Anthropic, the company behind Claude, filed its IPO prospectus last night under the ticker ANT. It reported $16.3 billion in revenue for the first half of the year and a net loss of more than $80 billion. Revenue was only about a fifth of the loss, yet it’s now looking to raise $100 billion, with Goldman Sachs and Morgan Stanley underwriting the deal. It’s aiming for the biggest IPO in history.
The first reaction to those numbers was: how does that add up? But the market seemed almost relieved. The Philadelphia Semiconductor Index rose nearly 3%, and chip stocks were broadly up. A $100 billion raise would pull money out of the market, diluting existing AI stocks in real terms, yet investors kept piling in. The AI sector had just taken a beating this month; what it needed was a fresh story to tell.
That same night, Meta unveiled one of the biggest equity financings in history, while SpaceX borrowed money outright to buy GPUs. Musk put it bluntly: the bond market has shut its doors to companies without data-center revenue, and a bunch of new cloud providers are waiting to be consolidated. It’s an interesting thing to hear from him, given that SpaceX itself is borrowing money to buy chips.
The first reaction to those numbers was: how does that add up? But the market seemed almost relieved. The Philadelphia Semiconductor Index rose nearly 3%, and chip stocks were broadly up. A $100 billion raise would pull money out of the market, diluting existing AI stocks in real terms, yet investors kept piling in. The AI sector had just taken a beating this month; what it needed was a fresh story to tell.
That same night, Meta unveiled one of the biggest equity financings in history, while SpaceX borrowed money outright to buy GPUs. Musk put it bluntly: the bond market has shut its doors to companies without data-center revenue, and a bunch of new cloud providers are waiting to be consolidated. It’s an interesting thing to hear from him, given that SpaceX itself is borrowing money to buy chips.