Institution reviews Anthropic's prospectus, focusing on growth and computing power costs

After Anthropic publicly submitted its prospectus the previous evening, investment institutions and market participants began to assess its growth quality, cost structure, and potential valuation. Morningstar senior equity analyst Malik Ahmed Khan and PitchBook analyst Rolfes stated that as of September 30, Anthropic had over 11,900 enterprise customers contributing at least $100,000 in revenue over the last 12 months, compared to about 950 in the same period last year. Khan believes this reflects a faster adoption of Claude in the enterprise market and significant revenue growth.

Analysts also pointed out that the rapid increase in customer numbers alone is insufficient to indicate long-term revenue stability. The prospectus lacks detailed data on customer retention, and the disclosed net revenue retention rate is also affected by a small base; as the comparison base expands, this metric may decline. Investment in computing power is another focus. Morningstar believes that Anthropic currently demonstrates a certain level of computing efficiency and operational efficiency, but some computing resources and related expenditures have not yet been fully reflected; as more computing power is utilized, costs may rise, and if revenue growth does not keep pace, profit margins will be under pressure.

PitchBook analyst Rolfes reminded that the scale of future computing contracts and infrastructure commitments is enormous, and whether revenue growth can be sustained is an important variable in assessing profitability prospects. Gavin Baker, managing partner and chief investment officer of Atreides Management, stated that it is still possible for Anthropic to reach an annualized recurring revenue of $100 billion by the end of the year; this statement reflects his personal judgment and is not the company's published performance guidance. Nigel Green, CEO of independent financial advisory firm deVere Group, questioned the market's rumored potential valuation of $2 trillion, calling this expectation "absurd," and reminded to pay attention to infrastructure investments, slowing growth, and future financing needs. The $2 trillion figure remains a market rumor, and the prospectus has yet to determine the offering price and scale.