Anthropic filed a prospectus for its initial public offering this past week, showing a first operating profit alongside a long list of risk factors. It has not yet announced a price.
Anthropic reported $974 million in operating income in Q2, reversing what were quarterly losses, according to its newly filed prospectus. The filing arrives just after the two largest IPOs ever, from Space Exploration Technologies and SK Hynix, and Anthropic's offering is expected to topple both.
Revenue jumps nearly 15-fold
In the second quarter, revenue increased nearly 15-fold from the year-ago period to $11.6 billion. The company also said it has 11,900 separate customers who each pay at least $100,000, and 1,900 who pay at least $1 million.
However, the bottom line looks different. Anthropic's net loss ballooned to $66 billion, though that included a non-cash charge related to some of its private fundraising rounds. Many important details are missing from the prospectus, including third-quarter performance.
Prospectus devotes 94 pages to risk
The prospectus spends 94 pages on risk factors, and the core risk, in the company's words, is that "Our AI models may behave in unintended, misaligned, or autonomous ways".
Other risks include progress developing its models, competition, the compute costs needed to run development, and voting rights concentrated in management.
Price still to come
Anthropic has not yet set an IPO price. The price is likely to be determined after talks with potential investors during the upcoming IPO roadshow.
The company dates to 2021, when former OpenAI employees founded it, and it created the Claude AI model.
Source: The Motley Fool
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