Anthropic's IPO
Anthropic has filed its prospectus, and the market is anticipating what could be the biggest IPO in history.
We discuss:
The headline numbers: revenue up 1,300% in six months, and an $80 billion accounting loss tied to convertible notes.
Why Anthropic’s inference business is so profitable once the non-cash losses are stripped out.
Customer concentration — just 250 customers spending over $10 million, and how this is perceived in the bull case.
Anthropic’s infrastructure commitments and why chip and data centre costs are the key variable to watch.
The prospectus’ 90-plus pages of risk factors…
The skinny
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