Breaking Down Anthropic’s S1 Filing

Now let's stick with Anthropic's IPO and dig into a few more details from the S1 filing. Asia tech correspondent, Annabelle Droulers, joins us now with more. Annabelle, a very big report. What stood out the most? Yeah. I think what really stood out was was just essentially getting more details into how the company is performing financially because these are now audited figures. So it's very much black and white. Before this point, we sort of had a lot of details that were sort of being drip fed through different leaks. But on paper, what we see is that Anthropic grew its revenue by 1300% in the first half of this year. So coming in at 6,3 billion. Then in the third quarter alone, it did $6,8 billion, so more than the entire first half of this year in a single quarter. So it does show that growth trajectory in place. The other thing that just jumps out to us is that their customer base is starting to expand because this has been a concern, of course, just a reliance on on a handful of big tech companies. What you're seeing now is that at least 250 customers or 250 customers are spending at least 0 million a year with Anthropic. So it's becoming an enterprise business, and that's what you start to see. Essentially, you can see there as well 1,900 plus customers generating 1,000,000 plus in revenue as well. So it's expanding customer base. Critically as well, we started to see that free operating cash flow, positive operating cash flow in the first half. So there was a headline loss, of around... You can see there around $80 billion in the first half. That was more of an accounting, metric, noncash accounting adjustments on financial instruments, not so much cash going out the door. So the underlying business is actually becoming cash generative.