Anthropic $ANTHROPIC 's IPO valuation expectations were cut by a quarter in just one quarter.
I looked through the numbers: third-quarter revenue was $16.8 billion, up 45% quarter over quarter, while the previous quarter's quarter-over-quarter growth was still 147%; the valuation discussed by potential investors fell from about $2 trillion to $1.5 trillion.
The numbers themselves are not bad. $16.8 billion is a quarterly record, with an annualized revenue run rate of about $67 billion, and the company said it was already profitable on an adjusted basis this quarter. The issue is the slope: quarterly revenue went from $4.7 billion to $11.6 billion to $16.8 billion, while quarter-over-quarter growth dropped from 147% to 45%. The market is watching acceleration.
The cost side is even heavier. The company has pledged to spend $518 billion over the next ten years on compute purchases, or about $51.8 billion a year on average, close to 80% of its current annualized revenue; the prospectus shows a total loss of $42 billion in 2025. Nebius $NBISB and CoreWeave $CRWVB are the direct recipients of this batch of compute orders, and IREN is also on the same track.
The variable is whether the revenue run rate can get above $100 billion before year-end. Once that growth line flattens out, AI's pricing benchmark shifts back from the story to cash flow.
The above is a summary of public information and does not constitute investment advice.
#Anthropic #AI算力 #BStocks
I looked through the numbers: third-quarter revenue was $16.8 billion, up 45% quarter over quarter, while the previous quarter's quarter-over-quarter growth was still 147%; the valuation discussed by potential investors fell from about $2 trillion to $1.5 trillion.
The numbers themselves are not bad. $16.8 billion is a quarterly record, with an annualized revenue run rate of about $67 billion, and the company said it was already profitable on an adjusted basis this quarter. The issue is the slope: quarterly revenue went from $4.7 billion to $11.6 billion to $16.8 billion, while quarter-over-quarter growth dropped from 147% to 45%. The market is watching acceleration.
The cost side is even heavier. The company has pledged to spend $518 billion over the next ten years on compute purchases, or about $51.8 billion a year on average, close to 80% of its current annualized revenue; the prospectus shows a total loss of $42 billion in 2025. Nebius $NBISB and CoreWeave $CRWVB are the direct recipients of this batch of compute orders, and IREN is also on the same track.
The variable is whether the revenue run rate can get above $100 billion before year-end. Once that growth line flattens out, AI's pricing benchmark shifts back from the story to cash flow.
The above is a summary of public information and does not constitute investment advice.
#Anthropic #AI算力 #BStocks