How Fast Did Anthropic's Revenue Grow?

Scott Galloway says Anthropic is the fastest-scaling software company in history. From the IPO filing, he puts revenue at $386 million in 2024 and $4.5 billion in 2025, up 12x.

Kara Swisher reads the front of that filing. Anthropic has committed more than $600 billion to future cloud deals. Five customers accounted for about a quarter of revenue in the first nine months. Ninety-four pages of risk factors warn about rogue AI models and opposition to data centers. The co-founders, including CEO Dario Amodei, would keep 50.1 percent of the voting power. The company has not said how much it plans to raise or the offering price. She says Elon Musk is attacking data centers at the same time, and that he is in the data-center business.

Scott Galloway says to set aside the headline net loss of $81 billion. He says $72 billion of it is the accounting charge when a convertible bond turns into equity: the debt leaves the balance sheet, shareholders take dilution, and the conversion is booked as a loss. The figures he uses after that are $25 billion of revenue and a loss of nine. If it is growing four or five times at high margins, he says, the company should be able to reach profitability.