【OpenAI's fundraising target cut by $10 billion; Anthropic may still be unable to borrow cheaply even with $100 billion in cash】
The two AI giants have run into fundraising difficulties one after another. $OPENAI originally planned to raise $30 billion at a valuation of $1.4 trillion, but those figures have now fallen to $20 billion and $1.25 trillion, respectively. It may not even reach its target in the first closing. $ANTHROPIC is even more interesting: before its IPO has officially gone ahead, Blackstone has already warned investors that it may not receive an investment-grade rating after listing.
This suggests that capital markets have doubts about the current AI spending spree and won't simply remain infinitely optimistic about the future. Anthropic has more than $112 billion in cash and may raise around $100 billion in its IPO, yet plans to invest more than $800 billion in computing capacity by 2045. Of the $63 billion in chip financing it is pursuing, more than $42 billion in senior loans require Broadcom to provide credit support. The $18 billion in subordinated debt is rated only BB, and funds managed by Blackstone have invested $9 billion at a yield of over 10%. That's not cheap financing.
The two companies are in different situations, but they point to the same shift: demand for AI remains huge, but investors are no longer willing to fund computing expansion unconditionally. The era of AI burning through cash isn't over, but capital is starting to demand that these companies demonstrate their ability to make money and repay their debts. The companies that may face the greatest pressure next are those that must keep borrowing to sustain their expansion.
#openai下调融资目标100亿美元
The two AI giants have run into fundraising difficulties one after another. $OPENAI originally planned to raise $30 billion at a valuation of $1.4 trillion, but those figures have now fallen to $20 billion and $1.25 trillion, respectively. It may not even reach its target in the first closing. $ANTHROPIC is even more interesting: before its IPO has officially gone ahead, Blackstone has already warned investors that it may not receive an investment-grade rating after listing.
This suggests that capital markets have doubts about the current AI spending spree and won't simply remain infinitely optimistic about the future. Anthropic has more than $112 billion in cash and may raise around $100 billion in its IPO, yet plans to invest more than $800 billion in computing capacity by 2045. Of the $63 billion in chip financing it is pursuing, more than $42 billion in senior loans require Broadcom to provide credit support. The $18 billion in subordinated debt is rated only BB, and funds managed by Blackstone have invested $9 billion at a yield of over 10%. That's not cheap financing.
The two companies are in different situations, but they point to the same shift: demand for AI remains huge, but investors are no longer willing to fund computing expansion unconditionally. The era of AI burning through cash isn't over, but capital is starting to demand that these companies demonstrate their ability to make money and repay their debts. The companies that may face the greatest pressure next are those that must keep borrowing to sustain their expansion.
#openai下调融资目标100亿美元