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Anthropic raises $13B Series F

(www.anthropic.com)
585 points meetpateltech | 4 comments | 02 Sep 25 16:04 UTC | HN request time: 0s | source
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ankit219 ◴[02 Sep 25 16:35 UTC] No.45105422[source]▶
Their projections for ARR at the end of this year at a high of $9B[1] at the end of this year. And reported gross margins of 60% (-30% with cloud providers partnerships). All things considered, if this pans out, it's a 20x multiple. High yes, but not that crazy. Specially considering their growth rate and that too at a decent margin at gm level.

[1]: It was $3B at the end of May (so likely $250M in May alone), and $5B at end of july (so $400M that month).

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1. tootie ◴[03 Sep 25 03:20 UTC] No.45111948[source]▶
Margins of 60%? On inference maybe but that disappears when you price in model training.

This guy's analysis says they are bleeding out despite massive revenue

https://www.wheresyoured.at/anthropic-is-bleeding-out/

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2. ankit219 ◴[03 Sep 25 03:45 UTC] No.45112080[source]▶
In Jan, when deepseek launched, Dario Amodei had to disclose they spent about $10M to train the last generation of models (his arguments was deepseek was on the curve, not breaking it).

They earned $250M in May based on ARR, and about $400M in july. Model training is going to be amortized over multiple years anyway. I am not privy to how much they spent, not going to comment on that. GM was public news, and hence I got that.

Re Zitron's analysis, I don't find them to be reliable or compelling.

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3. kgwgk ◴[03 Sep 25 06:22 UTC] No.45112776[source]▶
> Model training is going to be amortized over multiple years anyway.

Claude 4 launch was not even fifteen months after the launch of Claude 3 (which is discontinued). The “multiple” is 1.2 - I wouldn’t call that “multiple years”.

4. singron ◴[03 Sep 25 06:23 UTC] No.45112789[source]▶
It doesn't make sense to amortize model training over multiple years since they train multiple models per year (e.g. Claude 3.5, 3.7, and 4 were released within 12 months). Or you can, but then you have to overlap amortization schedules multiple times over. E.g. if they amortized over 24 months, then they would still be amortizing Claude 2.1, 3, 3.5, 3.7, 4, and 4.1.