Anthropic PBC President Daniela Amodei said Thursday that the high costs of training artificial intelligence models are pushing companies like hers to seek capital from public markets, following the company's confidential IPO filing earlier this week.
"It's a very capital-intensive business to train AI models," Amodei said at the Bloomberg Tech conference in San Francisco. She added that the public market is "very well-suited to that."
Anthropic submitted draft paperwork for a public listing on Monday, moving ahead of rival OpenAI in the race to reach public markets. OpenAI reportedly also plans to file for an IPO in the coming weeks, with both companies aiming for Wall Street debuts as soon as this fall, although the company's CEO Sam Altman recently stated the company will only go public when it makes the most sense to do so.
Amodei declined to comment on whether Anthropic is competing with OpenAI to complete its initial public offering first. She said the confidential filing "gives us the option to potentially go public after the SEC review," adding that she could not provide further details about IPO-related matters.
Last week, Anthropic raised $65 billion in a funding round at a $965 billion valuation, including the investment. This marked the first time the Claude maker's value exceeded OpenAI's. The financing will help cover rising costs for chips, data centers and talent needed to build and deploy AI software.
OpenAI has committed to spend hundreds of billions of dollars in coming years on data centers and chips. Anthropic has taken a more conservative approach but recently struck billion-dollar computing deals with Elon Musk's SpaceX and Akamai Technologies Inc.
Amodei said Anthropic prefers to have slightly more demand for its product than it can serve, rather than buying more computing power than it can use productively.
Anthropic has not disclosed the size or terms of its planned offering.
source https://www.investing.com/news/stock-market-news/anthropic-president-cites-high-capital-needs-as-key-motive-for-ipo-4727300
