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Anthropic raises $13B Series F

anthropic.com

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Re: Anthropic raises $13B Series F

#81

Post by YetAnotherNick »

StopDisinfo910 wrote: post #37
aaronblohowiak wrote: post #11

Earlier quoted context omitted.

alphabet is "worth" 2.45 trillion on the public market, is anthropic worth a bit less than 10% of google going forward? I don't think that's entirely unreasonable...

Alphabet 2024 revenue: 350 billions dollars Anthropic 2024 revenue: 1 billion dollars Unreasonable doesn’t even start to capture it. Anthropic being worth 10% of Alphabet is beyond insane.

> The company said its run-rate revenue has increased from around $1 billion at the beginning of 2025, to more than $5 billion in August.

So 10% of valuation for 1.5% of revenue, which grew 5x in last 6 months. Doesn't seem as unrealistic as you put it, if it has good gross margin which some expects to be 60%.

Also Google was valued at $350B when it had $5B revenue.[1]

[1]: https://companiesmarketcap.com/alphabet-google/marketcap/

Re: Anthropic raises $13B Series F

#82

Post by mapt »

nradov wrote: post #53
llamasushi wrote: post #22

The compute moat is getting absolutely insane. We're basically at the point where you need a small country's GDP just to stay in the game for one more generation of models. What gets me is that this isn't even a software moat anymore - it's literally just whoever can get their hands on enough GPUs and power infrastructure. TSMC and the power companies are the real kingmakers here. You can have all the talent in the w…

That's why wealthy investors connected to the AI industry are also throwing a lot of money into power generation startups, particularly fusion power. I doubt that any of them will actually deliver commercially viable fusion reactors but hope springs eternal.

Continuing to carve out economies of scale in battery + photovoltaic for another ten doublings has plenty of positive externalities.

The problem is that in the meantime, they're going to nuke our existing powergrid, created in the 1920's to 1950's to serve our population as it was in the 1970's, and for the most part not expanded since. All of the delta is in price-mediated "demand reduction" of existing users.

Re: Anthropic raises $13B Series F

#83

Post by jayd16 »

llamasushi wrote: post #22

The compute moat is getting absolutely insane. We're basically at the point where you need a small country's GDP just to stay in the game for one more generation of models. What gets me is that this isn't even a software moat anymore - it's literally just whoever can get their hands on enough GPUs and power infrastructure. TSMC and the power companies are the real kingmakers here. You can have all the talent in the w…

In this imaginary timeline where initial investments keep increasing this way, how long before we see a leak shutter a company? Once the model is out, no one would pay for it, right?

Re: Anthropic raises $13B Series F

#84

Post by noleary »

j7ake wrote: post #59

Wait did I see “ Ontario Teachers' Pension Plan” as an investor? Are they putting Canadian public funds into Anthropic?

Ontario Teachers' is a pretty active principal in venture/growth financings and a major LP to a bunch of funds. That said, venture/growth is a pretty small percentage of their holdings.

---

[1] https://www.crunchbase.com/organization/ontario-teachers-pen...

[2] https://www.otpp.com/en-ca/investments/our-investments/teach...

Re: Anthropic raises $13B Series F

#85

Post by tdullien »

StopDisinfo910 wrote: post #37
aaronblohowiak wrote: post #11

Earlier quoted context omitted.

alphabet is "worth" 2.45 trillion on the public market, is anthropic worth a bit less than 10% of google going forward? I don't think that's entirely unreasonable...

Alphabet 2024 revenue: 350 billions dollars Anthropic 2024 revenue: 1 billion dollars Unreasonable doesn’t even start to capture it. Anthropic being worth 10% of Alphabet is beyond insane.

It's just off by a factor of 35?

Re: Anthropic raises $13B Series F

#86

Post by ljlolel »

duxup wrote: post #34
llamasushi wrote: post #22

The compute moat is getting absolutely insane. We're basically at the point where you need a small country's GDP just to stay in the game for one more generation of models. What gets me is that this isn't even a software moat anymore - it's literally just whoever can get their hands on enough GPUs and power infrastructure. TSMC and the power companies are the real kingmakers here. You can have all the talent in the w…

It's not clear to me that each new generation of models is going to be "that" much better vs cost. Anecdotally moving from model to model I'm not seeing huge changes in many use cases. I can just pick an older model and often I can't tell the difference... Video seems to be moving forward fast from what I can tell, but it sounds like the back end cost of compute there is skyrocketing with it raising other questions.

The scaling laws already predict diminishing in returns

Re: Anthropic raises $13B Series F

#88

Post by saberience »

aroman wrote: post #67
saberience wrote: post #29

Earlier quoted context omitted.

Post-money just means you add the value of the actual investment into the valuation. E.g. The pre-money valuation would be 183B - 13B. i.e. pre-money valuation would be 170B

I think you missed their joke :)

Or the joke was so bad and non-obvious that their comment just reads like someone who has no idea what "post-money" actually means :)

Re: Anthropic raises $13B Series F

#89

Post by DebtDeflation »

llamasushi wrote: post #22

The compute moat is getting absolutely insane. We're basically at the point where you need a small country's GDP just to stay in the game for one more generation of models. What gets me is that this isn't even a software moat anymore - it's literally just whoever can get their hands on enough GPUs and power infrastructure. TSMC and the power companies are the real kingmakers here. You can have all the talent in the w…

The wildest part is that the frontier models have a lifespan of 6 months or so. I don't see how it's sustainable to keep throwing this kind of money at training new models that will be obsolete in the blink of an eye. Unless you believe that AGI is truly just a few model generations away and once achieved it's game over for everyone but the winner. I don't.

Re: Anthropic raises $13B Series F

#90

Post by manveerc »

bobbiechen wrote: post #47

Did anyone else get offers to join single-purpose ventures (SPVs) to invest in this Anthropic round? I got the impression that some people were reselling access and adding layers of fees to profit from the hype.

Many SPVs were available for recent funding rounds, but my biggest gripe was the excessive fees layered on top of them.

More importantly, we should ask who will be left holding the bag when this bubble bursts. For now, investors are getting their money back through acquisitions. Founders with desirable, traditional credentials are doing well, as are early employees at large AI startups who are cashing out on the secondary market. It appears the late-stage employees will be the ones who lose the most.

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