The key facts

  • OpenAI's operating losses grew to $10.9 billion from $10.1 billion, with the margin improving to -109% from -150%
  • Anthropic is preparing an IPO with a valuation of about $1.4 trillion: 825 million shares at $70–78 under the ticker ANT
  • Seven tech companies, including Google, Nvidia, AMD and Microsoft, will buy $26 billion of non-voting shares

Losses grow, but the margin improves

OpenAI told investors that its operating losses for the quarter increased to $10.9 billion (€9.72 billion) from $10.1 billion (€9.01 billion) in the previous quarter. At the same time, the company's adjusted operating margin improved to minus 109% from minus 150%. These figures are given in documents reviewed by The Wall Street Journal, which published the report on Tuesday, November 11.

Disclosure against the backdrop of Anthropic's IPO

OpenAI's financial figures became known at a time when investors are closely examining the state of affairs at companies in the AI sector, including its competitor Anthropic, the developer of the Claude models. The company filed an application with the US Securities and Exchange Commission: it intends to sell 825 million shares at a price of $70 to $78 (€62.44–69.58) each, and the shares will trade under the ticker ANT. The company's valuation at the IPO could be about $1.4 trillion (€1.25 trillion).

The largest offering did not materialize

Anthropic was expected to raise up to $100 billion (€89.2 billion), which would have made this IPO the largest in history. According to the filing, seven technology companies, including Google, Nvidia, AMD and Microsoft, agreed to buy $26 billion (€23.2 billion) of non-voting shares at the IPO price as part of a separate private placement. All of them are either investors in Anthropic or major suppliers of its computing power.

Context: investor scrutiny and volatility

Anthropic's debut will be the first stock market listing by one of the leading AI model developers and is seen as an indicator of how long the AI spending boom that supports the US economy can continue. B. Riley Wealth Management chief market strategist Art Hogan, in a comment to AFP, called Anthropic's listing 'just another chapter' in investors' concern about the cost of deploying AI infrastructure and ways to finance it. According to him, for the past three years investors have wanted to be part of three major companies: SpaceX, Anthropic and, possibly next year, OpenAI. The offering comes against the backdrop of the results of the US midterm elections, in which Democrats, who are more wary of AI, gained control of both chambers of Congress and promised to slow down President Donald Trump's agenda. Volatility also affected the shares of companies associated with the AI boom: chipmaker Nvidia found itself in the spotlight after its CEO Jensen Huang became embroiled in an espionage scandal.