Anthropic, a leading global artificial intelligence company, announced Monday a surge in its quarterly revenue of over 1100 percent as it prepares for its initial public offering (IPO) on Wall Street this month.
Anthropic's listing, expected as early as next week, comes amid growing investor concern about the massive amounts of money being poured into the artificial intelligence sector.
Its revenue reached $17 billion in the third quarter, compared to $1.4 billion a year earlier.
The company, whose debut on the stock market will help determine the sustainability of the AI spending boom that is fueling the US economy, said in a revised statement that its net loss was $23.3 billion for the period from July to September.
Its financial statement showed that the loss stemmed primarily from non-cash accounting charges related to the company's high valuation.
It also revealed that Anthropic has committed to spending approximately $895 billion, most of which is earmarked for computing power, with a significant portion to be spent over the next five years.
The company returned to operating losses of $567 million in the third quarter after incurring higher costs for short-term computing power.
The initial public offering (IPO) will be a major test of market confidence in the AI boom, broadening the pool of potential investors as smaller investors will have their first opportunity to buy shares directly in an AI giant.
Last week, caution and concerns about AI spending triggered a sharp sell-off in shares of major technology companies after the latest earnings results showed massive investments with no clear indication of yielding returns.
Anthropic’s financial statement, which is about 400 pages long, devotes more than 90 pages to risks, including those facing a sector that has seen a series of reports in recent months that have addressed the behavior of artificial intelligence systems in unexpected and harmful ways.
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