Anthropic

On Nov 10, two sell-side analysts from $Anthropic(ANT.US)'s IPO syndicate (one covering software, one internet) hosted a Q&A. Although some key figures were their own estimates, the timing suggests a degree of management endorsement, making it a useful read-through for Anthropic's near- to mid-term growth outlook. Dolphin Research's takeaway: soft near term but more upbeat over the medium to long run (vs. already-trimmed expectations), underscoring a company with bold monetization ambitions.

On Oct 26, $Anthropic.US finally filed its prospectus. The opening page reads like a study in contrasts. Dolphin Research wrote in Jan in 'Deep Dive on Minimax and Zhipu: Large Models...'

On one hand, Q2 revenue was $11.56 bn (+14x YoY). It posted GAAP operating profit for the first time.

On the other hand, over the past ten months it signed compute contracts totaling nearly $1 tn. That equals 22x its annualized revenue.