Anthropic raises $65B in Series H funding at $965B post-money valuation

https://www.anthropic.com/news/series-h

by meetpateltech • 2 months ago

362 382 2 months ago

GenerWork• 2 months ago

As someone who knows admittedly knows nothing about startup funding rounds, how many more rounds of funding can they do before an IPO? Is it effectively infinite?

re-thc• 2 months ago

Yes, whatever you like

dkdcdev• 2 months ago

I believe the canonical example is Databricks on round L

nerdsniper• 2 months ago

I believe Databricks series L round raised $4B in late 2025, but earlier this year they raised another $5B so technically they've maybe completed series M round and are "on" series N round now? The press releases are a bit confusing to me.

jmathai3• 2 months ago

I imagine there are ways for existing investors to achieve liquidity while still raising venture funding. But an IPO is "the" liquidity event and I imagine there will be pressure from investors for that.

I also imagine that venture funding rounds have a lower ceiling than the public markets - but at these rounds I'm not so sure!

wina• 2 months ago

they can do as many as they want. but at some point investors need/want to exit their positions and push for an IPO. That point is different for every company.

ielillo• 2 months ago

usually you would go through seed funding, the series a,b, and possibly a1 and b1. If you entered c or d territory it meant that you still had a chance but vc would be following you very closely. After d, you could raise money, but it would be under very unfavorable conditions

vidarh4• 2 months ago

The number of rounds is irrelevant. Having crunched the data, what is relevant to terms is simply as you'd expect the rate of growth. The only reason it rarely happens with fast growing companies is that the liquidity of an IPO is attractive. As a result, companies doing many rounds are disproportionately companies that are performing too poorly to try and IPO.

tomwheeler4• 2 months ago

Effectively infinite. Databricks is a good example. They're still private after 13 years and closed a Series L round last year. Stripe is similar.

Having been through an IPO before, it was good for employee liquidity, but bad for the culture and long-term success of the company.

charlie02• 2 months ago

Dead capital. There's no need for public funding until they are reasy to cash out at the top, if ever.

misiti3780• 2 months ago

so how do stripe employees get liquidity? can anyone sell their secondary shares?

rvz• 2 months ago

Depends on the investors if they see growth. The downside is dilution. Preferably they just want the Series I as the IPO in this case.

They cannot raise forever, SpaceX has done more rounds but the timing is most important.

toasty228• 2 months ago

Once they reach series Z does it go back to A or do we get a new format like AA, AB ?

Npovview2• 2 months ago

We live in Unicode times. We switch to Greek alphabets.

α β γ δ ε ζ η θ ι κ λ μ ν ξ ο π ρ σ τ υ φ χ ψ ω

cmiles84• 2 months ago

Probably the bigger headline here is that they’ve blown past OpenAI in revenue and valuation, with OpenAI looking increasingly shaky and vulnerable.

fontain4• 2 months ago

I’m not so sure. We only need to look at Uber’s example of companies realizing they’re spending way too much and trying to rein it in. Claude has excellent revenue but it is highly dependent on very rich technology companies continuing to spend lavishly without seeing returns. The music will stop at some point and Anthropic will be hit the hardest. OpenAI may have less revenue but it is distributed across many, many more customers and use cases, it’s resilient. And even if Anthropic do, somehow, manage to keep their customers spending huge amounts on Claude, they’re very vulnerable to being undercut by OpenAI given codex is pretty much at parity. Anthropic seems more vulnerable to me.

Analemma_• 2 months ago

Every week there's at least one post on the HN front page bitching about API errors from Claude because Anthropic doesn't have enough serving capacity. I really don't see any signs they're "spending too much", the actual evidence on the ground seems to be exactly the opposite: constant exasperation that they're not spending enough.

Archonical• 2 months ago

I think it's somewhat guaranteed that the music will at least die down a little bit. We saw this with cloud companies being bitten by cloud cost optimization initiatives. I can't imagine we won't see the same with AI, especially as the workforce stops trying to tokenmaxx to save their role.

ignoramous• 2 months ago

How? OpenAI and Antrophic are basically the Big 2 racing away at light speed; the others who can't get near them are perhaps shaky & vulnerable. And sure, there's a garden full of those.

cmiles84• 2 months ago

Because the market almost certainly can’t support two foundation model labs given the increasingly little difference across models and the massive sums of cash required to keep it all going. There is no big 2, just a race to survive and be the big 1.

andriy_koval2• 2 months ago

Google likely has its market share too, you can track how fast Cloud revenue increased.

dbbk2• 2 months ago

Google is the present winner, they're beating everyone else

alecco• 2 months ago

Anthropic is at the mercy of 3rd party datacenter contracts. AFAIK OpenAI will soon run mostly on on their own GPUs.

I don't like Altman and I am still upset about his memory deal last year but he prepared for the current shortages months before anybody else. Meanwhile, Anthropic seems to lack any plans besides third party contracting. IMHO they got very lucky with xAI and Google having spare capacity and willing to rent it. But what about next year?

thereitgoes456• 2 months ago

Stargate is not real.

It is not clear that running one's own datacenter is a competitive advantage. Why do you think OpenAI can handle that?

lumost2• 2 months ago

Which also leaves OpenAI vulnerable to NVidia's aggressive pricing. To my knowledge Anthropic is relatively well positioned across multiple compute vendors/hardware providers.

dopa42365• 2 months ago

The same 3rd party datacenters from the same few companies that everything else runs on? If there's demand, hyperscalers will supply.

manquer4• 2 months ago

their own GPUs

Everyone has critical risk on multiple parts of the supply chain. GPUs and Memory are just things OAI mitigated for.

Power - Bigger bottleneck than GPU or RAM perhaps, New Grid connected capacity is typically 10+ year timescale with lot of regulatory friction. Captive capacity is also quite constrained - now Gas turbines have 7+ year wait time.

There are plenty of hard constraints that OAI cannot easily solve either.

llm_nerd• 2 months ago

Anthropic is at the mercy of 3rd party datacenter contracts

I mean, this is a bit like complaining that McDonalds doesn't have their own herds of cows. OpenAI actually isn't in the business of buying GPUs or running data centres, and it's pretty weird to think that's an advantage (though it comes up constantly on here, as Anthropic keeps eating OpenAI's lunch).

There are many suppliers that are desperate to fight for Anthropics business, and it has shown an agility to embrace whatever advances in the industry come along. Anthropic is now running across a million or so Google TPUv8s, for instance. If tomorrow someone else comes out with a better GPU/TPU, they can embrace it in a heartbeat.

All while OpenAI sits on their rapidly depreciating GPUs.

Or...actually they won't, because OpenAI doesn't take business advice from HN. The vast majority of OpenAI's compute is from Microsoft, Oracle and so on. They're smart enough to not become a big hardware purchaser when that isn't their business. The core claim of your comment simply isn't true at all, nor is that the direction OpenAI is moving.

outside12344• 2 months ago

Don't worry, they will buy up OpenAI's contracts once they implode.

wslh• 2 months ago

This business and financial race is probably the craziest in human history, so zig-zags are expected. One company may take advantage on one curve while another is stuck in the pits.

Aurornis• 2 months ago

Their valuations differ by about 13%. That's close enough that I wouldn't call it "blown past".

Things change fast in this space. Anthropic had a big boost from having the premier coding model for a while, but GPT-5.5 has closed that gap at a time when a lot of Anthropic customers are looking for cheaper alternatives.

Anthropic is coming off of a recent change to their enterprise billing that substantially changed the pricing for many users. They were smart to do the fundraising before the effects of that change could fully propagate.

cmiles84• 2 months ago

The acceleration rate has been extraordinary… they went from mostly unknown outside AI circles to the number one player almost overnight. If that’s not “blown past” I don’t know what is.

manquer4• 2 months ago

but GPT-5.5 has closed that gap at a time when a lot of Anthropic customers are looking for cheaper alternatives.

GPT-5.5 is a bit more expensive than Opus ? Current list prices

  | Model      | Input   | Output   |
  | GPT-5.5    | $5/MTok | $30/MTok |
  | Opus 4.8/7 | $5/MTok | $25/MTok |

Deepseek perhaps would be the top threat on a pure price/performance metric for either of them. It doesn't look like OAI is going for the value play .

epolanski5• 2 months ago

Sure, but people were claiming just 6-12 months ago that OpenAI had "brand moat" and "first mover advantage" that others would not have.

Considering that their models are de facto extremely close in performance you would think that these arguments would've held, but they clearly don't.

henry2023• 2 months ago

“Caballo que alcanza, gana”

andy_ppp• 2 months ago

I wonder if being consistently candid is a superior business strategy?

karmasimida3• 2 months ago

OpenAI isn't shaky or vulnerable, this market will need at least 2 players.

I see most of the surge here comes FOMO AI spending which will have to be dialed down later half of the year, otherwise those companies will have to layoff to fund their AI bill, which is harmful to their business.

Anthropic grabs its bag at the peak, but feast is over.

dbbk2• 2 months ago

The other player is Google.

CuriouslyC2• 2 months ago

Anthropic is riding a hype wave as a result of brilliant marketing. OpenAI has the better products, higher reliability and better community relations. I don't expect the situation to continue.

hereme888• 2 months ago

I agree

kromokromo• 2 months ago

I disagree. They have been winning lately because of better harnesses and interfaces. New actual decent features are shipped almost weekly on Claude code and Claude desktop.

outside12344• 2 months ago

OpenAI has a broken business model

dyauspitr4• 2 months ago

Having used Codex though I don’t think OpenAI needs to worry. It’s a solid product and they will share the market.

outside12344• 2 months ago

Anthropic is the Google to OpenAI's Yahoo.

p1esk• 2 months ago

Do you mean Facebook to Yahoo?

fsuts2• 2 months ago

OpenAI were perhaps hampered by the Microsoft deal that was just renegotiated allowing them to go onto AWs etc?

Lionga• 2 months ago

Boys we got more subsidy for Claude Code Plans! Let the VC financed spending of 1000$ of datacenter cost for 200$ sales price continue!

beavis000• 2 months ago

great point. i haven't gotten over losing the Uber subsidy!

parliament323• 2 months ago

I miss when my DoorDash was still subsidized.

zeafoamrun• 2 months ago

2010's: VC subsidized burrito delivery 2020's: VC subsidized tokens

itsyonas• 2 months ago

$1,000? According to ccusage, I used around 3,200 USD worth of API credits last month, but I'm on a plan that only costs around 100 USD per month, and I'm not even a heavy user. At the end of each week, I have typically used about a third of my weekly Claude limit. So either their APIs are heavily overpriced, which seems rather unlikely, or they subsidise subscriptions to the tune of 100x or even more.

Well, I will enjoy it while it lasts.

HDThoreaun4• 2 months ago

Why do you think the API being overpriced is unlikely? Seems pretty likely to me that sub sells at cost and api is the massive markup they force on enterprises.

whalesalad• 2 months ago

They're going to run out of letters pretty soon.

gruez2• 2 months ago

Anyone in finance should know that excel doesn't run out of letters (for columns) either. It just rolls over to AA, AB, etc.

onychomys• 2 months ago

They eventually stop, Excel has a max column size of 16,384. Not sure what letter combo that would be (ZZZZZZZZZZ or something?), but it does eventually halt.

https://support.microsoft.com/en-us/office/excel-specificati...

iooi• 2 months ago

So close to being the first kilocorn. A unicorn = 1 billion, this is almost 1k.

someperson• 2 months ago

Hasn't SpaceX achieved that though?

And Saudi Aramco before they IPO'd

Jblx2• 2 months ago

Kibicorn has a nicer ring to it ($1,024 billion).

4ashga• 2 months ago

That announcement is a bit short on details. I suppose that, like in the previous rounds, there are some strings attached and they'll not get all of it at once.

Hynix is participating with a new circular deal. Hynix is also valued at $1 trillion now, which is positively insane.

This scam will implode harder that the housing bubble.

techpression• 2 months ago

The circulation of money in AI is deeply troubling (NVIDIA being one of the worst I believe), either the bubble doesn’t pop and corruption like this is considered legal (self-inflating money amongst friends) or it pops and the financial hurt will be felt for a decade.

8f2ab37a-ed6c• 2 months ago

Say you join Anthropic now as an employee. What are the chances of your equity appreciating in value? I don't think we have any historical precedents to this.

bix63• 2 months ago

Well presumably nobody investing in this current round expects anything less than a 3x

hiddencost• 2 months ago

inflation

I suspect we'll have our first $10T company in the next 2-3 years. That's only doubling.

shreezus• 2 months ago

Anthropic is one of the few companies that will likely hit an infinite valuation if they succeed in their mission.

nearlyepic• 2 months ago

“Infinite valuation”? Give me a break.

singingtoday• 2 months ago

Jokes aside, I do see potential of them hitting multiple trillions of valuation.

epolanski5• 2 months ago

It's always a very borderline idea to hold equity in the company you work, argument being that if the company goes south or severely underperforms, you may find yourself laid off and with worthless equity.

So you're assuming lots of risk and putting it all in the same basket.

There's no shame in getting 100k $ worth of stock, selling it and putting it on some vanguard fund and diversifying, in fact it's statistically the best move you can do.

Of course, you can be like those many googlers that did this and then regret in hindsight.

aanet• 2 months ago

I'll have some of that joint they be smokin'

mutator• 2 months ago

This did round involve a secondary? If yes, any data to suggest that these secondaries are leading to increased spending outside of housing and propping up the local economy?

jiveturkey3• 2 months ago

There was a secondary sale in April.

topherPedersen• 2 months ago

Anthropic has a great product, but what's going on in the stock market is astonishing. Companies waiting to be valued at a trillion dollars before going public? (I'm writing this comment with the assumption that they will go public soon and the valuation will be higher than this $965 billion dollar private valuation) The stock market used to be a place for companies to raise money from investors. But that isn't what it is anymore, it's a dumping ground. Venture capitalists & private investors are sucking all of the possible growth and future upside from these companies and then dumping them on retail investors when there's nothing left. There is no growth or upside left by the time these companies go public. If you invest in these IPOs you are buying the absolute peak with all potential future profits baked into the price, with nowhere left to go but down.

onlyrealcuzzo2• 2 months ago

But that isn't what it is anymore, it's a dumping ground.

We got "dumped" Google and Facebook, so... Those probably made up for all the other "dumps".

We also got "dumped" TSLA, which is meme-ing in the trillions at the moment.

You can short Anthropic at IPO if you want...

NewJazz• 2 months ago

Google IPO 20 years ago, Tesla 15 years ago, facebook almost 15 years ago.

Situations change.

surgical_fire2• 2 months ago

Or he can just steer clear of the eventual Anthropic stock. Shorting is not the only strategy available to avoid losing money.

But you, of course, can buy on their IPO. They need every bagholder they can get :)

halamadrid• 2 months ago

Looking back it feels like GOOG, FB, TSLA etc. all went IPO at reasonable valuations. Retail & public investors did benefit long term and continuing to get higher valuations in public is not a small feat compared to a VC valuation.

A trillion dollar valuation seemed so hard back in the day and now there are so many companies in that list. What's the next level?

Is this just signs that $ is no longer the inflating at the same rate over time and its the realistic inflation that is reflecting in the stock market?

Prices of all goods surely has to follow to make up for the revenue needed to sustain these valuations and also the salaries to sustain the prices.

Unfortunately, those who are not in the loop is not going to have a good time.

taude2• 2 months ago

Yeup, no shortage of tech IPOs over the past five years that are now valued at like 5% of what they were after being dumped onto the market: ZoomInfo, Bumble, Gemini

And many more that are 50% of what they were: Snowflake, Coinbase

And many more that went back to private companies and then were sold off: Carbon Black, etc...

I'm actually too lazy to go list out all of them.

But employees, beware, of those gnarly lockup periods post IPO where all the better classed options than yours get to exit.

pas4• 2 months ago

... still, "on average" IPOs tend to make money, no? that's why people (fight to be able) to buy them.

this gives a nice comfy exit to many late-stage investors, etc.

and, of course, it's hard to say that it's great that these companies are mere shadows of themselves post-IPO, but also it's impossible to non-misleadingly assess each IPO as if they were in a vacuum.

obviously Coinbase is/was a stupid venture, but at the same time it was a pretty good bet at the time. and the same stands for a lot of these.

jLaForest• 2 months ago

Maybe snowflake was a bad example considering that stock is up 36 percent today haha

bravoetch• 2 months ago

Coinbase wasn't an IPO, they didn't create any new shares to sell as part of going public. They did a DPO, Direct Public Offering where they listed the existing private shares publicly and allowed most shareholders to sell immediately from day one. It was a great way to make the founders rich, VC to cash out their initial investment, and... well mostly just that.

jeberle• 2 months ago

Is there any sense in buying (out-of-the money) put options, to make sure you can taste some of that sweet lucre that your overlords are getting?

tnolet• 2 months ago

Hashicorp comes to mind. From ~$90 at IPO, cratered to $25 and then taken private again by IBM

qeternity• 2 months ago

Venture capitalists & private investors are sucking all of the possible growth and future upside from these companies and then dumping them on retail investors when there's nothing left.

A lot of the money that is deployed by VCs comes from pension funds and asset managers that ultimately manage money for the average Joe.

andriy_koval2• 2 months ago

Is there any evidence of what is the share/volume of such assets involved?

surgical_fire2• 2 months ago

If they could have gone public, they probably would have. I hope they do, their S1 might be good meme material.

Companies that reached a level of maturity where going public make sense don't keep doing funding rounds to cover the rate at which they bleed money.

w10-1• 2 months ago

Often only minimal shares are floated on the public market - 5-10% now is not unusual. Also, founders keep priority shares to keep the company.

So IPO is not particularly a liquidity event for investors as much as a valuation/pricing event. Indeed, the tech IPO's that have done the worst were the ones where shareholders wanted liquidity.

Clearly none of the multi-trillion dollar companies could find a buyer now if they really needed to sell themselves, so they're not really "worth" that much. (Nor are their founders, who can't sell their shares without tanking the stock.)

So these stocks are more like derivatives: a way to bet on the future where betting volume is huge relative to the underlying asset.

dataviz1000• 2 months ago

dumping them on retail investors

They are dumping them on your 401k -- especially SpaceX.

tailscaler20262• 2 months ago

dumping ground because they spent the last 20 years convincing everyone with a 401k it belonged in index funds.

index funds will be the cause of the next catastrophic collapse

hibgymnb• 2 months ago

elaborate please

stingraycharles2• 2 months ago

I think index funds are a big reason for this change, as many of these stocks are now guaranteed to be bought by a huge chunk of the market, making it much easier for them to become bag holders.

Lots of professional investors are passing on the SpaceX IPO for example, which is why they had to increase the share of the retail investors.

mcoliver• 2 months ago

Bingo. The bigger story is that the float is not there so the companies are "public" in that they sell a small number of shares at IPO to get crazy market caps that then force the ETFs to buy stimulating demand. It's genius and infuriating at the same time.

DanielHB5• 2 months ago

It is a one-time technique for private investors to extract money from pensions.

I moved all my money outside US index and global index funds because of SpaceX and OpenAI. At least until these IPOs have passed I will not move any money back. The sheer size of these IPOs might trigger a market crash.

malthaus• 2 months ago

nice, that's another 4 years of spacex data center usage runway!

bix63• 2 months ago

This is all getting a bit tiring. Show us the S1 already!

maxnevermind• 2 months ago

What is this, Series for ants? It barely covers Andrej's sign-on bonus.

dyauspitr4• 2 months ago

To put this into perspective, India has built 4000+ miles of new railway lines over the last five years including a Shinkansen style bullet train. That’s more than all the railway lines in the country of Switzerland for about $12 billion. The money being thrown around here is mind blowing.

BobbyTables2• 2 months ago

Indeed! And the returns from such an investment in infrastructure will likely be profound.

I feel AI is a bit different, as in there is a spectrum ranging from “utterly stupid” (early ChatGPT), “very helpful” (kinda now), “SkyNet 2.0” (what good are humans!).

As algorithms and technology improve, AI will be both cheaper and more capable. Companies like Anthrophic wouldn’t be the vaulted celebrities as they are today. At that point, I’m not sure what value much of society can provide…

At one time, blacksmiths had a valued place in general society. Today, not so much…

mettamage2• 2 months ago

I wish I could invest into it, I'd at the very least have invested in their Series F. It was a no brainer by that point. If anyone could teach me how to get into stuff like this, that'd be awesome. I'm from the Netherlands, so not American. Though I'm married to an American.

outside12344• 2 months ago

Don't worry, it will be all dumped on the SP 500 as soon as it is at its hype peak.

pestatije2• 2 months ago

just talk to your banker they sure know how to invest your money

mettamage2• 2 months ago

Aaaaand it's gone!

phil21• 2 months ago

I am not a financial advisor or even remotely an expert.

I did look into this briefly long ago for SpaceX. There are ways for relatively small investors (and I do mean relatively!) to get into some of these companies equity pre-exit by buying shares from employees who currently hold them for those who want to reduce risk/need the cash now vs. later.

You will likely need to have enough assets already with a single institution to have a private banking relationship with your bank. They would be the one to call to ask what options might be available. There are other options like EquityZen that make it more accessible, but I have not looked into those at all.

You will also need to be either an accredited investor or a qualified investor ($1M/$5M minimum networth not counting your personal property) depending on how each company is setup, but again I'm not entirely sure on details there.

I stopped looking into it when I was told that there was a $1M minimum buy-in at that time. More than I was looking to do at the time. I imagine it's much higher these days.

These are of course highly risk investments and I am unsure of how tested these structures are - so I imagine there is some counterparty risk on top of all the usual stuff.

wg0• 2 months ago

That you all have to pay of course. With interest. Directly or indirectly. Through subscriptions or through pension funds and such.

simonw4• 2 months ago

Since our Series G in February, adoption has continued to grow across global enterprise customers, and our run-rate revenue crossed $47 billion earlier this month.

OK, so their self-reported run-rate revenue hit $47bn in early May.

For comparison:

Apr 6th 2026: https://www.anthropic.com/news/google-broadcom-partnership-c... - "Demand from Claude customers has accelerated in 2026. Our run-rate revenue has now surpassed $30 billion—up from approximately $9 billion at the end of 2025."

So that's $30bn at the start of April.

Feb 12th 2026: https://www.anthropic.com/news/anthropic-raises-30-billion-s... - "Today, our run-rate revenue is $14 billion, with this figure growing over 10x annually in each of those past three years."

That was $14bn on Feb 12th.

And $9bn in December (according to the above April 6th link.)

reactordev• 2 months ago

Shhh, you’ll make the numbers not make sense…

mgfist2• 2 months ago

Pretty unfathomable growth. I'm pretty sure I listened to Dario saying something along the lines of keeping Anthropic on track for 10x ARR growth (in December) and thinking that that was a bonkers idea for a $9B run-rate company, and now it's looking like that might be an underestimate ...

cyanydeez2• 2 months ago

irresponsible growth

Zafira2• 2 months ago

Personally, I’m just exhausted. They are not obligated to be truthful here, so the entire thing is interpreted based on vibes. If you are an AI booster, this is proof that the demand is there; if you aren’t, you’re baffled at where these numbers are coming from.

mNovak• 2 months ago

The wild thing to me, is that they're serving $47B run rate worth of requests on maybe 2-3 GW of compute currently [1], of which only a fraction goes to inference, vs R&D and training. Obviously there have been complaints on token limits and such so they're stretched a bit thin, but nonetheless.

Hard to imagine what a world with 100GW of compute looks like.

[1] https://epochai.substack.com/p/frontier-labs-dont-use-most-a...

^^ This quotes 1.4GW at the end of 2025. Add 0.3GW at Colossus 1, and some initial fraction of 1GW Trainium2 from [2]

[2] https://www.anthropic.com/news/anthropic-amazon-compute

jillesvangurp• 2 months ago

It gets better; most of their incoming requests don't actually require a frontier model to handle. There's a huge potential for future optimization in this space. Anthropic, OpenAI, Google and a few other companies are going to be well positioned to scale in the few years. A 65$ billion round to finance operations over the next few years isn't that controversial if you look at the growth and profit potential.

I think token counts and GW are a gross over simplification here. Not all tokens are the same in the amount of GPU time they consume or the size of the GPUs they require or the amount of energy they consume. There's a huge optimization potential here once these companies get serious about consolidating the business they have and executing much more efficiently. Given enough time, these companies can heavily optimize their operations. Short term growth and not slamming the brakes on that is their primary concern.

mountainriver• 2 months ago

Huh I thought AI didn’t have any use cases /s

namenotrequired• 2 months ago

Nitpick: earlier this month ≠ in early May. “Earlier this month” includes yesterday

dzonga• 2 months ago

ARR vs realized revenue are two different things - in software we like to conflate those 2.

funny enough - those 2 might not meet. then what happens ?

Instead of ARR they should report actual revenue for once.

jameson• 2 months ago

Does this mean no IPO this year? What are the likely chances a company at this stage needs two rounds of funding within a year?

system2• 2 months ago

They will have to IPO before the ai hype dies.

eutropia• 2 months ago

What is run-rate revenue and how is it different than revenue (classic)?

jmalicki5• 2 months ago

Revenue is an integral over the past year or past quarter.

Run-rate is taking a recent measurement and multiplying it out so it will span a year. Basically, it assumes they keep all of their current contracts, and don't gain any new ones.

Forward-looking revenue is an estimate of what the integral will be from now to a year from now.

For a growing company, run rate is between past revenue and estimates of future revenue.

Forward-looking revenue estimates are often made up from whole cloth so are highly untrustworthy. But a run-rate is saying "we've already been making this much money, we just need to maintain where we are and that's how much we'll bring in". Backward-looking revenue for something like Anthropic is meaningless because almost all of their customer base is recently acquired - they're growing like crazy, not 20% per year.

parliament323• 2 months ago

Is it qualified at all? Or can you measure anything and multiply it through to get whatever number you want at the end?

Along the lines of "in the 4.75 hours starting at 02:35 yesterday we collected invoices worth $X so our run-rate revenue is now $Y"?

mrandish• 2 months ago

Sometimes it can be year-to-date extrapolated to full year (which might be calendar or fiscal). The tricky part is the timing of the cutoff period can yield true but misleading numbers, especially in the case of seasonal sales, a major order or just prior to some revenue's recognition period ending.

So, it's saying something but without more details it's also vague and always partially forward looking. I prefer the TTM metric (Trailing Twelve Month revenue).

Hendrikto• 2 months ago

So it is essentially a made up number. Like everything Dario claims.

sirlantis• 2 months ago

It's extrapolated annual revenue based on a recent period (e.g. 12 x revenue_of_may).

merlindru• 2 months ago

it's just extrapolation.

it's

    (revenue of this month) * 12

in other words, "if every month was as good as this one, here's how much we'd make in a year"

that means, of course, if you make $1000 in january, your RRR is $12000.

...even if you end up making $0 every other month and thus only $1000 total that year.

thats why RRR is perhaps harmful. especially when it's not growing. it can be much bigger than the actual revenue. in anthropics case it's rapidly climbing, though, so it underestimates revenue if that growth keeps up

rhubarbtree• 2 months ago

Yes, the temptation is that you bring all revenue forward at any cost so you can pump value at an IPO etc

SatvikBeri2• 2 months ago

Run rate is annualized revenue based on some recent period, e.g. taking the last month of revenue and multiplying by 12. Revenue (classic) is a historical measure, e.g. revenue in 2025.

fsuts2• 2 months ago

Everything will be clearer after they IPO

Until they IPO and the investors make their money, who knows what is behind the revenue stated

jordemort3• 2 months ago

I’m sorry, H? How much farther down the alphabet do they plan to go before anyone gets any of that money back?

senordevnyc• 2 months ago

God, I wish I was waiting to get some of my money back from an earlier round in Anthropic.

jordemort3• 2 months ago

The person who put the first log on the bonfire gets exactly the same amount of wood back as the person that put the last

jedberg2• 2 months ago

Databricks raised an L last year.

jordemort3• 2 months ago

sounds like an L to me!

crossroadsguy• 2 months ago

There's Greek alphabet.. etc.

mark_l_watson• 2 months ago

Until Anthropic, OpenAI, and Tesla have IPOs and are then bound by some laws to be truthful, I don’t want to bother about their possible valuations.

I do care about: how useful their products are vs. cost and how secure are their businesses. Actually I only care about the first thing since these services are hot swap-able with some effort.

bitwize• 2 months ago

Series H? Holy crap. I get the feeling they'll run it up to series ] before actually turning a profit though.

dmix• 2 months ago

They reported they were on track to be profitable this quarter. https://www.wsj.com/tech/ai/mind-blowing-growth-is-about-to-...

diimdeep• 2 months ago

Selfish

https://huggingface.co/Anthropic

  models 0
  None public yet

nullbio• 2 months ago

Anthropic is a toxic company. I'm surprised more people haven't figured this out yet.

isodude• 2 months ago

I wonder if the investors used Claude to see whether they should invest or not hmm..

LeoPanthera• 2 months ago

I didn't know it went up to H.

slashdave• 2 months ago

What happens when they run out of letters in the alphabet?

adamfarhadi• 2 months ago

I’m biased but perhaps they can consider expanding to the Swedish alphabet and introducing series Å/Ä/Ö funding? Then they should have enough headway to be valued in the order of quadrillions of USD.

jedberg2• 2 months ago

Series AA?

Databricks raised an L round last year, so they'll have to solve it first.

notarobot123• 2 months ago

Well the market clearly thinks most of us will be without software engineering jobs by the end of the decade. There's clearly enough proof that the trend is heading in that direction to justify huge capital investments.

petterroea• 2 months ago

Insane evaluation - Anthropic being around 50% of the Norwegian oil fund.

shtopointo• 2 months ago

Smart move from Anthropic.

They're the belle of the ball right now, everybody is talking about them, everybody wants to invest in them, so they can call the shots.

Then they'll have money in the bank for a long time no matter what happens – IPO, market downturn, etc.

Takes off lots of pressure so they can continue focusing on the product.

king_zee• 2 months ago

you talk like claude of course you're glazing them

robinhood• 2 months ago

The amount of dollars that exist in this economy is mindblowing. Ten years ago, we were talking millions, and this was already incredible when companies could raise a couple of them.

Now, headlines are only about hundred of billions. I do not know what to think about that, apart from the fact that I wish that we were putting that money to enhance human lives in general. Of course, people will say that these tools will help humans in the future, but 1) at what costs, and 2) I would prefer, I don't know, bridges or infrastructure, or free healthcare, or food for everyone.

Haven880• 2 months ago

Deepseek MiMo and Qwen are now dirt cheap and give out free as well with quality about 95% against the very best so called fable mythos. And all that is on Huawei 7nm Ascend. All those companies added up nowhere near 1T and they affect EVERY SINGLE American lives producing parts that Americans used either via patents or parts. And we throw money to Anthropic with almost no moats at best 6 mths ahead. While Chinese companies holding patents more than Google Microsoft combined and with market bigger than entire USA economy. I think maybe investors too are hallucinating like AI. Sound like mega Lehman Groupon in the making!

port112• 2 months ago

What’s your point with the comparison? By your interpretation, investors should’ve never put money into any startup/scaleup/large business in other markets, since the Chinese market had more/bigger competitors.

Investors are betting real money on a payout. It seems disingenuous to think that they’re all idiots.

mxschumacher• 2 months ago

here's an article on DeepSeek's strategy that I found instructive. Cheap & good inference in order to boost the hardware makers: https://x.com/bookwormengr/status/2057909493250539891

Anthropic raises $65B in Series H funding at $965B post-money valuation

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