Q3 numbers are not what you want to see heading into an IPO.
Again the issue is not is Anthropic an amazing growth story. Zero would debate that.
The issue is this is a probably $200-300B company pretending it’s a $2T company.
Add to that the insane amount of committed spend, a high interest rate environment which means they’ll pay a painful premium to patch cashflow gaps, and a likely “junk” bond rating (per Friday’s news) and that’s why folks are concerned.
It’s also just wrong to keep dismissing the paper losses from convertible notes as somehow not real losses. Once they are a public company this will be actual value taken away from existing public shareholders so they are legit losses not to be ignored. It’s like claiming equity based comp is free money… it’s not, you’re taking it out of the pockets of shareholders.
Again the issue is not is Anthropic an amazing growth story. Zero would debate that.
The issue is this is a probably $200-300B company pretending it’s a $2T company.
Add to that the insane amount of committed spend, a high interest rate environment which means they’ll pay a painful premium to patch cashflow gaps, and a likely “junk” bond rating (per Friday’s news) and that’s why folks are concerned.
It’s also just wrong to keep dismissing the paper losses from convertible notes as somehow not real losses. Once they are a public company this will be actual value taken away from existing public shareholders so they are legit losses not to be ignored. It’s like claiming equity based comp is free money… it’s not, you’re taking it out of the pockets of shareholders.