Anthropic—the company behind Claude—is set to go public on the U.S. stock market next week, and institutional orders have already reached six times the number of shares on offer. A model company still losing money in a quarter is being valued at nearly a trillion dollars. Who would believe that?
Its prospectus shows revenue of nearly $17 billion in the third quarter and a net loss of $23.3 billion. On top of that, it has compute payment obligations of at least $319.9 billion over the next four years. Revenue is surging, but so are its debts—the whole setup looks a little lopsided.
AI hardware stocks got hammered in the U.S. market this week, while investors in the private markets are scrambling to get in. Two very different temperatures. How the stock opens on its first day will depend on how many of those six-times oversubscribed orders are actually held by investors.
Its prospectus shows revenue of nearly $17 billion in the third quarter and a net loss of $23.3 billion. On top of that, it has compute payment obligations of at least $319.9 billion over the next four years. Revenue is surging, but so are its debts—the whole setup looks a little lopsided.
AI hardware stocks got hammered in the U.S. market this week, while investors in the private markets are scrambling to get in. Two very different temperatures. How the stock opens on its first day will depend on how many of those six-times oversubscribed orders are actually held by investors.