Analysts: Anthropic's IPO sells investors a story, not the numbers

Fast Company examined the financial risks in Anthropic's IPO: the company posted $11.6 billion in quarterly revenue but spent $8.9 billion on compute in six months and holds over $430 billion in non-cancelable compute contracts, at least $269 billion of it owed to Amazon, Google and Microsoft through 2036. After the cost of training the next model, only about 45 cents of each revenue dollar remains.

• Anthropic revenue is $11.6B a quarter; compute spend is $8.9B in six months
• Non-cancelable compute contracts exceed $430 billion
• At least $269B is owed to Amazon, Google and Microsoft through 2036
• About 45 cents of each revenue dollar remains after training costs