Anthropic 招股书曝光：收入增 12 倍，净亏损近 420 亿美元
Anthropic 招股书数字很猛：Q2 收入超 115 亿美元还转正了，但净亏 420 亿，估值冲 2 万亿，看看钱都花哪了。
Reuters 查看了 Anthropic 的 IPO 招股书，公司收入增长 12 倍，但 2024 年起 25 亿美元的算力支出几乎翻了三倍，占 126.5 亿美元运营支出的一半以上。运营亏损从一年前的 29.8 亿美元扩大到 80.6 亿美元。近 420 亿美元净亏损中约 340 亿美元来自可转换融资的重新估值，并非实际经营支出。初步数据显示第二季度收入超过 115 亿美元，是 2025 全年的两倍多，调整后运营利润已转正。按此轨迹，IPO 估值可能超过 2 万亿美元，是 5 月融资 9650 亿美元投后估值的两倍多。
Reuters reviewed the Anthropic IPO prospectus.
Revenue grew 12-fold, while compute spending nearly tripled from $2.5B in 2024 and accounted for more than half of $12.65B in operating expenses.
Those expenses left an operating loss of $8.06B, widening from $2.98B a year earlier.
The nearly $42B net loss mostly reflects a roughly $34B charge from revaluing financing that could convert into shares, not money spent running the business.
Sales have since surged, with preliminary second-quarter revenue above $11.5B, more than double all of 2025, and adjusted operating income positive.
Anthropic spent $7.33B on compute and infrastructure last year, more than the nearly $4.6B it booked as revenue.
On that trajectory, the IPO could value Anthropic at more than $2T, over double the $965B post-money valuation of its May funding round.
