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Comment by nr378 | Hacker News Reader

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nr378·

> Today, we’re pleased to announce a new round of financing: our Series D of $2.3B at a $29.3B post-money valuation.

> We’ve also crossed $1B in annualized revenue

A 30x revenue multiple on (presumably) relatively low-margin revenue is certainly punchy.

One wonders how much of their $1bn of ARR they're paying straight through to Claude/Anthropic.

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300 employees, let's say average salary of 300k?

$90m in employee expenses so that's neglible.

Prob burning through 200% of revenue which I've seen elsewhere. But they also probably spend a fair amount training their own model. I don't think it's foundation model. But it's pretty fair to assume that $1bn revenue is about $2bn to Anthropic/GPT/Grok

$300k most def too high

Doubt it. Especially when you realize the cost to the company for an employee is much more than just take-home salary. Healthcare, employer payroll taxes & such all add up. You could also argue wether deferred comp like stock options & RSUs are calculated as the cost. The employee's "comp package" often comes in at 2x or more of their base salary.

its higher

This article claimed they had single-digit monthly cash burn in August, when they had over $500M ARR (so let's say $41M monthly) and 150 employees. If that is true, they are spending way less than 200% of revenue.

"Anysphere runs pretty lean with around 150 employees and has a single digit monthly cash burn, a source tells me."

https://www.newcomer.co/p/cursors-popularity-has-come-at-a

fwiw the current going rate for frontier agent labs and model labs is 50x. 30x is actually a discount presumably for size. obviously that can go down, but if you avoided investing based on multiples you were an absolute fool for the last 3 years.

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