Anthropic reports $80 billion loss ahead of possible IPO — CNBC
In the United States, Anthropic disclosed in its prospectus ahead of a possible initial public offering a net loss of $80 billion for the first half of the year. The document also includes commitments for computing capacity worth hundreds of billions of dollars and more than 90 pages describing risks, CNBC reports.
Pressure on the technology sector
The publication of the prospectus coincided with growing investor concerns over spending on artificial intelligence infrastructure. Microsoft, Alphabet and Amazon disclosed capital expenditure figures or forecasts in their quarterly reports that were below analysts’ expectations. Microsoft lowered its annual capital expenditure forecast from $175 billion to $170 billion, Alphabet maintained its target of up to $205 billion, and Amazon confirmed a forecast of about $220 billion.
The Nasdaq Composite, after falling 2.9% on Friday, recorded its first three-week losing streak since March. Shares of Nvidia and other semiconductor manufacturers also declined following Intel’s weak forecast.
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Spending and demand for cloud services
For the second consecutive quarter, Amazon reported negative free cash flow: over the past 12 months, the outflow amounted to $42.4 billion. Google’s negative free cash flow totaled $9.1 billion. Microsoft maintained a positive figure of $18.6 billion, though it declined significantly for the second consecutive quarter; the company also announced plans to raise $25 billion through a bond issuance.
At the same time, demand for cloud services remains high: Microsoft, Google and Amazon reported growth rates in their cloud divisions that exceeded analysts’ expectations. Anthropic receives a significant portion of its computing capacity from Amazon, Google and SpaceX, and also uses the services of specialized cloud operators.
According to the prospectus, Anthropic’s annual sales growth was 1,300%, net revenue retention was 900%, and projected gross margin was 85%. Investors are still awaiting the company’s third-quarter financial results.
