Anthropic submits listing application, valued at trillions of dollars

Artificial intelligence lab Anthropic has filed an S-1 document with the Nasdaq exchange in preparation for an initial public offering (IPO). The company could be valued at between $1.5 trillion and $2 trillion, according to the hundreds-of-page document, which would immediately make it one of the world's most valuable companies once it goes public. Joey Brookhart, an analyst at chip and AI research company SemiAnalysis, pointed out that although outsiders have different views on its annual recurring revenue figures, Anthropic has performed well in terms of gross profit, operating profit and free cash flow, demonstrating its efficient scale expansion capabilities. Cutting-edge AI economic model and market challenges SemiAnalysis believes that Anthropic’s current business model is highly dependent on the coding field and can almost be regarded as a single vertical industry company. Although its annual recurring revenue has topped $70 billion and the top 1% of customers contribute a lot of spending, the overall market remains narrow. Many traditional large enterprises have yet to significantly increase investment in such services, leading to the need for Anthropic to expand into a wider range of white-collar work areas to achieve the transition from AI assistance to labor replacement or savings to achieve the $1 trillion revenue target predicted by Dario Amodei. Facing an increasingly competitive environment, OpenAI's share of new net revenue in the third quarter may exceed that of Anthropic, while the inference costs of open source models are also growing rapidly. In addition, due to data privacy concerns, some companies have begun to turn to on-premises deployment or use open source models for customized training, which has put pressure on leading laboratories that rely on cloud services. However, emerging vertical fields such as cybersecurity and biotechnology are seen as key growth points in the future. Operation efficiency improvement and unit economics In the past two years, Anthropic's gross profit margin in inference business has reversed from negative 94% to positive 85%. This change is mainly due to the optimization of operation allocation strategy and the substantial improvement in inference efficiency. Joey