By / Lingdu

From / Jiedian Finance

The AI sector is poised for another significant milestone.

On October 26, Anthropic formally filed its IPO registration statement, aiming for a Nasdaq listing under the ticker 'ANT'. This AI firm, catapulted into the spotlight with its Claude model series, is now advancing toward the public capital arena.

It's crucial to note that filing an IPO application doesn't guarantee a formal listing; the final offering price, fundraising amount, and trading schedule are still pending.

Nonetheless, the event holds substantial significance.

Over the past few years, AI firms have vied in model capabilities, funding scale, and technological iteration speed. Now, as Anthropic steps toward the public market, a more practical question emerges for all: What genuine commercial value can AI generate, and what tangible returns can it offer investors?

Jiedian Finance posits that Anthropic's listing transcends the mere entry of another AI star into the capital market; it signifies the AI industry's shift from a technological race to a phase of commercial value realization.

The AI narrative is finally under scrutiny.

In recent times, the AI sector has been rife with imagination.

From large model breakthroughs to the rise of intelligent agents, and then to AI's integration into corporate R&D, software development, and daily office tasks, technological progress has continually expanded market potential. Capital has been willing to pay a premium for these changes, supporting current high valuations with expectations of future growth.

Anthropic epitomizes this trend.

However, technological leadership doesn't equate to commercial success.

Training AI models demands vast computational power, while inference services require ongoing investment. Talent, chips, and data centers all come at a high cost. As the customer base expands, revenue may surge, but computational expenses may not decrease proportionately.

This starkly contrasts with traditional software businesses. Once a software product is developed, it can serve more users at relatively low cost; AI services, however, continuously consume computing resources. Even if technological progress reduces unit costs, it doesn't ensure all AI firms can smoothly achieve high-profit margins.

This implies the market can't just focus on how rapidly an AI firm's revenue grows; it must also consider the costs behind that growth.

For Anthropic, going public will bring stricter oversight. Investors will care not only about Claude's power or customer base growth rate; they'll also focus on gross margins, cash burn, capital expenditures, and when the firm can achieve sustainable profitability.

Previously, AI firms needed to prove technological feasibility; now, they must also demonstrate long-term business viability.

That's the true test of an IPO.

Capital is willing to pay for the future, but it won't listen to stories indefinitely.

Why is the market still so fixated on Anthropic?

Because investors are betting not just on today's Claude but on AI's potential to become the next-generation infrastructure.

If more firms embed AI into R&D, customer service, marketing, data analysis, and internal management, model firms could become a critical foundation for corporate digital operations. They'd no longer offer just a chat tool but a service generating continuous revenue and deeply integrating into workflows.

From this viewpoint, Anthropic's long-term value is indeed worth monitoring.

The question is, how much profit will this market ultimately yield, and who will capture it?

Competition in the AI sector is far from over. Model capabilities can be matched, open-source technologies may reduce usage costs, and large tech firms possess advantages in computational power, cloud platforms, and customer channels. Even if the overall AI market continues to expand, it doesn't mean every model firm can maintain its current competitive stance.

Moreover, industry players are all ramping up investments. When everyone believes the market is large enough and keeps pouring in funds to contend for shares, industry revenue may grow rapidly, but corporate return on investment may not rise proportionately.

Jiedian Finance believes that Anthropic's IPO pricing isn't just about valuing a firm's current operations but also about pricing the future competitive landscape of the AI sector. The market is willing to pay a premium for growth expectations, but ultimately, it depends on whether those expectations can be met.

Here, two concepts must be distinguished: being optimistic about the AI sector doesn't mean it's worth buying at any price; recognizing a firm's technological strength doesn't guarantee it will deliver excess returns to investors.

Before the final offering price, equity structure, and complete risk disclosures are clear, discussing ANT's true worth lacks a necessary basis.

For investors, what truly matters isn't chasing a hot ticker but understanding the growth expectations behind the valuation and what operational performance is needed to deliver on them.

In the second half of AI investment, the key is who can turn technology into profits.

Anthropic's listing also sends a noteworthy signal: AI investment opportunities may be shifting from a handful of star model firms to a broader ecosystem.

Model firms hold foundational capabilities, but for AI to truly create economic value, it also requires computational infrastructure, enterprise software, industry data, and specific application scenarios that can be implemented.

When a firm purchases AI services, its ultimate goal isn't to own a more advanced tool but to improve efficiency, reduce costs, increase revenue, or accomplish tasks that were previously difficult.

This determines the next competitive logic of the AI sector.

While having a stronger model matters, equally important is the ability to translate model capabilities into products customers are willing to pay for continuously. Only those who can genuinely deliver operational returns to customers have a better chance of building long-term barriers.

This offers insights for both entrepreneurs and investors.

For business operators, there's no need to blindly invest in AI just because of its hype. Instead of chasing concepts, it's better to start with specific business operations and identify application scenarios where input-output can be measured.

For investors, the focus should shift from merely watching technological breakthroughs to studying business models, competitive landscapes, and financial health. The market space created by technological progress must ultimately be converted into shareholder returns through corporate operations.

Of course, this doesn't mean the value of model firms will decline. On the contrary, firms with true technological advantages, customer stickiness, and cost-control capabilities may further widen their competitive edge.

But the market will also recognize more clearly: AI is a massive industrial opportunity, but not all participants will win.

Final Thoughts

Anthropic's rush toward Nasdaq isn't just about another wealth creation myth coming to life; it signals the AI sector's entry into a more pragmatic phase.

Previously, the market discussed what AI could do; now, it's asking how much revenue, profit, and sustainable cash flow it can generate.

Technological breakthroughs remain crucial, and the market space is still vast, but capital ultimately demands returns, and firms must answer questions about input-output efficiency.

For entrepreneurs, AI isn't a blank check for the future but an operational transformation requiring careful accounting.

For investors, the goal isn't just to find the most technologically dazzling firm but to identify those that can convert technological advantages into long-term commercial value.

In the first half of AI, the competition was about who could build a stronger model; in the second half, it will be about who can turn that model into a profitable business.

The ANT story has just begun, and the market will ultimately provide the answers.

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