Axios Pro Rata: Analyzing Anthropic
Photo illustration: Brendan Lynch/Axios. Photo: Samyukta Lakshmi/Bloomberg via Getty Images
Five more thoughts about the Anthropic S-1, after a day of digging in:
1. Cash crunch fallacy? Conventional wisdom has been that Anthropic is going public, in part, because it needs the money. Kind of like why OpenAI is seeking around $30 billion after pushing its own IPO into 2027.
- Anthropic, however, had around $132 billion of cash and short-term investments as of June 30, which is more than 95% of what it's raised from private backers.
- Part of this is likely tied to timing, as Anthropic raised $65 billion of its venture haul just one month before the end of Q2. But it also hints at frugality or financing spend with convertible notes — or both.
- Also worth noting that the company has some long-term compute contracts that extend beyond its customer contracts.
2. Absentee VCs. Anthropic's logo is ubiquitous on VC firm websites, but the same cannot be said of VC presence in the S-1.
- The only firm identified is Spark Capital, which invested around $777 million since helping to lead Anthropic's Series C round in 2023 at a $4.1 billion pre-money valuation.
- Spark isn't there because it topped the 5% reporting threshold — it didn't — but rather because of related-party rules. One of its partners, Yasmin Razavi, is the only investor rep on Anthropic's board of directors.
- Speaking of Razavi, she doesn't do the public speaking circuit anymore (conferences, podcasts, etc.). Seems that she wants to let her investments speak for themselves, which is more than a bit refreshing.
3. Never mind? When Dario Amodei last month wrote about pacing the frontier, it seemed to suggest that Anthropic would try to serve as a more cautious/responsible example for others to follow.
- The S-1, however, says that "pacing the frontier" is just about establishing "industry-wide standards" and "does not describe our own model development or release timelines."
4. Unlock: Anthropic is borrowing from SpaceX's staggered lockup expiration schedule, which didn't cause SpaceX's stock price to crater like some had predicted.
5. Succession: Anthropic's cofounders will each be asked to nominate a ranked list of 10 successors for their voting powers, subject to approval by other cofounders, but the names (and priority rankings) of the people on those lists will be kept confidential.
- In other words, Anthropic has specific plans for who could help control the company in the future. But shareholders won't be let in on the secret.
Did something else jump out to you? If so, please let me know.
Illustration: Rebecca Zisser/Axios
Disruptive, a Dallas-based growth equity firm, has raised $10 billion for its first flagship fund.
Why it's the BFD: This reflects startup ecosystem pushback against special purpose vehicles (SPVs), which is how Disruptive had invested since being founded in 2012.
Zoom in: The firm's active investments include Databricks, Groq, ElevenLabs, Helsing, Reflection AI, and Shield AI.
The bottom line: "The minute I heard SpaceX would go public, my fear was all the people who put $200,000 into this thing through a friend or another friend 10 years ago and now are going to find out the guy doesn't exist anymore," says Disruptive founder Alex Davis.
- "All of a sudden it's going to be a shitshow for SPVs and we don't want to get lumped into it. So we got the docs ready right as the summer ended and got a really quick, good response from our investors."
Re:Build, a Cambridge, Mass., provider of industrial manufacturing solutions, secured $2.1b led by General Catalyst and JPMorgan Strategic Investment. axios.link/4in3D0e
Bedrock Robotics, an SF-based maker of autonomous construction equipment, raised $600m in Series C funding at a $4.1b post-money valuation. CapitalG and Emergence Capital led, joined by US Innovative Technology Fund, Bessemer Venture Partners, Temasek, 8VC, Georgian, Valor Equity Partners, Xora, Eclipse, Perry Creek Capital, and Nvidia. Axios Pro Flashback
General Compute, an inference neocloud, raised $100m in Series A funding led by Blackbird Ventures and Abstract Ventures. axios.link/4zX2rI1
Hex Technologies, an SF-based analytics platform, raised $100m at a $1.2b post-money valuation. Peak XV led, joined by insiders Amplify Partners, a16z, and Sequoia Capital. axios.link/4sqhFml
Nevis, an NYC-based wealth management OS, raised $70m in Series B funding. EQT Ventures led, joined by Charles Schwab, QuantumLight, Sequoia Capital, Iconiq, and Ribbit Capital. axios.link/4i9tbiB
Hyphenate (fka Maximor), an autonomous finance platform for businesses, raised $40m in Series A funding. Nexus Venture Partners led, joined by B Capital and insiders Foundation Capital, BoldCap, and Gaia Ventures. axios.link/4ibOvCA
Machenta, a London-based developer of a foundation model for robots, raised $40m in seed funding led by Creandum and USV. axios.link/3Wtxm04
🚑 Avante, a Seattle-based provider of health benefits software, raised $30m in Series A funding. Frist Cressey Ventures led, joined by Sorenson Capital, Hearst Ventures, Morgan Stanley Next Level Fund, and Fuse. axios.link/4BveNc0
Hyperbolic, an AI chip marketplace, raised $30m in Series A extension funding. Walden Catalyst led, joined by Dell Technologies Capital, General Catalyst, Vista Equity Partners, and Cambium Capital. axios.link/4jE2HXD
North Vector Dynamics, a Canadian developer of counter-drone missile interceptors, raised C$29m in Series A funding. Tech Horizons led, joined by ONE9, Garage Capital, CSG, Ripple Ventures, Feld Ventures, and Conconi Growth Partners. axios.link/3UPb9sU
🚑 ClarityCare, a health-care admin platform, raised $16.3m in Series A funding, per Axios Pro. Headline led, joined by Maverick, Transpose, Firstminute Capital, Top Harvest, Arthur Ventures and FJ Labs. axios.link/4z6AQ7a
Simplismart, an Indian AI inference and deployment startup, raised $14m in Series B funding at a $100m valuation from Nvidia, Accel, Shastra VC, Micromax, and Dallas Venture Capital. axios.link/4eAkATH
🚑 Clinics on Cloud, an Indian health kiosk company, raised $12.6m from Model42. axios.link/3WPxiry
🚑 CureBay, an Indian e-clinic startup, raised $11m led by IvyCap Ventures. axios.link/4yNOxa1
Matiks, an Indian puzzle games startup, raised $10m. General Catalyst led, joined by insiders Info Edge Ventures, Tanglin Venture Partners, and Untitled Ventures. axios.link/4iCAcbL
Predicate, a tokenization compliance startup, raised $8m in Series A funding, per Axios Pro. Blockchain Capital led, joined by Paxos, 1kx and Tribe Capital. axios.link/4yNP1wR
🌎 Volare, a Finnish insect-protein producer, raised €7.1m from backers like Maki VC. axios.link/48hgoEK
Lette, a U.K. platform for residential property operators, raised $6.5m in seed funding. Peak led, joined by Heliad, Foreword VC, Pitchdrive, and Adeline. axios.link/4ek4sG3
⚡️ Cambridge Heavy Industries, a Cambridge, Mass.-based fusion developer, raised $6.2m in seed funding. Azolla Ventures led, joined by Overlay, Mass Clean Energy Center, Neta Foundation, the Rothrock family, and P3A. axios.link/4jDZKGx
Querio, a London-based business data analytics platform, raised $5m from BMW i Ventures, Haatch, Arāya Ventures, Forum Ventures, and Secways. axios.link/3UqRKyn
🌎 Pythag Tech, an NYC-based cultivated-meat startup, raised $4.3m in seed funding. Azolla Ventures led, joined by Endurance28. axios.link/481zhM9
🚑 Agora Labs, an Italian clinical data access platform, raised €4.3m, led by P101 SGR. axios.link/47KpNEH
🌎 Epoch, a London-based tracker of import emissions, raised $4.3m in seed funding led by Burnt Island Ventures and Sand River. axios.link/4sALoZR
Colare, an SF-based engineering talent vetting startup, raised a $2.5m pre-seed round from Afore Capital, Garage Capital, and Acadian Ventures. axios.link/4yNXVe6
A MESSAGE FROM J.P. MORGAN
Jake Loosararian, co-founder and CEO of Gecko, chose J.P. Morgan early on as his startup's banking team. With the help of his dedicated J.P. Morgan team, Gecko successfully broke into new markets and navigated change with confidence.
Adventure Ready Brands, backed by Victor Capital, acquired CleanLife No Rinse, a maker of waterless personal hygiene products. axios.link/4jCG4Tn
Americhem, backed by Pritzker Private Capital and Antares Capital, acquired Noble Biomaterials, a Scranton, Pa.-based provider of antimicrobial and conductivity solutions for soft-surface applications. axios.link/4iIbdUr
Bertram Capital acquired Motion & Control Enterprises, a Zelienople, Pa.-based provider of flow control and hydraulic products, from Frontenac. axios.link/4e09JSQ
🚑 ChiroHD, backed by Mainsail Partners, acquired ChiroBilling, a St. Clair, Mich.-based outsourced billing company. axios.link/3W4v3k1
Commercial Bakeries, a Graham Partners portfolio company, acquired Partners, a Des Moines, Wash.-based maker of crackers and baked goods. axios.link/4zhNPmQ
CVC is weighing a buyout bid for listed Dutch food ingredients maker Corbion, per Bloomberg. axios.link/4jOeoLv
🚑 Francisco Partners completed its $650m acquisition of Weave, a Lehi, Utah-based patient engagement platform. axios.link/4soeviU
Kennedy Lewis acquired Roadsurfer, a Munich-based campervan rental company. axios.link/47FV4sA
L Catterton invested in Glance, an agentic shopping platform owned by Singapore's InMobi. axios.link/480kXU9
🍕 Team Partners recapitalized Pie Tap, a Dallas-based Italian restaurant chain with seven locations. pie-tap.com
🚑 Aspen Neuroscience, a San Diego-based developer of stem cell therapies for Parkinson's disease, set IPO terms to 9.4m shares at $15-$17. It would have a $494m fully diluted market cap at the midpoint and plans to list on the Nasdaq (ASPE). The Phase 1 biotech has raised $380m from OrbiMed (13.1% pre-IPO stake), Arch Venture Partners (12.3%), Gilead Sciences (8.4%), Frazier Life Sciences (6.8%), QIA (6.8%), ADIA (6.6%), Medical Excellence Capital (5.5%), Revelation Partners, S32, Axon Ventures, Lyfe Capital, and LifeForce Capital. axios.link/3UQ8bV0
🚑 Bambusa Therapeutics, a Boston-based developer of bispecific antibodies for inflammatory diseases, set IPO terms to 9.4m shares at $15-$17. It would have an $837m fully diluted value at the midpoint, and plans to list on the Nasdaq (BBTX). The Phase 2 biotech has raised $142m from firms like Salvia (24.3% pre-IPO stake), RA Capital (11.3%), BVF (8.1%), Dawn Biopharma (6.2%), Redmile Group, and Invus Group. axios.link/48fJwfA
SPACCircle Acquisition, a SPAC led by John Dicconson (ex-CEO of DoceoTech), raised $100m in a downsized IPO. axios.link/4xzhqGx
Acuity (NYSE: AYI) agreed to acquire Parameter Technologies, a Fort Collins, Colo.-based developer of leak detection and monitoring for data centers, for $675m from backers like May River Capital. axios.link/4jJ5UoW
Clio, a Canadian legal-tech valued by VCs at US$3b, acquired Page, a Washington, D.C.-based government relations and regulatory intelligence platform backed by Canaan Partners, GoGlobal Ventures, Twelve Below, Garage Capital, and Ripple Ventures. axios.link/4sKS5c5
🚑 Corxel, a Berkeley Heights, N.J.-based cardiometabolic biotech, agreed to go public via reverse merger with Amanat Acquisition Corp. (Nasdaq: AMAN). Corxel had raised over $287m from firms like NEA, Mirae Asset Capital Life Science, HBM Healthcare, Nantahala Capital, Coastlands Capital, LifeSci Venture Partners, Invus, TCGX, RA Capital Management, Propel Bio, and SilverArc Capital. axios.link/4jKcPht
⚡ CPPIB is seeking to sell its 12% stake in Spanish gas distributor Nedgia, per Bloomberg. axios.link/4ilLUX0
🚑 Ferring Pharmaceuticals agreed to buy Gameto, an Austin, Texas-based fertility biotech, for up to $1.38b. Gameto had raised $127m from Overwater Ventures, Insight Partners, RA Capital, Two Sigma Ventures, Bold Capital Partners, Future Ventures, Ingeborg Investments, Arcadia Investment Partners, PAGS Group, Pontiva Healthcare Partners, and Portfolia. axios.link/4sssUuB
Unconventional AI, a VC-backed chip designer, acquired NeuReality, an Israeli inference optimization startup that had raised around $114m from Arm, Samsung Ventures, Varana Capital, Cleveland Avenue, and OurCrowd. axios.link/4jEazs4
Cantilever Group acquired a minority stake in Ghost Tree Partners, an NYC-based private credit firm focused on the lower midmarket. axios.link/4ifrWNu
DoorDash (Nasdaq: DASH) is in exclusive talks to buy grocery delivery company Instacart (Nasdaq: CART) for around $17b, per the WSJ. axios.link/4e1ptFa
La Caisse agreed to pay C$2.45b for a 49.9% stake in wireless towers owned by BCE (TSX: BCE). axios.link/4BuOgvn
Advent International raised nearly $27b for its ninth flagship fund and over $3b for a new midmarket fund. axios.link/4sznsGo
⚡️ Aruna Ramsamy joined Clean Energy Ventures as a managing partner. She previously was venture partner at Extantia. axios.link/4ii4Xmp
Susan Yung, a Blackstone senior managing director on its credit and insurance investment ops team, relocated to lead a new office in Bengaluru. axios.link/3W5zM4Z
A MESSAGE FROM J.P. MORGAN
Unpredictability is part of a startup founder’s journey, as Grant Lee knows. With the stability and support J.P. Morgan provides, Grant and his team at Gamma have had the confidence to dream, build, and grow as they reimagine how people present and share their ideas.
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