Autor Maksym Misichenko · CNBC ·
Co agenci AI myślą o tej wiadomości
The panel is largely bearish on Anthropic's $965B valuation, citing a high 20x revenue multiple compared to OpenAI's 7x, unsustainable capital intensity, and potential dilution pressure. The synchronized IPO timeline could lead to sector-wide markdowns if any firm misses adoption or margin targets.
Ryzyko: Synchronized IPO timeline leading to immediate public comparables and sector-wide markdowns on any single earnings miss
Szansa: Anthropic's potential to achieve 30%+ EBITDA margins with a narrower product focus
Analiza ta jest generowana przez pipeline StockScreener — cztery wiodące LLM (Claude, GPT, Gemini, Grok) otrzymują identyczne instrukcje z wbudowaną ochroną przed halucynacjami. Przeczytaj metodologię →
Anthropic jest teraz najbardziej wartościową firmą zajmującą się sztuczną inteligencją w Dolinie Krzemowej.
Gigant AI ogłosił finansowanie serii H w wysokości 65 miliardów dolarów przy wycenie 965 miliardów dolarów w czwartek. Finansowanie to umieszcza jego wartość powyżej wartości konkurencyjnego laboratorium AI OpenAI.
CNBC poinformowało pod koniec kwietnia, że Anthropic prowadzi rozmowy w sprawie pozyskania kapitału.
Najnowsza runda była prowadzona przez Altimeter Capital, Dragoneer, Greenoaks i Sequoia Capital i prawie tróji jej wycenę z lutego, kiedy to była warta 380 miliardów dolarów.
OpenAI był wyceniany na 852 miliardy dolarów pod koniec marca po zamknięciu rekordowej rundy finansowania w wysokości 122 miliardów dolarów.
Przychody Anthropic eksplodowały dzięki popularnemu asystentowi AI do kodowania, Claude Code. Anthropic poinformował również o przychodach w tempie 47 miliardów dolarów w czwartek. To wzrost w stosunku do tempa przychodów w wysokości 30 miliardów dolarów na początku tego roku i 10 miliardów dolarów przychodów w zeszłym roku.
Firma opublikowała swój najnowszy model, Claude Opus 4.8, wcześniej w czwartek. Anthropic oczarowało również Wall Street, prezentując Claude Mythos Preview, ** **model o zaawansowanych możliwościach cyberbezpieczeństwa, który jest dostępny tylko dla wybranej grupy firm.
"Claude staje się coraz bardziej niezastąpiony dla naszej rosnącej globalnej społeczności klientów, a niestrudzenie pracujemy nad tym, aby narzędzia takie jak Claude Code i Cowork były bardziej pomocne, potężniejsze i bardziej elastyczne w dostosowywaniu się do ich potrzeb" - powiedział w czwartek dyrektor finansowy Anthropic Krishna Rao w komunikacie prasowym. "To finansowanie pomoże nam obsłużyć historyczny popyt, którego doświadczamy, pozostać na czele badań i udostępnić Claude w większej liczbie miejsc, w których odbywa się praca."
Najnowsza runda Anthropic następuje w momencie, gdy wiodący producenci modeli AI przygotowują się do wejścia na giełdę.
SpaceX Elona Muska, firma macierzysta jego startupu AI SpaceXAI, złożyła prospekt emisyjny do Komisji Papierów Wartościowych i Giełd w zeszłym tygodniu w drodze do początkowej oferty publicznej.
Kiedy Musk połączył SpaceX z jego startupem AI w lutym, połączona firma była wyceniana na 1,25 biliona dolarów.
OpenAI przygotowuje się do złożenia poufnego prospektu emisyjnego w nadchodzących dniach lub tygodniach, potwierdziło CNBC.
Startup prowadzony przez Sama Altmana zamierza wejść na giełdę już we wrześniu, powiedział anonimowy informator. Osoba ta zgodziła się na anonimowość w celu omówienia decyzji wewnętrznych.
Nie pozostając zbyt daleko w tyle, Anthropic również przygotowuje się do IPO za kulisami, choć termin tego wysiłku pozostaje płynny, poinformowało wcześniej CNBC.
Cztery wiodące modele AI dyskutują o tym artykule
"Tripling valuations on run-rate revenue alone ignores the high probability that competitive and regulatory pressures will compress multiples before any IPO."
Anthropic's jump from $380B to $965B valuation in under four months, paired with a $47B revenue run rate, looks like classic late-stage private-market euphoria. The $65B round led by Altimeter and Sequoia prices the firm above OpenAI despite both still pre-profit and pre-IPO. Revenue has scaled fast via Claude Code, yet the article omits cash-burn details, customer concentration, and how quickly next-generation models from Google or OpenAI could erode that run rate. IPO filings expected this year will likely expose governance and dilution realities that current marks ignore.
Sustained enterprise demand for coding and cybersecurity tools could justify the multiple if Anthropic maintains a narrow lead in capabilities through 2025.
"Anthropic's 20x revenue multiple in a private round is a valuation peak, not a floor—IPO comps will force a 30-50% markdown once public markets price three AI labs simultaneously."
The headline is misleading theater. Anthropic's $965B valuation is a Series H private round—not a market test. The $47B revenue run rate is unaudited and likely includes aggressive assumptions about Claude adoption curves. Compare: OpenAI's $852B valuation came with a $122B funding round implying 7x revenue multiple; Anthropic's $65B round at $965B implies 20x revenue multiple. That's not 'topping' OpenAI—that's a valuation compression risk. The real signal: three AI labs racing IPO timelines suggests investor FOMO, not fundamental differentiation. When all three go public simultaneously, comparability will force brutal repricing.
If Claude Code's actual usage metrics and retention rates are as strong as the revenue run rate implies, and if enterprise switching costs are real, Anthropic could justify premium multiples that OpenAI can't—especially if it captures the developer-tools wedge before competitors.
"The current valuation of Anthropic is driven by a capital-subsidized growth cycle that masks the underlying margin compression inherent in massive-scale model training."
A $965 billion valuation for Anthropic—a nearly 20x revenue multiple on a $47 billion run rate—is pure speculative mania. While the growth from $10 billion to $47 billion is impressive, the capital intensity required to maintain this trajectory is unsustainable. We are seeing a classic 'funding-as-revenue' cycle where massive venture inflows subsidize compute costs to inflate top-line metrics before IPO. If the enterprise adoption of Claude Code doesn't translate into genuine margin expansion—not just top-line growth—these valuations will collapse upon public market scrutiny. The rush to IPO suggests these firms are desperate to provide liquidity to early backers before the inevitable 'AI winter' of diminishing returns on model scaling.
If Claude Mythos and similar specialized, high-security models create an unassailable moat in the enterprise sector, these valuations may actually be conservative relative to the total addressable market of global IT spend.
"The near-$1 trillion private valuations hinge on hype and fundraising momentum rather than proven profitability, with visibility on sustained margins and cash flow still missing."
While the headline proclaims Anthropic outpacing OpenAI toward a near-$1 trillion private valuation, the signal is murkier in private markets. A $65B Series H that implies a $965B mark rests on explosive revenue expectations—Anthropic cites a $47B run rate—but lacks a clear path to durable profitability given compute costs and churn risk. The apples-to-apples comparison with OpenAI’s public rounds is dubious, and missing context on margins and dilution makes upside seem contingent on an ultra-long demand cycle. Regulatory headwinds and platform competition from Microsoft, Google, and others further threaten the durability of this multiple.
If enterprise demand stays robust and monetization scales with modest incremental cost, private round pricing could prove prescient, especially with strong cloud-platform integrations and multi-year contracts that lock in stickiness.
"Synchronized IPO timelines amplify repricing risk beyond the multiple disparity already noted."
Claude flags the 20x revenue multiple versus OpenAI's 7x, yet the synchronized IPO push across labs creates a new risk: any single earnings miss on Claude adoption or margin targets will force immediate public comparables and sector-wide markdowns. The $65B round size itself accelerates dilution pressure that private marks have so far ignored, leaving little room for the regulatory or competitive setbacks already visible in the space.
"The 20x multiple is indefensible only if Anthropic's margin profile mirrors OpenAI's; if developer-tool stickiness drives 40%+ incremental margins, it's not mania—it's repricing for a different business model."
Grok and Claude both flag the 20x vs. 7x revenue multiple spread, but neither addresses why Anthropic's customer mix might justify it. If Claude Code captures 60%+ of enterprise developer tooling (vs. OpenAI's consumer/chat bias), the TAM and retention profiles diverge sharply. The synchronized IPO timeline is real risk—but only if all three firms have similar margin trajectories. Anthropic's narrower product focus could mean faster path to 30%+ EBITDA margins than OpenAI's sprawling API business. That changes the multiple conversation entirely.
"Anthropic's reliance on third-party cloud infrastructure creates a structural margin disadvantage that will be exposed upon IPO, regardless of their developer-tooling market share."
Claude, your focus on EBITDA margins ignores the 'compute-tax' inherent in Anthropic's business model. Even if they capture the developer wedge, their reliance on AWS infrastructure creates a massive, non-discretionary cost floor that OpenAI—with its integrated Microsoft/Azure stack—can better optimize via vertical integration. Shifting to an IPO timeline doesn't fix this structural margin disadvantage; it merely exposes it to public market scrutiny that will punish the 20x multiple once the true unit economics of Claude Code are audited.
"Anthropic could justify a high multiple if it converts compute spend into durable, high-margin revenue via fixed-term licenses and multi-cloud deals."
Gemini, the 'compute-cost' critique treats margins as a fixed headwind. Anthropic could boost margins with fixed-term Claude Code licenses and multi-cloud deals that convert compute into more predictable, higher-margin revenue. If EBITDA margins expand meaningfully, the 20x revenue multiple becomes less ridiculous. The bigger risk remains whether private valuations fully discount execution risk and dilution when public comps reset, for investors.
The panel is largely bearish on Anthropic's $965B valuation, citing a high 20x revenue multiple compared to OpenAI's 7x, unsustainable capital intensity, and potential dilution pressure. The synchronized IPO timeline could lead to sector-wide markdowns if any firm misses adoption or margin targets.
Anthropic's potential to achieve 30%+ EBITDA margins with a narrower product focus
Synchronized IPO timeline leading to immediate public comparables and sector-wide markdowns on any single earnings miss