U.S. artificial intelligence (AI) company Anthropic is confronting market skepticism regarding the sustainability of its rapid growth as it approaches its initial public offering (IPO).
The Financial Times reported on September 19 that intensified competition with OpenAI, the proliferation of cost-effective models, and concerns over AI safety are testing Anthropic's growth potential.
As of July, Anthropic's annualized revenue had reached $65 billion, with projections suggesting it could exceed $120 billion (approximately 166 trillion won) by the end of the year.
However, uncertainty about the future has led to divergent investor outlooks on the company's post-IPO valuation. According to the FT, estimates for Anthropic's market value after going public range widely from $1.5 trillion to $4 trillion (about 5,560 trillion won). Currently, Anthropic is valued at approximately $965 billion.
Competition in the market is becoming increasingly fierce. Notably, its primary rival, OpenAI, is rapidly expanding its influence. According to the AI model platform OpenRouter, user spending on OpenAI models surpassed that of Anthropic in the second week of September, marking the first time in about two years and seven months since February 2024.
The aggressive push from Chinese AI companies, emphasizing cost-effectiveness, also poses a challenge. Firms like DeepSeek and Moonshot have launched open-weight models, putting pressure on Anthropic and OpenAI's closed models in terms of pricing. This raises the likelihood that price-sensitive customers may switch to cheaper alternatives. Open-weight models allow users to download and modify the core parameters of AI models for their specific needs.
Concerns surrounding AI safety are also a significant factor. Dario Amodei, CEO of Anthropic, has called for the AI industry to slow down the development of cutting-edge AI systems to ensure safety. The FT noted that while slowing AI development could reduce the substantial costs of training AI models, it could also provide Chinese competitors with the opportunity to close the technological gap.
Amid these challenges, Anthropic, which was initially expected to launch its IPO in October, has reportedly pushed the target date to November, according to a Wall Street Journal report on September 18. There is also speculation that the timing of the IPO could change again.
Delaying the IPO to November may allow Anthropic to present strong Q3 performance to investors. Additionally, as scrutiny from shareholders and the market increases post-IPO, the company may be seeking time to clarify its stance on AI safety.
* This article has been translated by AI.
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