Recapping Anthropic Investor Day

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Happy Thursday.

We’re live on YouTube and 𝕏.

The current thing in tech and business is Anthropic’s numbers from Investor Day.

Today’s Lineup

Semafor Tech Editor Reed Albergotti at 12:00 PM
Oxide Co-Founder & CTO Bryan Cantrill at 12:20 PM
Advanced Spade Company Founder Daniel Kimminau at 12:30 PM

Run of Show

Recapping Anthropic Investor Day

Lots of back and forth on the timeline interpreting the numbers from Anthropic’s Investor day. Here are the data points from key reporting that we were able to confirm:

Q3 revenue: $16.8B (+45% QoQ) (QoQ Growth rate in Q2 was +147%)

Annualized Q3 revenue: $67.2B

Adj. gross margin: 85% (Bloomberg report)

Adj. operating margin: 11% (YTD through Q3)

Revenue per $1 compute: $1.70 (Q3, per FT)

Distillation revenue: 5-7%

Another interesting story today is that both character.ai and Getty Images have filed for bankruptcy.

Character.ai filed for Chapter 11 after years of pressure over the safety of its chatbots, including lawsuits alleging that the platform contributed to teen suicides and self-harm. The company, which was valued at $1B just a few years ago, is now looking for a buyer. Character has agreed to a $20M bid from Disney to buy some of the company’s assets. According to a court filing, its estimated assets and liabilities are worth around $50-100M.

Getty, on the other hand, is filing for bankruptcy as part of a take-private deal with Koch Equity Development. The two main reasons for the company’s bankruptcy and deal with Koch: the failed $3.7B Shutterstock merger earlier this year, which cost the company more than $100M. And iStock, its royalty-free content platform, is getting crushed by the rise of generative AI use. In a Getty investor presentation, the company says they’ve seen “declining agency demand and disruption,” as AI tools make it easier for customers to generate the kind of stock pictures or videos they once would have paid Getty for.

Clip Spotlight: The Atlantic’s Josh Tyrangiel explains why SpaceX overtook Blue Origin despite Jeff Bezos having a two-year head start and far more capital to work with:

"Bezos founded Amazon with his head and Blue Origin with his heart. But he allowed Blue Origin to drift a little bit."

"A former senior NASA official who visited both of those companies in their adolescence said Blue Origin was an academic lab. They had beautiful 3D printers and beautiful buildings, but nobody was working. There's no energy there."

"Whereas at SpaceX, everybody was dirty and young. They were sleeping in the office. That's a product of the fact that Elon just didn't have as much money as Jeff."

"That gets us to the current day, where SpaceX is responsible for 80% of what was launched in the world in 2025. The next closest competitor is the Chinese government."