Anthropic says revenue surged 1,100pc ahead of IPO

Anthropic, a leading artificial intelligence firm based in San Francisco, announced on Monday that its revenue increased by over 1,100 percent and its spending commitments reached nearly US$900 billion as it prepares for its Wall Street debut later this month. The company, founded in 2021 by former OpenAI researchers led by CEO Dario Amodei and his sister Daniela, who now serves as President, focuses on AI safety.

The third quarter revenue reached US$17 billion, up from US$1.4 billion a year prior. However, the growth rate slowed due to intense competition from OpenAI's ChatGPT and cheaper models. The company disclosed a net loss of US$23.3 billion for the July-September period, primarily due to non-cash accounting charges related to its rising valuation. Anthropic also reported an operating loss of US$567 million for the same period, primarily attributed to higher expenses for short-term computing capacity.

The filing revealed that Anthropic has pledged to spend approximately US$895 billion, largely on computing power, with US$70 billion of that commitment due before September 2027. The upcoming IPO is expected to attract a wide range of potential investors, including retail traders who can now purchase shares directly in a standalone AI giant.

The company aims to raise around US$100 billion in its initial public offering, with a valuation range of US$1.5 trillion to US$2 trillion. This would surpass the record-breaking US$86 billion raised by SpaceX in June.