What Anthropic's IPO Investors Want to Know

We’re getting ready for Anthropic to make its initial public offering prospectus public sometime after Labor Day. Though the company’s private investors have had a window into its torrid growth and projections, this will be the first time public investors are getting a full financial picture of the Claude maker. 

Just how complete a picture remains a big question, though. We’re hearing that investors want a lot more from Anthropic than the financial statements that securities regulators generally require companies to report. 

In a series of meetings, executives at Anthropic have been going back and forth with potential large investors on whether the company can provide other business- or performance-related metrics particular to AI. These include AI tokenomics, including what it makes off every AI token it processes, how much revenue it’s generating per gigawatt of compute, and net revenue retention, a measure of a tech vendor’s ability to keep customers and increase their spending. There’s no guarantee Anthropic will provide any of these.