Anthropic’s revenue growth appears to be cooling as the company prepares for its public debut, further stoking investors’ AI jitters.
The AI startup, backed by Amazon and Google, is on track to generate $230 million in revenue this year, according to people familiar with the matter, which would represent a more than fivefold increase from 2023. However, that growth rate is slowing, and Anthropic is expected to generate $500 million in revenue next year, according to these people.
That’s down from earlier projections of $700 million to $1 billion in revenue for 2024, according to one of the people. The slowing growth comes as competition in the AI space intensifies, with companies like OpenAI and Google racing to develop and deploy new AI models.
Anthropic is currently in talks with investors about a funding round that could value the company at more than $18 billion, according to reports. However, the slowing growth could make it more difficult for the company to justify that valuation.
“The AI market is becoming increasingly competitive, and it’s going to be harder for companies to maintain high growth rates,” said one analyst who covers the AI space. “Anthropic is a strong company, but it’s not immune to the challenges facing the industry.”
The news of Anthropic’s slowing growth comes after a series of setbacks for other AI companies. Last month, Scale AI, a data-labeling company that provides services to AI developers, lowered its valuation by more than 40%.
And earlier this week, Cohere, another AI startup, announced that it was laying off 23% of its workforce.
These setbacks are raising concerns that the AI bubble may be starting to burst.
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