This round started at $5bn target and it ends at $13bn. When this sort of thing happens it's normally because the company wants to 1) hit the "hot" market, and 2) has uncertainty about their ability to raise revenues at higher valuations in the future.

Whatever it is, the signal it's sending of Anthropic insiders is negative for AI investors.

Other comments having read a few hundred comments here:

- there is so much confusion, uncertainty, and fanciful thinking that it reminds me of the other bubbles that existed when people had to stretch their imaginations to justify valuations

- there is increasing spend on training models, and decreasing improvements in new models. This does not bode well

- wealth is an extremely difficult thing to define. It's defined vaguely through things like cooperation and trade. Ultimately these llms actually do need to create "wealth" to justify the massive investments made. If they don't do this fast this house of cards is going to fall, fast.

- having worked in finance and spoken to finance types for a long time: they are not geniuses. They are far from it. Most people went into finance because of an interest in money. Just because these people have $13bn of other people's money at their disposal doesn't mean they are any smarter than people orders of magnitude poorer. Don't assume they know what they are doing.

I may agree if it was a 20% dilution round, but not if they are increasing from 3% to 7% dilution. Being so massively oversubscribed is a bullish sign, bad companies would be struggling to fill out their round.

Lol yeah I generally read most comments on here with one eye closed. This is one of the good ones though.