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Anthropic, the developer of the AI model Claude, has filed its IPO registration with the U.S. SEC, officially beginning the public listing process. The ticker symbol will be ANT. The debut on Nasdaq is expected to take place next month. The target offering price range and other details have not been finalized.
Anthropic will be entering the Nasdaq ahead of ChatGPT developer OpenAI. Stating that AI could be a disaster for humanity, they devoted nearly 100 pages of their 400- page filing to details unfavorable to AI companies. They even mentioned an actual hacking incident, where Claude accessed U.S. election data without human approval just a day prior.
Also included were backlash over data centers, a history of being blacklisted and later removed by the U.S. Department of Defense, litigation with the Trump administration, and memory supply chain uncertainties. At the same time, they highlighted life science innovation, such as playing a decisive role in treating cancer and Alzheimer's, as AI's greatest opportunity.
The market expects a maximum public offering of $ 100 billion, with a company valuation of up to $ 2 trillion. This figure surpasses both the fundraising amount and the valuation set by X last June. However, while first-half revenue grew over 14-fold to exceed $ 16.2 billion, net losses also surged to $ 80.7 billion, creating pressure amid growing concerns over AI over-investment and profitability stability.
Boosted by hopes for Anthropic's IPO, AI-related stocks rebounded for the first time in a while, and with a slight dip in global oil prices, the three major New York stock indices all rose. This is MBC News, Jang Jae-yong. Elon Musk, founder of the U.S. aerospace company SpaceX, celebrates its stock market listing amid cheers from employees.
At the same time, the opening bell rings at the New York Stock Exchange, signaling the Nasdaq debut. Having raised $ 75 billion—or about 114 trillion won—the largest amount in stock market history, SpaceX saw its share price jump nearly 20%on the first day. As the largest shareholder and CEO , Musk has thus become the world’s first trillionaire with $ 1 trillion in assets.
This amount exceeds the GDP of Taiwan, the world's 22nd largest economy, and is more than the combined assets of the next four richest people. Around 4,400 employees holding company shares have also become millionaires. With a company that posted a $ 5 billion loss last year suddenly jumping to the 6th largest market cap, concerns about a bubble persist.
There are warnings that people are paying too much for unverified dreams, alongside criticisms that the aggressive plan to build AI data centers in space has only a 7%chance of success. On the other hand, extreme optimism is fueling the frenzy, based on the idea that even if the $ 2 trillion market cap is a bubble , it's a stock too difficult to pass up .
All eyes are on whether the "Musk premium," which has surpassed traditional corporate valuation models through the success of Tesla and others , will once again meet investor expectations. This is Heo Yu-shin, reporting for MBC News from Washington. Anthropic’s performance wasn't as good as expected, right?
That’s correct. Looking at the third-quarter results Anthropic announced last week—They recorded $ 16.8 billion in revenue over three months. Well, it was $ 4.7 billion in the first quarter and $ 11.5 billion in the second, so it grew more than 3.5 times in just six months. Now, while even tripling revenue in two years is considered highly unusual for a company , Anthropic’s performance, despite exceeding this, actually caused disappointment.
The revenue growth rate had slowed compared to the previous quarter. That was the reason. The reaction to reports on the performance of OpenAI, the creator of ChatGPT, was similar. The estimated $ 50 billion in revenue was smaller than expected. The reaction was that it was disappointing. Even after it was revealed later that this was a misunderstanding due to differences in calculation methods, it failed to calm market anxiety.
Looking at the earnings reports of these two companies, you can sense a market atmosphere that has become highly sensitive to any negative aspects. Yes. The recent rise in interest rates must have had an impact as well, right? Indeed. Many companies have made investments on a historic scale. And as they have signaled even larger investments ahead, they are bound to be sensitive to interest rates.
Companies that have built their businesses using external investment or borrowed money with interest instead of their own funds are now being put to the test. This includes Oracle, which is building data centers with borrowed money that requires interest payments. Smaller companies than that must pay high interest rates exceeding 10%when borrowing money.
While the situation for large tech firms like Google, which have mainly utilized their massive operating profits, is slightly better, they are facing a similar difficulty in taking on debt for facility investment. Even for companies like OpenAI or Anthropic, which have operated on investment funds and equity that don't require interest payments, the recent interest rate hikes are equally uncomfortable.
They are preparing for stock market listings, and valuations are bound to fall when interest rates rise. In fact, Anthropic's corporate valuation, which was estimated at $ 2 trillion, has recently fallen significantly to $ 1.5 trillion. Negative public opinion on data center construction, which is forming ahead of the U.S.
midterm elections, could also be a threat. Local governments that were once proactive in attracting data centers by offering subsidies or tax cuts are shifting their stance toward not granting new permits. This reflects growing public opposition due to concerns over rising electricity bills and limited job creation effects.
If the completion of data centers is delayed, it goes without saying that they won't be able to provide services to meet demand. Financial costs will rise, and the expensive semiconductor equipment you purchased could end up sitting idle.
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