Salesforce to Cash In on Tens of Billions in Anthropic Bet
Salesforce CEO Marc Benioff plans to cash in on the company's massive investment in Anthropic, an AI lab that has skyrocketed in value. The company spent hundreds of millions of dollars on Anthropic stock, which is now expected to be worth tens of billions, according to CNBC.
Bennioff said at Dreamforce this week that Salesforce will likely sell its Anthropic stake and use the proceeds to pay off debt. This move would close a loop on a $25 billion accelerated share repurchase program initiated in March, which loaded the balance sheet with obligations.
The markups from Anthropic's valuation have significantly boosted Salesforce's profit in recent quarters, including last quarter's $2.6 billion gain on strategic investments tied to the bet. However, this volatility has also been a concern for investors, and some have dismissed gains on strategic investments as 'non-cash noise.'
Anthropic closed a $30 billion round in February at a $380 billion post-money valuation, with its value subsequently increasing due to a $65 billion Series H funding round. This made Anthropic the world's most valuable AI startup, surpassing OpenAI.