BlockBeats News, August 15th. According to a analysis by Jim Osman, a columnist for Forbes, the potential IPO of Anthropic may become a key milestone to test the investment logic behind the AI craze. The company's annualized revenue run rate has surged from $14 billion in February to over $47 billion in May, while its latest private valuation has increased from $380 billion in February to $965 billion. The market is even discussing that its IPO valuation may exceed $2 trillion, but the company has not yet disclosed the offering price or the final listing date.

Osman pointed out that Anthropic's growth rate is significant, but this also means that a lot of future success may already be priced in. The company secretly filed for an IPO on June 1st, and while preparing for the IPO, it still needs to continue to invest a huge amount of capital to maintain its cutting-edge model competitiveness.

In May, Anthropic raised $65 billion in funding, with some of the funds being used to expand its computing power. The company has reached agreements with Amazon for up to 5GW of additional computing power and with Google and Broadcom for an additional 5GW of next-generation TPU computing power, while also being able to use SpaceX's GPU capacity. Reports also indicated that Anthropic has committed to investing over $100 billion in Amazon Web Services in the next 10 years.

Osman believes that investors need to focus not only on whether AI technology will continue to grow, but also on how future profits will ultimately be allocated among model developers, chip manufacturers, cloud service providers, data centers, and software companies. For Anthropic, the key lies in how much revenue can ultimately be converted into cash, how much capital needs to be reinvested to maintain technological leadership, and whether it can maintain pricing power and long-term returns after increased competition.