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Anthropic's IPO prospectus shows AI vision, surging costs

143 points · 150 comments · 6thbit

  1. camdenreslink · · focus · HN ↗
    Some of these numbers are crazy. The scale of them is hard to comprehend.

    - $42 billion net loss in 2025

    - $518 billion in infrastructure obligations coming up (EDIT)

    - 1/4 of revenue coming from 2 customers

    1. lokar · · focus · HN ↗
      I feel like we can't really evaluate them until we see a fairly detailed breakdown that shows inference margin, training costs and non-compute R&D
      1. fwip · · focus · HN ↗
        This is true. If they aren't showing the details, it's because the details make them look worse.
        1. esseph · · focus · HN ↗
          Not necessarily, it could help potential competitors or financers to better understand the market / competition.
          1. hajile · · focus · HN ↗
            How would it help them? The real competition is coming from China and they don't need financials to know they are stomping Anthropic in all these areas.

            Keeping financiers of their IPO from understanding what they might be buying seems to swerve into fraud territory. Keeping their investors from knowing/understanding what the problems are also seems fraudulent.

            1. esseph · · focus · HN ↗
              > How would it help them? The real competition is coming from China

              I mean, sure, you think that and I know that many others do too.

              It's Anthropic and OpenAI mainly competing for who gets used by the US government and possibly any US business that does any contracting work, while many others get banned. So basically, Fortune 500+.

              There is also a non-zero possibility that the US Gov nationalizes the entire industry and then starts directly throwing Trillions USD into it in the name of "national security". Low % chance, but I can see it happening. Or at least the Fed Gov taking a controlling ownership stake.

              It&#x27;s also possible that the US Federal Government forces NVidia to outright prevent open models via: <a href="https:&#x2F;&#x2F;venturebeat.com&#x2F;infrastructure&#x2F;nvidias-openshell-controls-what-ai-agents-can-access-even-when-they-ignore-instructions" rel="nofollow">https:&#x2F;&#x2F;venturebeat.com&#x2F;infrastructure&#x2F;nvidias-openshell-con...

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