Anthropic has the chance to make history with what could be the biggest initial public offering of stock ever.
The artificial intelligence lab filed papers Monday setting up a Wall Street debut next month, ahead of its chief rival OpenAI and just months after SpaceX set records in June with an initial public offering that raised $86 billion.
In a 335-page prospectus, the company behind the Claude chatbot outlined rapid revenue growth, but an inability to turn a profit yet. The offering could bring in as much as $100 billion, according to reports, which would help to accelerate the expansion of the five-year-old startup.
The filing comes as Anthropic’s competitors like OpenAI are holding off on going public until next year, and as fears rise that the technology could slip free of human control to carry out harmful actions. Anthropic CEO Dario Amodei said the industry should slow its fast-moving development to give safety measures time to catch up.
But the company’s massive spending and revenue point to strong momentum.
Here’s a look at the key figures behind the lab’s ambitions.
Up to $2 trillion
That’s the reported valuation the company could reach once it goes public. This would surpass SpaceX’s initial valuation of $1.77 trillion and make Anthropic one of the world’s most valuable public companies. Nvidia, a maker of computer chips, leads that pack with a current valuation of more than $5 trillion.
Anthropic’s final valuation and offering price have not been established.
$131.7 billion
Anthropic said in the filing it had this amount available as cash or cash-equivalents as of June 30. The company also said its plans to build out compute and infrastructure are “changing the cash flow profile of our business” and will mean high capital expenditures.
$16.3 billion
This is Anthropic’s revenue in the first half of the year, which is about 14 times its revenue from the same period last year.
$80.7 billion
The amount of money Anthropic reported in net losses in the first half of the year. This included a one-time, $72.4 billion charge for an accounting adjustment related to financing agreements, according to the filing. It’s not uncommon for tech companies going public to not yet have turned a profit.
93
This is how many pages Anthropic used to enumerate risk factors for investors. Public companies are required by the Securities and Exchange Commission to disclose risk factors in their prospectus, but the lengthy nature of those in Anthropic’s is unusual.
Among the concerns were that advanced AI systems could pose “catastrophic or existential risks to humanity.”
250
The approximate number of customers Anthropic has that each account for $10 million or more of revenue in the past year. Anthropic did not disclose the names of its biggest customers in the filing, but it pointed to its top five customers representing approximately 25% of its revenue this year.
50.1%
The voting power Amodei and six other co-founders of Anthropic will hold at the company after it goes public. The company will issue a single share of a Class F common stock to a limited liability company organized by its co-founders. Amodei’s sister and Anthropic’s president, Daniela Amodei, is among the former OpenAI employees who left the company to create Anthropic in 2021.
—Associated Press
