#Anthropic申请赴美IPO

Anthropic Lost $80.7 Billion in the First Half and Still Plans to Go Public! Meta Sells $35 Billion in Shares—Who’s Paying for AI’s Massive Spending?
$80.7 billion! Anthropic reported a net loss of $80.7 billion in the first half, but its operating loss was only $690 million. The bulk came from changes in fair value on its books. How can it lose this much and still dare to go public? Who’s really paying for AI’s massive spending?
I. Anthropic Files for an IPO
Anthropic publicly filed an S-1 prospectus with the U.S. Securities and Exchange Commission, planning to list on Nasdaq under the ticker ANT. The number of shares to be issued and the price range have not yet been set.
Revenue in the first half was $16.29B, compared with just $1.16B in the same period last year.
Net loss was $80.75B, of which $72.39B came from changes in the fair value of convertible notes, derivative liabilities, and SAFEs. These are accounting losses, not cash outflows.
Operating loss was only $693 million.
At the end of June, cash and short-term investments on the books totaled $131.65B. Computing and infrastructure costs in the first half were $8.95B.
Reuters reported that the IPO could raise up to $100 billion.
II. Meta Raises Funds by Selling Shares
Meta launched a public offering of about $35 billion, including $22.5 billion in Class A common stock and $12.5 billion in mandatory convertible preferred stock. There is also an at-the-market (ATM) program of up to $60 billion. That is just the authorized amount, not money already raised, and it will not begin until the first quarter of 2027 at the earliest. Nvidia, AMD, and Broadcom are interested in subscribing for up to $5 billion combined. Meta has $82.45 billion in cash and marketable securities and $80.92 billion in long-term debt—almost evenly matched.
Elon Musk said on X that debt markets have nearly shut the door on new types of cloud providers, and more than 200 companies will face “guppy-level deaths” and consolidation. CoreWeave and Nebius fell 2.7% and 3.5%, respectively, in premarket trading on Monday.
III. U.S. Stocks Close Higher; Power Stocks Rebound
The S&P 500 rose 0.70% to close at 7676.77; the Nasdaq gained 0.82%; and the Dow rose 0.28%. Among power stocks, Bloom Energy rose 5.49%, Comfort Systems gained 7.18%, GE Vernova rose 4.92%, Vertiv gained 2.81%, and Vistra rose 1.12%.
IV. South Korea’s GDP Beats Expectations
South Korea’s GDP grew 1.0% quarter over quarter and 3.4% year over year in the third quarter, versus the median forecast of 0.7% in a Reuters poll. About half of the growth came from semiconductors. The KOSPI closed up 3.09% at 5638.34.
Sentiment Check
Overall, views are divided. Short-term sentiment is bullish, given Anthropic’s IPO filing, gains in all three major indexes, and South Korea’s better-than-expected GDP. Medium-term sentiment is bearish, as new types of cloud providers cannot borrow money and Meta is turning to share sales for financing. Long-term sentiment is neutral: revenue is surging, but cash burn still needs to pass the market’s test.
Conclusion
Nine-tenths of Anthropic’s $80.7 billion loss is an accounting figure. The real cash bill is shifting from borrowing to selling shares, with stock market investors footing the bill. Smaller cloud providers that cannot borrow may be the first to fall. Before the U.S. market opens on Wednesday, GE Vernova will release its third-quarter earnings—the next answer comes that day.
How long do you think AI funding can last?
The above is for news analysis only and does not constitute investment advice.
#Anthropic #AI #美股