Michael Burry Says Anthropic’s IPO Filing Has a Lot, but ‘Nothing That Changes’ His View: Big Short Investor Calls Out ‘Slowing’ Revenue Growth

Anthropic PBC‘s S-1 filing did nothing to ease Michael Burry‘s worries about the artificial intelligence boom, with the investor warning that growth is slowing and the prospectus misses recent shifts in the industry.

‘Nothing That Changes My View‘

The ‘Big Short’ investor said in a Substack post that “there are many good teardowns of the Anthropic S-1 out there” and that it is “remarkable how fast they get done these days.”

But he told subscribers that “there is a lot here but nothing that changes my view,” according to a Business Insider report.

He noted that “a lot changed in the developer landscape” over roughly four months, but the S-1 largely provides information through June 30, adding that “there is so much more going on than this S-1 addresses.”

Revenue Growth Under Scrutiny

Anthropic’s S-1 showed first-half revenue of $16.29 billion, up from $1.16 billion, with its operating loss narrowing to $693 million from $2.14 billion.

Burry said the revenue growth was “slowing,” citing Anthropic’s claim that third-quarter revenue was 86 times its $197 million in the fourth quarter of 2024, or about $16.9 billion, the report added.

“Overall slowing of growth is not attributed to a decline in tokenmaxxing, but I did not expect that to be mentioned,’ he said.

He argued models are “already being used more efficiently and that trend will continue, to the detriment of their growth rate.”

Compute Tab Could Reach $567 Billion

Anthropic says frontier models depend on “enormous and increasing quantities of specialized compute.”

Burry flagged the fragility of the debt financing behind many AI deals and the “fundamentals behind not just companies but the deals they are doing.”

Anthropic plans to list on the Nasdaq as ANT, with The Wall Street Journal reporting a debut the week of Nov. 16 at a $1.5 trillion to $2 trillion valuation.

Price Action: Tema Photonics & Optical ETF (NASDAQ:LAZR), which holds Anthropic shares ahead of the IPO at a 10.5% weighting, closed 3.92% higher on Tuesday at $36.33 and rose 2.86% to $37.37 in overnight trading, according to Yahoo Finance.

Benzinga Edge rankings indicate Tema Photonics & Optical ETF has a negative price trend in the short and medium term, while it has a positive price trend in the long term.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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