Institutional review of Anthropic's prospectus: Growth prospects and computing power costs become the focus

October 27 — After Anthropic publicly filed its prospectus on October 26, investment institutions and market participants began assessing its growth quality, cost structure, and potential valuation. As the company moves toward the public market, the operating data disclosed in the prospectus provides a new basis for outsiders to observe the commercialization progress of AI companies, and related commentary presents a mix of optimism and caution.

Malik Ahmed Khan, senior equity analyst at global investment research and financial data firm Morningstar, and PitchBook analyst Rolfes said the prospectus shows that, as of September 30, Anthropic had more than 11,900 enterprise customers contributing at least $100,000 in revenue over the trailing 12 months, compared with about 950 in the same period last year. Khan believes this reflects the rapid adoption of Claude in the enterprise market and outstanding revenue growth performance.

Analysts also cautioned that the rapid increase in customer count is still insufficient to demonstrate long-term revenue stability. The prospectus lacks detailed data on customer retention; the disclosed net revenue retention rate is also affected by a smaller base, and the metric may decline as the comparison base expands. For enterprise software companies, whether customers continue using the product and whether they expand purchases will affect the market's judgment of revenue quality.

Compute investment is another issue receiving attention. Morningstar's analysis believes Anthropic currently demonstrates certain compute efficiency and operational efficiency, but some computing resources and related expenses are not yet fully reflected. As more compute is put into use, costs may rise; if revenue growth fails to keep pace, profit margins will come under pressure. PitchBook analyst Rolfes also cautioned that future compute contracts and infrastructure commitments are enormous in scale, and whether revenue growth can be sustained is an important variable for assessing the company's profitability prospects.

Gavin Baker, managing partner and chief investment officer of Atreides Management, is more optimistic about growth prospects. He said it is still possible for Anthropic to reach $100 billion in annualized recurring revenue by year-end. This statement reflects Baker's judgment on growth speed and is a personal view, not company-issued performance guidance.

Cautionary voices come from independent financial advisory firm deVere Group. Its CEO Nigel Green questioned the $2 trillion potential valuation circulating in the market, calling the expectation "absurd" and reminding investors to watch risks including infrastructure investment, slowing growth, and future financing needs. At present, $2 trillion remains market rumor; the prospectus has not yet determined the offering price or offering size.