It's the first time in the history of the world.
The biggest IPO in the history of technology, the bubble is about to break?
Just yesterday, in a post on X, a stone ignited a thousand waves.
One of the big Vs said:
Anthropic IPO has been canceled!
Now, the news has been rumored, and on the SEC's official website, A Company's list of bids is still hanging:
The SEC's public archive reveals: A total of eight documents from Anthropic, including the June 1 draft of confidentiality, the Oct. 5 amended draft, the Oct. 26 release of S-1, the Oct. 26 update of S-1/A, and the Oct. 2 update of S-1/A.
Anthropic even launched a mysterious sub-domain with an IPO.
However, all indications are that the capital market's patience is coming to an end.
It's an AI bubble that's making Wall Street nervous.
Is there a big game called "The Game"?The time when this news broke was very subtle.
Just a few days ago, Anthropic had just filed an S-1 registration statement with the US SEC.
On November 2, they also submitted a revised edition, a fistflap, ready to be posted on NASDAQ.
As planned, this week, November 9, the global road show will begin, with countless eyes waiting.
As a result, the news of the IPO's cancellation was once all the rage.
While the rumors soon came, everyone knew that Anthropic's IPO was in trouble.
Even more terrifying than the rumors are those inside the White House who started voting with their feet.
In the night before the bell, the servants were running out of barrels?In the last two weeks, there has been a massive human-powered earthquake at Anthropic!
The clock is ticking, the freedom of wealth is on the horizon, and the core team is running away?
Now, the three souls of the Claude Code team have left the job.
On October 23,Anthony Morris Jr., the founder of Claude Code's desktop version, has left.
On October 24th,Thariq Shihipar has resigned from Anthropic's "Tibo".
On October 30th,Cat Wu, Claude Code and Sister Cowork are gone.
At one time, she and Boris Cherny led the entire process from internal projects to the core of the company.
The netizens asked: Are you going on vacation? She replied: Wait until the AGI is implemented.
The three of them were overweight.
In the IPO note, the black-and-white words read: "Claude Code is a product that is decisive for the commercialization of the company".
Anthropic's evolving printing press relies on CC's corporate customers.
As a result, the three ministers did leave at the crucial moment of the IPO?
Moreover, the timing of their departure is right between the S-1 submission and the road trip.
This is a great start for Wall Street investors who are preparing to make money.
$500 billion in accounting bills are scaring Wall Street.Of course, there's another reason to be forced to withdraw from Wall Street, and that's the appalling financial data in the book.
Once upon a time, Anthropic was valued in the private market at a price tag of $2 trillion!
But what about now?
According to Bloomberg, bidders arranging an IPO were forced to compromise:A reasonable valuation range would have to be drastically lowered to $1.4 trillion to $1.5 trillion.！
This one, worth $500 billion, has evaporated.
Why? See their updated bids on November 2nd.
First of all,，The myth of growth is shatteredThat's it.。
Anthropic reported revenue of $16.96 billion in the third quarter of this year. Sounds pretty high, right?
It is worth noting that in the second quarter they had a growth rate of up to 144%!
In order to grab the market, Anthropic had to give about $600 million in price reductions and discounts in Q3.
Moreover, even if the $600 million were added back, the growth rate was only around 52%, which has not been the same since then.
The second.and profitsBy the turn of the centuryThat's it.。
If the slowdown can be explained by "basic enlargement", the dryness of the profits pool is a fatal injury.
In the second quarter, Anthropic posted a net profit of $974 million; by the third quarter, GAAP's operating loss was $567 million.
But that's not the scariest thing.
That's really stifling Wall Street.Anthropic is carrying「Big Debt in Accounting」。
The company's current procurement and lease commitments total up to $895.4 billion.
The vast majority of these are computing infrastructure spending pledged to cloud providers and chip giants.
Of these, $44.7 billion will have to be paid by the end of 2030 and $69.8 billion will be due in the next 12 months!
In addition, nearly $900 billion of hard spending has been pledged.
This unsustainable loss has made the boldest investors start to shudder.
As the blogger "Grasshopper" explains:
Anthropic's IPO is in trouble and losses at this level are fundamentally unsustainable given the size of its revenue.
Earlier, the Wall Street PE giant Blackstone issued a warning that it was too lethal.
In the letter, the Blackstone Group warns the monkeys
Don't get your hopes up, Anthropic will most likely be rated a credit rating after an IPO.「Waste level」。
In other words, in the eyes of the capital market, Anthropic's business model of a "big-money-making model" is as risky as any marginal enterprise that may default.
Once labeled "junk grade", Anthropic would have to pay much higher interest rates to borrow money in the secondary market.
In that case, what would it take to pay for the 900 billion astronomical figures?
I'm sorry, they only accept cash.
And this is not just a crisis for Anthropic.
All the companies on the track! When will you turn GPU into net profit?
The cold weather has spread to everyone.
It is reported that a new round of funding for OpenAI has also suffered a setback.
Originally, OpenAI's planned target funding was $30 billion, with a valuation of $14 trillion.
However, their target size was pushed down to $20 billion and their valuation shrank to $125 trillion.
What is even more embarrassing is that on the day when the investor subscription expired on October 30, OpenAI received only about $11 billion in subscription commitments.
In the meantime, a large number of investors have significantly lowered the quota.
OpenAI is now distributed around the world, targeting family offices and high-net-worth individuals for "subsequent retail sales".
There's no way, there's almost $10 billion left to make up for!
So, who else would want to be a high-level disc jockey?
Now, Anthropic's IPO has not been canceled in the process. However, the cornerstone behind the IPO has been shaken.
The story of burning money in exchange for myths is evil.
After three years of AI mania, I finally woke up.
What other stories can Anthropic tell in mid-November?
