AN INSIDE LOOK AT OPENAI AND ANTHROPIC'S FINANCES AHEAD OF THEIR IPOS

Summary from the TLDR newsletter

OpenAI and Anthropic are racing toward potentially record-breaking IPOs by the end of the year. OpenAI expects to burn $85 billion in 2028. Anthropic doesn't expect to spend nearly as much, but its forecasts tell a similar story of mounting computing costs. There are no signs that the AI arms race is slowing down, with both companies releasing new versions of their models at a faster cadence than ever before. This article contains charts drawn from confidential financial documents that both companies shared with investors, offering a window into the economics of the two largest AI labs in the world.