Anthropic Prospect IPO financial model
This Excel financial model of Anthropic Prospect IPO was built automatically by Skale, an AI tool that builds financial models from financial statements, using 1 published document. It is a three-statement model (income statement, balance sheet, cash flow) with projections through Sep-36E, organised in the sheets Summary, Main, Ratios, Valuation, Support and Schedules, and it includes a DCF valuation. For LTM Sep-26, revenue is $35.3 billion, net income to shareholders is -$120.9 billion, and net debt is $32.4 billion. The DCF enterprise value is $393.9 trillion under the model's assumptions.
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Anthropic Prospect IPO summary financials
USD millions · historical and projected years 2023–2036. From the model's Summary sheet; every projected figure is a formula in the Excel.
| Historical | Projected | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD millions | Unit | 2023 | 2024 | 2025 | 2026 | 2027E | 2028E | 2029E | 2030E | 2031E | 2032E | 2033E | 2034E | 2035E | 2036E |
| Income statement | |||||||||||||||
| Revenue | 41.0 | 386.0 | 4,585.0 | 35,282.0 | 197,082.0 | 926,970.0 | 3,532,560.0 | 10,334,700.0 | 20,459,016.0 | 26,533,605.6 | 31,788,256.7 | 34,948,857.8 | 36,696,300.7 | 38,531,115.8 | |
| Revenue growth | 841.5% | 1087.8% | 669.5% | 458.6% | 370.3% | 281.1% | 192.6% | 98.0% | 29.7% | 19.8% | 9.9% | 5.0% | 5.0% | ||
| Gross profit | (392.0) | (2,136.0) | (2,741.0) | 13,529.0 | 78,832.8 | 463,485.0 | 2,119,536.0 | 7,234,290.0 | 16,367,212.8 | 23,880,245.0 | 28,609,431.0 | 31,453,972.1 | 33,026,670.7 | 34,678,004.2 | |
| Gross margin | (956.1%) | (553.4%) | (59.8%) | 38.3% | 40.0% | 50.0% | 60.0% | 70.0% | 80.0% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | |
| EBITDA | (2,977.0) | (8,050.0) | (3,934.7) | 24,348.0 | 312,351.8 | 1,709,431.6 | 6,645,451.6 | 15,258,941.1 | 22,460,333.1 | 26,922,456.6 | 29,604,414.3 | 31,084,953.6 | 32,639,514.0 | ||
| EBITDA margin | (771.2%) | (175.6%) | (11.2%) | 12.4% | 33.7% | 48.4% | 64.3% | 74.6% | 84.6% | 84.7% | 84.7% | 84.7% | 84.7% | ||
| EBIT | (551.0) | (2,980.0) | (8,060.0) | (4,096.0) | 24,099.7 | 312,023.6 | 1,709,030.0 | 6,644,982.5 | 15,258,410.0 | 22,459,745.1 | 26,921,816.2 | 29,603,725.9 | 31,084,220.9 | 32,638,740.7 | |
| EBIT margin | (1343.9%) | (772.0%) | (175.8%) | (11.6%) | 12.2% | 33.7% | 48.4% | 64.3% | 74.6% | 84.6% | 84.7% | 84.7% | 84.7% | 84.7% | |
| Pre-tax income | (1,529.0) | (8,308.0) | (41,945.0) | (120,472.0) | (91,630.2) | 194,202.5 | 1,593,301.4 | 6,553,181.3 | 15,272,600.3 | 22,733,138.7 | 27,606,552.6 | 30,805,147.8 | 32,872,139.7 | 35,058,490.5 | |
| Income taxes | 2.0 | 1.0 | 20.0 | 425.0 | 323.3 | (685.1) | (5,620.8) | (23,118.3) | (53,878.5) | (80,197.8) | (97,390.1) | (108,674.1) | (115,966.0) | (123,679.0) | |
| Effective tax rate | (0.1%) | - | - | (0.4%) | (0.4%) | (0.4%) | (0.4%) | (0.4%) | (0.4%) | (0.4%) | (0.4%) | (0.4%) | (0.4%) | (0.4%) | |
| Net income | (1,531.0) | (8,309.0) | (41,965.0) | (120,897.0) | (91,953.4) | 194,887.6 | 1,598,922.2 | 6,576,299.5 | 15,326,478.8 | 22,813,336.5 | 27,703,942.8 | 30,913,821.9 | 32,988,105.7 | 35,182,169.5 | |
| Net income to shareholders | (1,531.0) | (8,309.0) | (41,965.0) | (120,897.0) | (91,953.4) | 194,887.6 | 1,598,922.2 | 6,576,299.5 | 15,326,478.8 | 22,813,336.5 | 27,703,942.8 | 30,913,821.9 | 32,988,105.7 | 35,182,169.5 | |
| Net margin | (3734.1%) | (2152.6%) | (915.3%) | (342.7%) | (46.7%) | 21.0% | 45.3% | 63.6% | 74.9% | 86.0% | 87.2% | 88.5% | 89.9% | 91.3% | |
| Earnings per share | (1.42) | (5.43) | (23.04) | (58.21) | (38.82) | 72.15 | 519.08 | 1,872.05 | 3,825.71 | 4,993.35 | 5,317.15 | 5,202.63 | 4,868.12 | 4,552.60 | |
| Cash flow | |||||||||||||||
| Cash flow from operations | (38,290.0) | (120,482.7) | (106,849.3) | 109,382.5 | 1,237,887.2 | 5,479,260.5 | 13,397,811.9 | 21,260,929.1 | 26,705,428.2 | 30,313,532.3 | 32,656,567.7 | 34,834,058.6 | |||
| Capex | 15.0 | 131.0 | 1,233.3 | 1,233.3 | 1,233.3 | 1,233.3 | 1,233.3 | 1,233.3 | 1,233.3 | 1,233.3 | 1,233.3 | 1,233.3 | 1,233.3 | ||
| Unlevered free cash flow | (7,060.0) | (2,257.0) | 11,107.3 | 239,435.3 | 1,397,275.3 | 5,678,580.9 | 13,524,786.4 | 21,023,870.4 | 26,023,938.5 | 29,063,476.4 | 30,785,326.7 | 32,324,967.4 | |||
| FCF margin | (154.0%) | (6.4%) | 5.6% | 25.8% | 39.6% | 54.9% | 66.1% | 79.2% | 81.9% | 83.2% | 83.9% | 83.9% | |||
| Balance sheet | |||||||||||||||
| Cash and cash equivalents | 3,154.0 | 17,401.0 | 98,102.0 | (43,374.6) | 31,380.6 | 1,234,640.5 | 6,679,273.7 | 20,042,458.2 | 41,268,760.0 | 67,939,560.9 | 98,218,465.8 | 130,840,406.2 | 165,639,837.5 | ||
| Financial debt | 14,116.0 | 41,677.0 | 130,502.0 | 130,502.0 | 130,502.0 | 130,502.0 | 130,502.0 | 130,502.0 | 130,502.0 | 130,502.0 | 130,502.0 | 130,502.0 | 130,502.0 | ||
| Lease liabilities | 52.0 | 117.0 | 2,810.0 | 2,810.0 | 2,810.0 | 2,810.0 | 2,810.0 | 2,810.0 | 2,810.0 | 2,810.0 | 2,810.0 | 2,810.0 | 2,810.0 | ||
| Net debt (financial debt − cash) | 10,962.0 | 24,276.0 | 32,400.0 | 173,876.6 | 99,121.4 | (1,104,138.5) | (6,548,771.7) | (19,911,956.2) | (41,138,258.0) | (67,809,058.9) | (98,087,963.8) | (130,709,904.2) | (165,509,335.5) | ||
| Total equity | (6,927.0) | (20,736.0) | 7,637.0 | (84,316.4) | 110,571.1 | 1,709,493.4 | 8,285,792.9 | 23,612,271.7 | 46,425,608.2 | 74,129,551.0 | 105,043,372.9 | 138,031,478.6 | 173,213,648.1 | ||
| Balance check (assets − liabilities − equity) | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
| Key ratios | |||||||||||||||
| EBITDA margin | (771.2%) | (175.6%) | (11.2%) | 12.4% | 33.7% | 48.4% | 64.3% | 74.6% | 84.6% | 84.7% | 84.7% | 84.7% | 84.7% | ||
| ROIC (EBIT × (1 − t) ÷ average invested capital) | (72.9%) | (208.2%) | (17.6%) | 35.6% | 204.7% | 416.5% | 566.0% | 560.7% | 499.5% | 463.6% | 445.8% | 435.3% | 434.3% | ||
| FCF margin | (154.0%) | (6.4%) | 5.6% | 25.8% | 39.6% | 54.9% | 66.1% | 79.2% | 81.9% | 83.2% | 83.9% | 83.9% | |||
How revenue is built
Skale reads the documents to decide how each revenue stream is projected, and explains why.
The documents give no usage volume or price history. The $100K+ customer count covers total revenue, not just consumption revenue, and its earlier values are approximate, so it is not a clean driver for this stream. The current growth build with the growth rate held is kept. A usage-based build is requested as a better model.
The documents give no subscriber counts or ARPU history for the subscription business (Pro, Max, Ultra, Enterprise plans). The current growth build with the growth rate held is kept. A subscription build is requested as a better model.
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