🤖 Anthropic has filed a prospectus for an IPO, and there's much more of interest than just the headline about a $42 billion loss.
The company plans to spend $518 billion in the coming years on cloud services, computing power, and infrastructure, according to documents reviewed by Reuters. In the prospectus itself, Anthropic states its bet clearly: AI will transform the global economy more profoundly than industrialization, electricity, and the internet combined.
Regarding the $42 billion loss, there's a detail that's easy to miss in the headlines. About $34 billion of this amount is not operational expenses but an accounting revaluation of financial instruments that may convert into company shares. The actual operational loss is $8.06 billion, nearly three times more than the $2.98 billion from the previous year, but revenue has grown 12-fold, almost reaching $4.6 billion. Spending on compute and infrastructure tripled to $7.33 billion, accounting for more than half of all the company's operational expenses.
Anthropic could be valued at more than $2 trillion in the IPO, twice the May valuation of $965 billion.
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