What Anthropic’s roadshow video says about its IPO pitch

• Words matter in an IPO pitch.
• Business Insider analyzed Anthropic’s 42-minute roadshow video to quantify its themes by word frequency.
• Compute is king, but safety is still the company’s foundation.

It takes Dario Amodei just over 30 seconds to mention the risk of AI-created bioweapons in his IPO pitch.

The Anthropic CEO is the first face you see in the company’s IPO roadshow video it released on Tuesday. He stays on message, calling AI “the most promising technology in human history” that is “capturing the essence of cognition.” He emphasizes that safety is top of mind for the AI lab.

The video is Anthropic’s values and IPO pitch bottled up together in a 42-minute cocktail it hopes will convince Wall Street to invest in its public offering. Every word counts — so we counted.

Business Insider asked ChatGPT and Claude to separately analyze a transcript of the video to identify the most prevalent words and themes. The video itself is a mixture of brightly colored graphics that have become a staple of Anthropic’s research and a series of testimonials from top customers, including Bristol Myers Squibb and Accenture.

Compute is king, once you exclude the expected mentions of “Claude” and “models.”

Rank Word/group Mentions 1 Claude 65 2 Model(s) 58 3 Compute/computing/computation 49 4 Customer(s) 42 5 Work/working/workers 39 6 AI 39 7 Frontier 32 8 Anthropic 32 9 Capability/capabilities/capable 27 10 Safe/safe/safer/safely/safeguards 27

OpenAI CEO Sam Altman likes to say compute is destiny. Compute is arguably the reason Anthropic is going public, as financing data centers and the chips that fill them is expensive. According to its amended S1, Anthropic is set to spend $895 billion on compute and infrastructure, nearly half of which is expected to be spent by the end of 2030.

Anthropic’s safety mission is the cornerstone of the AI startup. The 27 mentions also don’t factor in things like Amodei’s mention of the risk of AI enabling the creation of bioweapons.

If you analyze by theme, safety becomes more prevalent (though it still doesn’t trump compute).

Rank Theme Combined mentions 1 Models and training 83 2 Compute and infrastructure 81 3 Financial performance and growth 77 4 Efficiency and value 69 5 Customers and enterprise 62 6 Safety, alignment, trust, security, and risk 55 7 Research and discovery 42 8 Coding and software 41 9 Products and platforms 34

Anthropic is quick to explain that it doesn’t view safety as an obstacle.

“We’re finding safety doesn’t hold us back,” the roadshow video narrator explains. “In fact, it’s because we can trust Claude’s work that we can take its discoveries and apply them in the real world in ways that will benefit everyone.”

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