Anthropic Revenue Surges 45% as AI Firm Courts Investors
Anthropic reported a 45% revenue surge to $16.8bn last quarter and a second consecutive adjusted profit, highlighting its growth ahead of a planned stock market listing. The news comes amid market volatility driven by inflation fears and internal warnings about AI safety risks.
Anthropic's revenue surged 45% to $16.8bn in the quarter to September, with the company reporting an adjusted profit for the second consecutive quarter. The artificial intelligence giant is actively drumming up investor support for an expected stock market listing before the year ends, seeking to reassure the market of its profit-making potential.
Investor event highlights optimism amid safety concerns
At an investor event at its San Francisco headquarters, Anthropic emphasized both safety and profitability. Attendees reportedly left optimistic about the company's rapid revenue growth and its path to profitability. This optimism exists alongside stark warnings from within the AI community. Current and former researchers have warned of serious and existential risks to humanity from the technology. In September, one of Anthropic's own researchers warned of a greater than 10% chance that AI could 'kill all humans' within the next decade. A former researcher said people working on AI were 'genuinely frightened' about the speed of advancements. Anthropic itself said in September it had disrupted attempts to use its AI model for malicious activity supporting biological weapons development. Chief executive Dario Amodei has been vocal about the need for caution, calling on the pace of development to slow down.
Market reaction reflects broader AI and inflation pressures
Anthropic's financial results arrive during a period of significant market turbulence. US inflation data showed price rises accelerated more than expected in September. Investors fear this could lead the Federal Reserve to raise borrowing costs, pressuring growth stocks. Technology shares fell sharply. Stocks in some US technology companies dropped over concerns around AI investments. Shares in chip makers AMD, Nvidia and Intel fell sharply. The sell-off spread to Asia. In Japan, shares in tech investment firm SoftBank dropped by more than 9%. South Korea's semiconductor giants also tumbled.
| Company/Index | Decline | Location |
|---|---|---|
| SoftBank | >9% | Japan |
| Samsung | 9.5% | South Korea |
| SK Hynix | 11% | South Korea |
| Kospi Index | >8% | South Korea |
| Nikkei 225 | >5% | Japan |
Broadcom chief executive Hock Tan criticized the market's speculative frenzy, stating that many investors have 'no clue' and have set 'extreme expectations only to find out that it's almost like they are in a casino'.
Anthropic moves toward listing as OpenAI delays IPO
While Anthropic advances its listing plans, its key rival is holding back. OpenAI, the developer of ChatGPT, will not go public this year. CEO Sam Altman confirmed the delay in September while addressing safety concerns. The firm is still eyeing a future stock market listing expected to value it at more than $1tn. The revenue figures from Anthropic and OpenAI serve as a crucial gauge of the AI industry's overall growth and its capacity to finance the enormous required infrastructure. Anthropic plans a stock market listing before the end of the year.
