Anthropic Raises at $965 Billion Valuation, Eclipsing OpenAI

本站添加: 2026-05-30

[00:00:00]Anthropic started off the year at a $9 billion run rate.

[00:00:04]They put out a press release yesterday that they are at a $47 billion run rate in a span of five months. The revenue IRR has grown 500%.

[00:00:16]So I think that says it all in terms of what's justifying this enthusiasm.

[00:00:22]Now, are all of them long term winners? I would bet no.

[00:00:27]But right now market is rewarding I narratives.

[00:00:31]And you know, we saw that video last night.

[00:00:33]Any company that has an AI story is getting beat up.

[00:00:37]And obviously you have to show it in the numbers and the guidance in the acceleration. But, you know, the CapEx numbers are going up, uh, because of this five x increase in anthropic error.

[00:00:50]And so right now there is a frenzy in terms of building the AI infrastructure, because there is clear monetization that anthropic is showing in the in their revenue numbers. Okay, let's be clear.

[00:01:00]Anthropic is private. and this fundraising round keeps them private. But everyone's anticipating that at some point they will go public. Do they need to go public because they've held on this long and they haven't had to go public?

[00:01:13]Do they want to go public? I think so.

[00:01:15]Their investors, clearly the ones who, uh, financed this, uh, $65 billion round and the earlier ones, you know, when you talk about a company close to trillion market cap in the private market.

[00:01:30]I mean, I go back to, uh, Uber's, uh, you know, IPO Uber wasn't as big as anthropic and open air, but, uh, you know, they obviously had a lot of growth behind them when they went public. The company wasn't profitable.

[00:01:45]And, you know, there was a lot of concern about the cash burn.

[00:01:49]I feel something similar may happen here, even though these companies are growing very fast. And, uh, clearly, you know, they are part of this big technology shift that, uh, is underway.

[00:02:01]But at some point I think people will start to focus on their profitability.

[00:02:06]And that's where, you know, this business model of being so capital intensive. Unlike the software companies that, you know, we've seen in the past. I think the concern around profitability will surface. But for now, everyone is focused on the top line growth. And, you know, the IRR, uh, kind of increases that we're seeing with, uh, with all of them really, because quoting agent as a use case is huge and it is a big addressable market.

[00:02:34]And everyone wants to cater to that. Is having access to computing power becoming the biggest competitive advantage when it comes to building out AI? Well, that's what Jensen Wong says.

[00:02:45]Uh, computers, revenue. I'm paraphrasing him, and, uh, I think right now that is the case. Look at what SpaceX is doing with X I a data centers. They were training their own model.

[00:02:58]Now with their S-1 filing, they're saying they will be renting that compute to guess who anthropic and so and they will generate 15 billion revenue per year out of just renting the compute. Because they build the data centers that no one else has. They have the compute.

[00:03:16]And even though they are behind when it comes to training their own models, but they get rented out the compute in the meantime and generate 5 billion in revenue out of that. Alex mentioned it earlier that anthropic raising at a $965 billion valuation makes it bigger than OpenAI.

[00:03:33]It feels like this is OpenAI's race to lose at this point.

[00:03:37]I mean, clearly, uh, I think they are under a lot of pressure.

[00:03:41]And in terms of who, uh, files for, uh, you know, going public first.

[00:03:47]My guess is open. I would want to do it first because they want to own the narrative as opposed to, you know, anthropic going first.

[00:03:55]And, uh, everyone realizing, you know, obviously anthropic is growing faster than, uh, OpenAI right now. And, uh uh, if they take all the liquidity away, then OpenAI coming in later will struggle.

[00:04:10]You know, in terms of just making sure that they have investors excited about investing in OpenAI. And Randeep, one more question for you.

[00:04:17]Apollo is reportedly helping finance AI chip purchases.

[00:04:21]What is that? Tell us about how capital intensive this race has become. Well, so for all the NIO clouds, whether it's core with neighbors outside of the hyperscalers, whoever is renting the GPUs, they don't have the balance sheet to buy, you know, these expensive chips or servers. And so in those type of instances, that's where the PE guys like Apollo Blackstone, they come in and uh, they're helping finance those deals because, uh, you know, there are a lot of NIO clouds that are growing very fast. And, uh, for them to sustain this kind of growth rate, they have to keep building the infrastructure, keep getting the chips. And these are getting financed by the likes of Apollo.