Anthropic says revenue surged 1,100% ahead of IPO

Washington - Anthropic, a leading artificial intelligence (AI) company based in San Francisco, announced on November 2 that its revenue surged by more than 1,100 per cent in the third quarter of 2022. The company reported a revenue of US$17 billion, up from US$1.4 billion a year earlier. Anticipating its Wall Street listing in November, Anthropic disclosed nearly US$900 billion (S$1.1 trillion) in spending commitments, primarily on computing power, with a significant portion due before September 2027.

The company's focus on AI safety is reinforced by its structure as a public benefit corporation, legally mandated to prioritize AI safety alongside financial returns. Despite fierce competition from OpenAI's ChatGPT and increasingly affordable AI models, particularly from China, Anthropic's IPO is anticipated to be a significant test of market confidence in the AI boom.

The company plans to raise around US$100 billion in its initial public offering (IPO), with a projected valuation between US$1.5 trillion and US$2 trillion, surpassing the record set by SpaceX in June, which raised US$86 billion.