, revealing rapid revenue growth and abundant cash, but it has yet to turn a profit. At the same time, it is burdened with huge capital expenditure commitments and a number of risks such as competition and computing power.
Top AI Model Developeranthropic Listing application documents were submitted on the 26th in preparation for what is expected to be the largest initial public offering (IPO) record in history next month.
In a 335-page public statement, the cloud chatbot developer fully disclosed its financial situation for the first time, including rapid revenue growth, but also admitted that it has not yet achieved profitability.
Here are some of the most notable statistics from Anthropic’s business.
After Anthropic goes public, the company’s value could reach US$2 trillion, surpassing SpaceX’s valuation of US$1.77 trillion at the time of the IPO. The current company with the highest market capitalization isHuida (NVIDIA), reached $5 trillion. However, Anthropic’s final valuation and issuance price have not yet been determined.
Anthropic’s revenue in the first half of this year was US$16.3 billion, almost 14 times more than the same period last year. The growth rate is astonishing, mainly from selling subscription services and providing AI models and cloud AI products for customers to use.
This loss may seem large, but it was primarily caused by a $72.4 billion one-time charge related to convertible notes and other financial instruments. A convertible note is a debt instrument that can be converted into equity at a later date.
Anthropic has raised billions of dollars in the past from major investors like Amazon and Google through convertible debt. As Anthropic’s valuation increased, so did the value of these convertible loans. Since this type of debt is considered a liability, Anthropic reports it as a loss.
Anthropic has committed to signing several contracts to acquire the computing power and other infrastructure needed to build and operate AI. The total value of the contracts listed in the company’s financial disclosure statements is US$807 billion, according to New York Times data.
However, the terms of these contracts are not the same. For example, Anthropic’s contract to rent computing power from SpaceX runs through 2029, but starting in 2027, the contract can be canceled with 90 days’ notice. Other contracts are longer, such as the $110 billion deal with Amazon that runs through 2036.
For contracts that cannot be cancelled, Anthropic is still obliged to pay the fee, even if it does not actually use the relevant computing power. If the Company fails to grow at a rate that keeps pace with these commitments, it may face significant risks.
