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The AI financing myth is starting to crumble. Two giants have been hit one after another: OpenAI originally planned to raise $30 billion, but has now slashed that to $20 billion. Its valuation has shrunk, and it may not even raise the full amount in its first round. Anthropic is in an even tougher spot: its IPO is nowhere in sight, and Blackstone has warned that after going public, it may not receive an investment-grade rating.
Look at Anthropic’s books: it has more than $112 billion in cash, yet plans to pour $800 billion into computing power by 2045. Of the $63 billion chip financing deal currently in the works, the subordinated debt is rated just BB, with yields above 10%—that’s a very high cost of borrowing.
The two companies are in different situations, but both point to the same harsh truth: investors are starting to question the AI spending spree.
Demand for AI remains enormous, but investors are no longer willing to fund computing-power expansion unconditionally. The market is shifting from “buying the future” to “demanding proof of the ability to generate profits and repay debt.” AI companies that need to keep borrowing just to stay afloat are about to face real pressure.#OpenAI下调融资目标100亿美元
The AI financing myth is starting to crumble. Two giants have been hit one after another: OpenAI originally planned to raise $30 billion, but has now slashed that to $20 billion. Its valuation has shrunk, and it may not even raise the full amount in its first round. Anthropic is in an even tougher spot: its IPO is nowhere in sight, and Blackstone has warned that after going public, it may not receive an investment-grade rating.
Look at Anthropic’s books: it has more than $112 billion in cash, yet plans to pour $800 billion into computing power by 2045. Of the $63 billion chip financing deal currently in the works, the subordinated debt is rated just BB, with yields above 10%—that’s a very high cost of borrowing.
The two companies are in different situations, but both point to the same harsh truth: investors are starting to question the AI spending spree.
Demand for AI remains enormous, but investors are no longer willing to fund computing-power expansion unconditionally. The market is shifting from “buying the future” to “demanding proof of the ability to generate profits and repay debt.” AI companies that need to keep borrowing just to stay afloat are about to face real pressure.#OpenAI下调融资目标100亿美元