Large Model Companies Rush Towards IPO, Profitability Not Yet Achieved
After observing the capital movements of large model companies these past few days, it’s easy to confuse two issues.
Zhipu and MiniMax are both pursuing the A-share listing path. Anthropic has already made a confidential filing of draft S-1 to the SEC, and OpenAI was also reported by Axios to be preparing a confidential IPO prospectus. Having these pieces of news lined up suggests that this industry has finally reached its peak/harvesting period.
But merely opening up an IPO window does not mean that the profitable window is open. Large model companies do have revenue—some revenue streams are growing very fast. What has not generally turned around yet is the set of accounts related to net profit, operating cash flow, and sustained model investment.