Investors warn Anthropic could struggle to sustain revenues post-IPO (www.ft.com)

Investors are expressing concerns about Anthropic's ability to maintain its explosive growth as it approaches its initial public offering (IPO). The company's annualized revenue surged to $65 billion in July, with projections suggesting it could exceed $120 billion by the end of the year, making Anthropic one of the fastest-growing entities in history. However, the competitive landscape is shifting, with rival OpenAI regaining market share through newly released models, including the recent GPT 5.6 and Astra, which have usurped Anthropic in weekly spending for the first time in over two years. These developments underline a significant shift in customer behavior, as users increasingly switch between providers, primarily driven by cost and performance considerations. The growing availability of “open” AI models from companies like Meta and Chinese firms like DeepSeek poses an additional threat to Anthropic and OpenAI, as these alternatives are steadily improving and becoming price-competitive. Amid this competitive turmoil, concerns about AI safety and the potential societal impacts of advanced AI technologies have prompted calls from Anthropic’s leadership to moderate the pace of development, potentially saving costs but also allowing rivals to catch up technologically. The broader implications of this scenario raise questions about the sustainability of revenue in a rapidly evolving AI landscape, where profit motives may clash with ethical considerations and the market dynamics of commoditization.