Anthropic IPO

_def

Let the enshittification begin

tietjens

"public benefit corporation" lol yeah yeah

Yajirobe

Will this, together with Jensen’s affairs, finally pop the AI bubble?

hubraumhugo

With SpaceX, now Anthropic, and soon OpenAI, we're seeing 3 of the largest IPOs ever. Will existing institutional investors trim other positions to allocate a lot of capital for these mega listings or is this not a concern?

p-e-w

$23 billion quarterly net loss. Hundreds of billions in future liabilities. IPO valuation above $1 trillion. The lunatics are running the asylum.

small_model

I would wait for 2-3 quarters before investing, it will drop and there will likely be lock-ins to contend with. if growth slows then price could tumble fast.

yu3zhou4

Apparently not every country can participate in this IPO. As of now, if you open the Revolut Anthropic IPO page from Poland, you get: > Linked page(s) related to Anthropic IPO can only be viewed by persons located in UK, Denmark, Finland, France, Germany, Ireland, the Netherlands, Norway, Spain, and Sweden.

joennlae

„The IPO process begins with a roadshow starting on November 10th (EST). Subject to regulatory clearance, the final IPO share price is expected to be set on November 18th (EST), and shares are expected to begin publicly trading on November 19th (EST).“

sipsi

worst day ever

brainless

There is a lot of value from LLMs but it is something that I can switch easily. Yes, some frontier models are much better but users can still chose to use cheaper models for most of the work. In fact most applications, through which people will interact with LLMs anyway, will not need frontier models unless they offer "chat with AI". Anything that solves specific problems (even multiple problems) does not need frontier LLMs. Anthropic and OpenAI will have to become more of the end user application stack. Files, calendars, emails, photos, and much more have to pass through them for them to keep making money. Else they cannot make money like the way they have been in this early era of LLMs.

tzal3x

Here comes the new qwen model announcement.

maeln

A lot of ink has been spilled over the projected IPO of the big AI player. But part of me wonder if, in some ways like what happen with SpaceX, it will end up being a nothingburger. A first few crazy days on the market, then whatever, the company is just public now. And with how shares and voting power are attributed, it seems like, just like for spacex, it won't risk changing the power structure of the company.

steveBK123

Quoting a tweet I saw yesterday but.. Biopharma CEO "This presentation contains forward-looking statements, as a result of risks and uncertainties..." AI/Tech CEO "We will cure all diseases in less than 10 years" Like look I get it, this is truly impressive tech, but can we at least be a little more sober?

Jgrubb

What an interesting flood of negative comments with nothing to say. This company has completely changed my career. If AI went away tomorrow I would find a new line of work because artisanally handcrafting code is the most boring use of my time in the entire world.

anentropic

Enshittification coming soon

thibsrn

There is a heavy amount of circular investments in the industry, among competitors. There is a private placement that is made in parallel with the public offering, through $26B of a special stock, according to the S1. They all have a lot to gain from a successful Anthropic public issue. The problem is it blurs the signal, we don't how much is overvaluation that contributes to a bubble. I don't think there has often been such an intertwined industry before. Usually cartels are made through discreet partnerships at the operational level, this is an interconnection in the background at the financial one.

Sarkie

"We have only bits and pieces of information, but what we know for certain is that at some point in the early twenty-first century, all of mankind was united in celebration. We marveled at our own magnificence as we gave birth to AI."

windexh8er

Roughly $895–901 billion in purchase commitments and lease agreements, substantially all related to compute and data centers, this is financial insanity for any retail investor. And... Roughly $70 billion is due in the next 12 months; ~$450 billion by end of 2030; the rest stretching out to ~2045. Many of the commitments are non-cancellable or take-or-pay. Counterparties include Google (~$121B), Amazon (~$110B), SpaceXAI (up to ~$120.5B), Broadcom equipment leases (~$161B), Microsoft, Nscale, Lambda, etc. The "Big Beautiful Circlejerk" as I've heard it. Liquidity was in the ~$130–150B range. The IPO only raises ~$58–64B (at the $70–78 range) plus the concurrent $26B private placement covers only a fraction of the near-term obligations. And the cherry on top: dditional arrangements of another $150B+, estimated, on top of all this. This doesn't even account for the 90-100 pages of risk factors! Wow. Curious what the puts will be priced at.

fblp

The economics of this are absurd, and Anthropic hasn't been without their controversy; but I use Claude everyday, and they've made tremendous impact on society. I wish them the best for their IPO.