Anthropic Q3营收168亿美元，IPO前披露财务数据

They held their big Investor Day yesterday at their headquarters in New York. Um, disclosing at the end of what really was almost a five hour kind of ordeal, explaining the company's ambitions where they see eye going, disclosing to prospective investors that in the third quarter, revenue hit $16.8 billion, up about 45% quarter over quarter. Also disclosing that they are generating free cash flow. Uh, positive free cash flow.

Excuse me? They had a gross margin of 85% and a greater than 11% positive adjusted operating margin as of the third quarter. So really disclosing some of those latest metrics and what the three months ending at the end of September look like. Just trying to get investors really up to speed, answering questions around again, where they see this business firing, where they see it going. And this has been a tape where there's been so much of a focus on can they justify a potentially up to $2 trillion valuation?

Can they justify a record setting IPO in terms of proceeds? The folks I talked to who were in attendance came away pretty bullish, but there was still a little bit of uncertainty around what this ultimately means for fourth quarter in 2027. And so these results might potentially help the IPO. But what does it mean for the broader eye trade as this is such a bellwether for what might come. If we just look at strictly market reaction.

We saw futures fall. Uh, after these headlines were set late yesterday evening. We saw weakness overnight in Asia. Do you want to call out? Yeah. The Nasdaq 100 is still down about 6/10 of 1%. But it has kind of recouped those losses since about 10:00. So I think the big debate that we're hearing from investors is how do you position in some of these eye trades that have been such big winners over the last year and change, and we've seen them really falling pretty flat?

And how does that ultimately impact kind of expectations again going into a critical earnings season. So you have kind of like this tale of two cities, if you will, where these are pretty solid numbers for anthropic. And it's the super impressive what they've been able to do over the last few years. But if you've been pulled up in the core weaves, the Sarah Bros is of the world. You're kind of taking your medicine and we're seeing that fallout today.

Yeah. Speaking of being balled up, gross margin of 85%. I heard that correctly from you. You did? How does that compare to rivals such as OpenAI? Oh, man. Charlie, putting me on the spot. I think it's tough when we don't have real numbers to compare apples to apples. So when you're looking at these companies, you have to think through some of the metrics they point to. You can point to GAAP, uh, gross margins, which we reported for for Bloomberg.

When you think about what that ultimately means for a company like OpenAI, we've been focusing so much on AR, the prospect of something resembling AR. Um, so I don't know that we have a precise car, right? But one cannot deny 85%. That is it. That is an unbelievably healthy number. Yeah. No, I mean, that's great in any industry, for any industry. They also ruled out that their, uh, net revenue retention, again, measuring their ability to keep customers increased spending was 900%.

Like, these are huge numbers. Again, when you're talking about a single quarter that they drive revenue of almost $17 billion, like these are big numbers. These are strong numbers. The big question does go back to what actually is happening under the surface. Some numbers that were also disclosed was compute margin, something I admittedly had no idea what that meant, however. But according to our colleagues, it's the revenue left over when you strip out their computing costs and other costs.

That was more than 40%, which I'm told is still solid. Um, all of this in the midst of what we're seeing with Core, we've struggling pretty significantly. Jensen Huang had said at an event in Sweden that the cost of capital, of course, is actually decreasing, that Nvidia won't need to backstop core. We've, um, how do we think about anthropic in the context of, in the context of kind of a pretty significant blow up on the other side, literally within days and weeks of what we're expecting an IPO.

I know there are different companies and different exposures, but it does speak to the, um, underlying sentiment of like quite a great deal of concern. No, definitely. When you look at core, we've stock again, it's down more than 25% or close to 25% this week alone. We did see in Australia, uh, I believe last week firmus, which was an eye data center play. Their IPO was ultimately pulled. They wanted to raise like $5 billion.

So sentiment as it relates to data centers, data center reach sentiment as it relates to these neo clouds is pretty darn sour. When I talk to people about AI infrastructure, they're not optimistic at all. Right now. Again, if you look at a core we've chart over the last week, but if you look at it really since it went public, it's insanely volatile. The counterpoint that people make when we talk about an anthropic or when we talk about expectations for matters muse and what they need to do, is that these are companies that are fulfilling a need and they're still seeing strong growth.

There are still questions around what is 27? What is 2030 look like? But the fundamental argument for an anthropic, the fundamental argument for real rival peers, meta, Google, you name it, is still solid. They still are struggling to get as much compute as they would need. But the fundamentals are great for all intents, and probably two other big questions. Unfortunately, only a minute to go here. First of all, we've got New York City's comptroller saying that this IPO ought to be paused because of, uh, safety issues issue that that that's concern number one.

Concern number two, the broader market backdrop. Is this a time to be going public? I think people think that anthropic could go public at any point there. We could be in the midst of a terrible bear market, and there still would be buyers for this IPO. Do they meet investors on on valuation? Does that look closer to 1.8 trillion than 2 trillion? That's the big question. Uh, but for all intents and purposes, I have got not have not received any kind of push back on expectations that this is going to be a public company before they get.