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Anthropic revenue growth slows, compute financing risks mount ahead of IPO

Anthropic revenue growth slows, compute financing risks mount ahead of IPO

Anthropic, the AI startup, saw its revenue growth decelerate in the third quarter, with net losses narrowing as revenue climbed 47% to $16.96 billion. The company's rapid expansion hinges on vast computing commitments, with nearly $900 billion in obligations to partners such as Amazon and Google. These commitments could be delayed, repriced, reduced, or unmet if financing becomes unavailable or more expensive.

Investors are increasingly concerned about the debt-driven AI infrastructure buildout, which has driven up technology bond spreads. Anthropic anticipates significant spending on AI infrastructure before the end of 2030, with a sizable portion due within the next year. The company is also contemplating stricter oversight of research and development as its AI models assume greater responsibility.

Despite these challenges, Anthropic reported a net loss of $23.29 billion and an operating loss of $567 million in the third quarter.

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