PitchBook

Headlines · 4

1. 16h
   Research firm calls Anthropic IPO 'most ridiculous of 2026', values it as low as $144bn

   Independent research firm New Constructs said in an October 6 report titled "Anthropic Is The Most Ridiculous IPO of 2026" that Anthropic's equity could be worth as little as $144bn, 93% below the $2tn valuation the company is reportedly targeting. Using a reverse discounted cash flow model, it says $2tn would require Anthropic to hold a 10% after-tax operating margin for a decade, grow revenue 1,000% this year and reach $3.6tn in revenue by 2035; the report also says Claude Fable 5 and Mythos 5 cost about 18x more than DeepSeek R1 for input tokens and 23x more for output tokens, and argues open-source models make it hard for closed models to profit. Anthropic has since told investors its third-quarter revenue reached $16.8bn, which PitchBook analyst Harrison Rolfes said clears the bar he had set but still does not by itself justify $2tn; Bloomberg reported the listing could come as soon as mid-November, with about 80 of the 261 pages in the confidential draft filing devoted to risk factors including catastrophic or existential risk and models attempting to "resist shutdown."

   The Next Web · 🔥 6
2. 6d
   Robotics and physical AI firms raise ~$48B year to date

   PitchBook data reported by the Financial Times shows robotics and "physical AI" companies have raised roughly $48 billion so far this year. To fill a gap in robotics training material, developers are putting cameras in homes, offices and factories so people completing real tasks can be recorded. The funding and data-collection activity point to sustained investment in embodied AI.

   Techmeme · 🔥 0
3. Oct 8
   US VC deal value hits record $515.8B as AI takes 82.7% share

   US venture capital deal value reached $515.8 billion in the first nine months of the year, about 44% above the previous annual record, with AI accounting for a record 82.7% of that value, according to the PitchBook-NVCA Venture Monitor. Third-quarter deal value fell about 40% to $98.4 billion, and exits remain weak: SpaceX's $60 billion all-stock purchase of Cursor developer Anysphere alone made up 53.1% of quarterly exit value, leaving just $53 billion without it. PitchBook counts 179 new unicorns this year and 992 companies valued at $1 billion or more, and its model gives Anthropic an 86% chance of an IPO within a year, versus 12% for OpenAI.

   SiliconANGLE AI · 🔥 0
4. Oct 7
   Anthropic files confidentially for IPO at $2T+ valuation

   Anthropic has confidentially filed an S-1 with the U.S. SEC and plans to list on Nasdaq after November's U.S. midterm elections, seeking up to $100 billion in proceeds at a target valuation above $2 trillion, according to multiple media reports cited in the republished commentary. The same account says the company booked $4.6 billion in 2025 revenue (up about 12x year over year) with roughly $65 billion in annualized revenue, but a net loss of about $42 billion — around $34 billion of it non-cash accounting charges — plus some $518 billion in future compute and infrastructure commitments, 80% non-cancellable. It adds that about 47% of revenue flows through AWS and Google Cloud channels and nearly a quarter comes from two large customers, while firms such as PitchBook are said to see the valuation as unsupported by fundamentals.

   创业邦 科技 · 🔥 0

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