Jamin Ball benchmarks Anthropic's S-1: 1,368% Q2 growth, 85% gross margin and 21% FCF margin over six months

Altimeter's Jamin Ball benchmarked Anthropic's S-1 against listed cloud companies in Clouded Judgement. By his calculations Anthropic had more than $19B of revenue in the twelve months to 30 June, grew 1,368% year on year in Q2, ran 85% gross margins and 21% free-cash-flow margins over the first half (11% over twelve months), and had a -34% LTM GAAP operating margin that turned to 8% in Q2. He says fewer than $10B of lifetime burn got it to more than $16B of quarterly revenue, and expects a roadshow two to three weeks after filing and trading about four weeks out.