Yes, "bold but sane" is certainly what this guy looks like

Also: there's no way these journalists read all 240,000 words. I smell AI analysis... at least sorting and filtering.

Anthropic has unveiled its long-awaited listing prospectus, detailing over more than 300 pages how its technology could cure disease and grow the economy, provided it does not first cause “catastrophic or existential risks to humanity”. The filing puts Anthropic on track for a blockbuster listing next month. The initial public offering on Nasdaq, under the ticker ANT, will serve as a referendum on whether public market investors are sold on the visionary zeal with which Dario Amodei’s AI lab has wooed private backers.

Alongside dizzying growth and $800bn in data centre spending commitments, the company’s founders urge prospective owners of the stock “not to think of your purchase in purely transactional terms”.

#1602916

The S-1 provided the clearest picture yet of Anthropic’s soaring revenue, which rose from $4.6bn last year to more than $33bn in the nine months to the end of September, according to the filing and figures recently shared with investors.

...as opposed to (or, you know, in tandem of) its otherwise quite fake (accounting) 80bn net loss. #1600985... but oiiuhe, this I didn't know:

Just five customers accounted for 25 per cent of revenue in the first nine months of the year, while only 250 spent more than $10mn on an annual basis.

To support its spending in the near term, the start-up has a cash pile of $112bn on hand. Anthropic is pushing to become profitable, focusing on using its scarce computing power more efficiently, including by using its AI model Claude to train newer models.

That's one hell of a war chest... but against investing/data center construction commitments of like 7x that, I guess you'll burn through it quickly??

Anthropic identified computing power as “the critical input” for its business. Its hunt for chips and data centres has driven a wave of deals, with the AI lab signing up to commitments worth more than $800bn and stretching as far as 2045. [...] Anthropic also expects to spend more than $20bn on AMD chip systems, with an option to roughly double that. AMD will in turn invest up to $5bn in Anthropic as its chips are delivered.

All the hot-shots at the fancy table:

• "The AI lab’s deals with SpaceX are worth up to $120.5bn through to 2029 and will cost about $3.1bn a month once all the capacity comes online, which Anthropic expects in December."
• "Google, Amazon and Microsoft will provide at least $269.4bn of cloud compute over the next decade, while deals with upstart cloud providers Nscale and Lambda are worth up to $86bn."

Assuming Anthropic lists at a $2tn valuation, which is far from guaranteed, its longtime funders, including the tech groups that supply its computing power, are set to benefit.

Ah, that Predyx bet became uninteresting real fast (#1602534)! and Amazon will benefit like crazy:

Its largest hyperscaler backer is Amazon, which would own about a fifth of the company if its convertible notes were fully converted — worth about $400bn at a $2tn valuation. Its holding is capped at 12 per cent, with the excess kept in notes that convert only as room opens up under the limit

The Weird ("Novel") Governance structure

Anthropic admits its “novel” corporate governance structure “differs significantly” from most other public companies. It gives ordinary shareholders virtually no control over the company’s decisions.

Yeah, that's one way of putting it. #1602916

BEN BERNANKE?!

The S-1 includes 92 pages of “risk factors” which depart wildly from the often boilerplate disclosures companies make to protect against future legal claims.

lol, yes of course 92(!) pages of risks.

Anthropic’s risk disclosures, which were roughly three times longer than SpaceX’s, include an extraordinary warning that its technology may pose “catastrophic or existential risks to humanity” and “provide meaningful assistance to malicious actors seeking to develop chemical, biological, or other dangerous weapons”.

OK, OK. Sounds cool.

https://archive.md/vqL7n