From Futurism · Joe Wilkins · · 1m 20s
Anthropic's profit, with an asterisk
Anthropic told investors it's in the black, as long as you skip the part where building AI costs billions.
In brief
Anthropic told investors it's in the black, as long as you skip the part where building AI costs billions. Adjusted operating income is not profit. Anthropic is still billions underwater on the bottom line, and the leak landed right before an IPO. Originally reported by Futurism.
Still no quarterly profit
Anthropic is one of the biggest names in AI and has never posted a quarterly profit. The company says that could flip soon, if you accept one very large caveat.
The number they leaked
The Financial Times reports Anthropic told a select group of trusted investors its adjusted operating income will be positive for a second straight quarter.
What AOI actually hides
Adjusted operating income strips out non-recurring costs. On net income, the real bottom line, Anthropic is still billions of dollars in the red.
Losing less than OpenAI
If the AGI race cools and labs stop burning to win it, Anthropic's compute pile could leave it better positioned. OpenAI is even deeper underwater.
“if you continue to operate at these margins and growth rates, it will be so hard to compete [with Anthropic]”
Spectacle before paperwork
The flattering forecast arrived instead of the prospectus Anthropic was expected to publish last week. A press leak is not a legal filing.
This is IPO choreography
Anthropic has teased a stock offering for months. Investor Brad Gerstner posted that it will IPO regardless, citing huge appetite for AI leaders seen as accountable.
“Anthropic will IPO”
What it means
Adjusted operating income is not profit. Anthropic is still billions underwater on the bottom line, and the leak landed right before an IPO.
