Sept 29 (Reuters) – Anthropic is betting that AI will reshape the global economy more profoundly than industrialization, electricity and the internet, according to its IPO prospectus seen by Reuters.
The AI lab, which could be valued at more than $2 trillion in its IPO, plans to spend $518 billion on cloud computing and infrastructure obligations in the coming years, according to the prospectus.
European tech shares jumped 2.4%, while U.S. chip index climbed 1.5%.
Here are some comments from analysts on Anthropic’s reported financials:
SUSANNAH STREETER, CHIEF INVESTMENT STRATEGIST, WEALTH CLUB, LONDON
“It’s the vision and the projections to the extent to which Anthropic believes AI will be a game changer for economies around the world that seem to have lifted demand for European tech stocks.”
“There still will be niggles of concern among some about the huge sums that are projected to be spent even though it is making a loss. But that hasn’t caused a flutter of general fear because, overall, there still seems to be a pretty hefty appetite for AI focused investments.”
MICHAEL FIELD, CHIEF EQUITY STRATEGIST, MORNINGSTAR, AMSTERDAM
“If anything, the acceleration of the business is the biggest part of this release. Growing a big business can be difficult, but the prospectus stating that revenue grew by 12 fold in 2025 is truly remarkable.”
“Obviously a $2 trillion valuation sounds outlandish, but when you break it down to a multiple of sales, likely to be around 18-20x, it sounds much more reasonable than the recent SpaceX IPO.”
“The losses certainly are a concern. Particularly given the growth rate and the size relative to current revenues. It’s unlikely to deter investors, however, with the spend story having been digested for some time now.”
“The key takeaway for investors is the confidence in the business and the AI strategy. Yes spend is high and growing, but management obviously feel the growth rate inherent in demand is sufficiently attractive to keep spending, hence why they are coming to market and demanding a top-dollar valuation.”
DAN COATSWORTH, HEAD OF MARKETS, AJ BELL, LONDON
“Massive spending would normally have investors running for the hills, but what’s capturing the market’s attention is Anthropic’s stellar revenue growth, up 12-fold in 2025. Admittedly, AI is moving at such a rapid pace that last year’s sales achievements relate to technology that is already outdated.”
“However, nearly one quarter of last year’s revenue reportedly came from two customers, implying concentration risks. Investors will be hoping that it broadens its client base quickly.”
KATHLEEN BROOKS, RESEARCH DIRECTOR, XTB PLATFORM, LONDON
“This is positive for the AI trade, since it is fuelled by continued elevated levels of capex spend. The fact that Anthropic is planning on spending big on capex means that the capex cycle is not over yet. This is good news for semiconductor and AI infrastructure companies. I believe that if Anthropic had signalled a lower level of spending, this could have caused a wobble in the AI trade, since it would lead to fears about the sustainability of the AI trade as we move into Q4.”
NEWTON JONES, WEALTH MANAGER, ZIZMER-JONES PRIVATE WEALTH MANAGEMENT GROUP AT STEWARD PARTNERS, WINTER PARK, FLORIDA
“There are a lot of question marks around these valuations. It’s hard for me to get my arms around companies that are losing billions of dollars, require massive capital expenditure and are looking at equity values of more than $2 trillion.”
“When you have this much money being thrown at a sector, it is driving valuations based on optimism and on what could go right. The annual recurring revenue opportunity investors see in the future is what’s underpinning these valuations.”
(Reporting by Sudeshna Ghoshal, Avinash P, Darshan Kumar, Tharuniyaa Lakshmi in Bengaluru; Compiled by Sruthi Shankar; Editing by Tasim Zahid)
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