Anthropic S1招股书披露营收与现金流数据

YVONNE: YOU ARE WATCHING "THE CHINA SHOW." I'M YVONNE MAN WITH MINMIN LOW. MINMIN: OUR TOP STORIES, ANTHROPIC FILES FOR THE HIGHLY ANTICIPATED IPO. INVESTORS EXPECTING A VALUATION OF $1.5 TRILLION. YVONNE: META ALSO SET TO RAISE $95 BILLION IN EQUITY TO BANK WORLD THE A.I. AMBITIONS, GIVING ASIAN CHIPMAKERS A BOOST AS THAILAND MARKERS COME BACK ONLINE -- MARKETS COME BACK ONLINE. MINMIN: THE EU, PLANNING FURTHER IMPORT CUBS ON CHINA NEXT YEAR AS PART OF A BROADER EFFORT TO BALANCE TRADE.

YVONNE: AND WE HEAR FROM THE SOUTH KOREA BUDGET MINISTER ON BOOMING A.I. RELATED EXPORTS. YVONNE: IT SEEMS LIKE IT IS ONLY ONE GAME IN TOWN TODAY. ANTHROPIC'S IPO. THE 240,000 PLUS PERSPECTIVES RIGHT NOW. CERTAINLY BULLISH IN TERMS OF THE REVENUE AND WHAT THEY HAVE BEEN FORECASTING AS WELL. A LOT OF QUESTIONS ABOUT SAFETY, THE WHOLE SORT OF THEME FOR HUMANITY AS WELL. IT IS ENOUGH TO IGNITE THIS A.I. TRADE ACROSS THE BOARD.

MINMIN: IT SEEMS TO BE . INVESTORS WORRIED ABOUT NOT BEING ABLE TO ACHIEVE SUSTAINED PROFITABILITY, NOT TO MENTION THE SAFETY RISKS AND EXISTENTIAL CRISIS FOR HUMANITY COMING AMID THIS COMPETITION FOR FINANCING. YOU HAVE THE LIKES OF META RAISING FUNDS THROUGH EQUITY OFFERINGS. $95 BILLION. YOU ALSO HAVE BROADCOM ARRANGING A DEAL TO RAISE FUNDS FOR THE A.I. INVESTMENTS. AND HE ALSO HAVE ELON MUSK'S SPACEX GOING INTO A DEAL WITH APOLLO.

A LEASING AGREEMENT TO FUND CHIPS ACQUISITION AS WELL. YVONNE: ENOUGH GOOD NEWS TO PUT THINGS AND RISK ASSETS INTO ROCKET SHAPE. TAIWAN IS COMING BACK FROM THE HOLIDAY. THEY WERE SHUT FOR TWO SESSIONS THERE. IT'S UP ABOUT 1%. U.S. FUTURES ARE PUNCHING HIGHER. PAIR THAT WITH THE FUNDAMENTALS, YOU HAVE THE LIKES OF GOLDMAN IN TAIWAN, 11.7% IN 2026. PAIR THAT WITH THE GDP NUMBERS WE GOT FROM THE THIRD QUARTER AND SOUTH KOREA, WHICH WAS ACTUALLY UPBEAT, MORE THAN 3% GROWTH, SUGGESTING THIS A.I.

BOOM CAN CONTINUE. AND THE READTHROUGH FOR ASIA TODAY IS POSITIVE, TSMC UP SLIGHTLY, SK HYNIX AND SOFTBANK REALLY PUNCHING SIGNIFICANTLY HIGHER. SOFTBANK UP 7% AS WELL. HOW DOES THIS HELP THE WHOLE MEMORY SIDE OF THINGS GIVEN THE NUMBERS WE HAVE GOT FROM ANTHROPIC? WE WILL BE DISSECTING THAT WITH OUR TEAM HERE TODAY. MINMIN: WE HAVE THE EARNINGS TEST WITH THE BIG FOUR AND COMING THROUGH THE LIKES OF KIOXIA, SK HYNIX, TSMC, GIVEN THEY HAVE VERY STRONG EARNINGS YEAR ON YEAR.

QUARTER ON QUARTER, LOOKING PRETTY FLAT AS WELL. WE ARE JOINED BY OUR TEAM TODAY. LET'S BRING IN OUR ASIA TECH CORRESPONDENT ANNABELLE DROULERS AND THE GLOBAL HEAD OF RESEARCH, MANDEEP SINGH AND OUR MARKETS REPORTER ANTHONY STEPHENS. BELLE, I'M SURE YOU HAVE LOOKED THROUGH THE 300 PLUS PAGES OF THE S1 FILING, WHAT IS ANTHROPIC SAYING ABOUT HIS BUSINESS AND CASH FLOWS AND CUSTOMERS RIGHT NOW?

WE ARE LEARNING A LOT. HUNDREDS OF PAGES ESSENTIALLY JUST DETAILING ALL OF THE DIFFERENT FINANCES THAT REALLY STOOD OUT, RISKS TO THE BUSINESS AS WELL, THE CUSTOMER BASE. WE LEARNED A LOT. ONE THING THAT SET OUT -- THAT STOOD OUT CAME DOWN TO THE FINANCIAL FIGURES. UNTIL NOW WE'VE HAD A LOT OF REVENUE RUN RATES LINKED TO THE PRESS BUT NOW WE'VE GOT AN ORDER BLACK-AND-WHITE AND LEARNED ABOUT A REVENUE JUMP OF 1300% THE FIRST HALF OF THIS YEAR TO $16.3 BILLION.

IN THE THIRD QUARTER ALONE, 16.8 BILLION DOLLARS IS ALREADY IN JUST ONE QUARTER YOU ARE BEATING THE ENTIRE FIRST HALF. THE OTHER THING THAT STANDS OUT IS THE CUSTOMER BASE IS BROADENING. THAT'S A BIGGER RISK FOR ANTHROPIC. A LOT OF THESE A.I. BUSINESSES. DO THEY HAVE BIG CUSTOMERS OR ARE YOU SEEING MORE? THERE WAS AT LEAST 250 CUSTOMERS ARE NOW SPENDING $10 MILLION A YEAR OR MORE WITH ANTHROPIC SO YOU ARE GETTING A REAL ENTERPRISE BUSINESS STARTING TO DEVELOP.

AND CRITICALLY GENERATING OPERATING CASH FLOW -- POSITIVE OPERATING CASH FLOW IN THE FIRST HALF, $4 BILLION OR JUST UNDER. THERE WAS A HEAD NET LINE LOSS OF $80 MILLION BUT THAT WAS LARGELY DONE TO ACCOUNTING FACTORS AS OPPOSED TO CASH GOING OUT THE DOOR. THE UNDERLYING BUSINESS IS CASH GENERATIVE. YVONNE: VERY BULLISH NUMBERS WHEN IT COMES TO THE REVENUE SIDE OF THINGS. BELLE MENTIONED THE NET LOSS, WHAT'S THAT OUT WITH THIS PERSPECTIVE -- WHAT STOOD OUT WITH THIS PERSPECTIVE?

THE COMPUTE EFFICIENCY PART IS HUGE BECAUSE THE BIGGEST CONCERN WITH ANTHROPIC WAS THE BUSINESS MODEL. THE ECONOMICS, ARE THEY BURNING TOO MUCH CASH? AND THE ANSWER IS THEY RAISED A LOT OF MONEY, ALMOST $141 BILLION. BUT IN TERMS OF CASH BURN, WE ARE TALKING ABOUT $11 BILLION IN CASH BURN, SO THEY'VE GOT A LOT OF CASH ON THE BALANCE SHEET, EVEN BEFORE THE IPO RAISE, WHICH I EXPECT TO BE $100 BILLION. THIS IS A BUSINESS MODEL THAT I THINK IS ROBUST AND THEY ARE NOT BURNING A LOT OF CASH WHICH IS WHAT I THINK INVESTORS ARE CONCERNED ABOUT.

MINMIN: DO YOU THINK GIVEN THE MARKET ACTION, INVESTORS ARE UNDERPRICING SOME OF THE RISK HERE? THE PROSPECTIVE STALKED A LOT OF -- TALKED ABOUT A LOT OF THINGS, WHETHER IT IS THE RISK OF DISTILLATION FROM CHINESE PLAYERS AS WELL AND SOME OF THE COMPETITIVE LANDSCAPE THERE.

LOOK, I MEAN, THIS IS A CONSUMPTION DRIVEN MODEL SO THIS IS NOT YOUR RECURRING REVENUE TYPE OF MODEL. SO THERE IS A RISK IN THAT SENSE. THAT TOMORROW THE OPEN-WEIGHT MODELS CATCH UP TO THE FRONT TIER, THE PRICING COULD FALL OFF A LOT. AND THAT WOULD REALLY CREATE PRESSURE ON THE ECONOMIC SUCH AS MENTIONED BEING HEALTHY. THERE IS A RISK FOR A BUSINESS OF THIS SIZE NOW. COMPETITION CAN CATCH UP. BUT FROM A REGULATORY STANDPOINT, WHATEVER REGULATORS COME UP WITH WOULD APPLY TO BOTH OPEN-WEIGHT MODELS AND THE FRONTIER MODEL SO I DON'T THINK THERE IS ANYTHING UNIQUE HERE TO BE CONCERNED ABOUT.

IF ANYTHING I THINK THEY ARE STILL AT THE FRONTIER AND THEY HAVE THE SCALE ON THEIR SIDE. AND BECAUSE THEY HAVE RAISED A LOT OF MONEY ALREADY, THAT WILL WORK TO THEIR ADVANTAGE. AND EVERYONE ELSE IS PLAYING CATCH UP HERE. YVONNE: CAN YOU TELL US WHAT THE READTHROUGH IS FOR ASIA? WHAT DOES THIS MEAN FOR THE SUPPLY CHAIN AND THE LIKE -- SUPPLY CHAIN AND THE LIKE?

THERE ARE ASPECTS OF THE CIRCULAR FINANCING AND -- CYCLE OF FINANCING AND THE OPTICS DON'T LOOK GREAT. SME CHIPMAKERS -- SOME OF THE CHIPMAKERS THEY HAVE SIGNED CONTRACTS WITH. THE READTHROUGH I WOULD SAY IS POSITIVE IN THE SENSE THAT THE DEMAND SIDE DOES LOOK REALLY STRONG HERE IN TERMS OF THE TOKEN GENERATION AND AGENTIC A.I. ASPECTS. IF IT IS NOT ANTHROPIC, THEN SOMEONE ELSE WILL STEP IN AND MAKE USE OF THAT CAPACITY.

SO I WOULD SAY OVERALL, THE READTHROUGH IS QUITE POSITIVE IN TERMS OF A.I. DEMAND. BUT THERE ARE CERTAIN RISKS AROUND THE TOKEN PRICING -- I WOULD CALL THAT OUT AS A BIG RISK FACTOR, IF THAT COMES DOWN A LOT, THEN SUDDENLY THERE WILL BE A PRESSURE ON THE BUSINESS MODEL OF IS COMPANIES AND THAT IS WHEN YOU WILL PAIR BACK CAPEX . THE OTHER SURPRISING ELEMENT WAS ANTHROPIC IS SPENDING ALMOST 70% OF THEIR COMPUTE ON TRAINING AND THE REMAINDER ON INFERENCING.

EVERYONE ELSE THOUGHT THEY WERE SPENDING MORE ON INFERENCING BECAUSE THEY HAD TO SHOW PROFITABILITY. AND I THINK THAT WAS A REAL SURPRISE. THEY ARE SPENDING A LOT MORE ON TRAINING TO TO DEVELOP THE NEXT VERSION OF THE MODEL COMPARED TO, YOU KNOW, EVERYONE THOUGHT THEY WERE FOCUSED MORE ON MONETIZATION. MINMIN: THAT'S INTERESTING. ANTHONY, WE HAVE SEEN HOW INVESTORS SEEM TO BE READY TO LET THIS UP ALONG WITH THE EQUITY OFFERING BY META AS WELL, HOW SUSTAINABLE DO YOU THINK THIS RALLY IN THE TECH SPACE COULD BE?

FOR ASIA WHAT WE WERE PRICING WAS A SHORTAGE OF CAPITAL AND THAT WAS THESE JITTERS AROUND THE CREDIT MARKET, NOW THIS KIND OF CASH HAUL ACROSS THE EQUITY OFFERING AN IPO MARKET RESOLVES THIS. THAT IS LIKE A FIVE-YEAR RUNWAY. EVEN AT CURRENT CASH FLOW AND EVEN IF THERE IS NO CHANGE IN THE BUSINESS. THE ASIAN STOCK MARKET WANTS THAT VISIBILITY. WE ALREADY HAVE IN THE 2027-2028 MODELS ONTO 2032 TO REVIVE ANIMAL SPIRITS, AS IT WERE.

IN FOR ASIA WE DON'T CARE ABOUT THE ROI ON THIS INVESTMENT. WHO WEDNESDAY A.I. RACE? DOESN'T MATTER AS LONG AS THE AMERICAN CAPITAL MARKETS STAY AS STRONG AS THEY ARE. THAT IS THE VALUATION WE GOT YESTERDAY. IT WAS AN E