Anthropic IPO估值分歧：大机构希望定价降至1.5-1.6万亿美元
Anthropic估值从2万亿砍到1.5万亿了，招股书里8954亿美元的算力承诺和Q3转亏的账目细节都在这篇里。
WSJ报道，大型机构投资者希望Anthropic的IPO定价在1.5至1.6万亿美元，低于此前讨论了近两个月的接近2万亿美元估值。Anthropic修订后的招股书显示，Q3营收从116亿美元升至170亿美元，但支出增长更快，从9.74亿美元经营利润转为经营亏损，亏损主因是以短期合同购买了50亿美元的算力。其长期承诺总额约8954亿美元，几乎全部用于算力和基础设施，其中4475亿美元需在2031年前支付。部分投资者信任CFO Krishna Rao定出足够低的价格，让首日上涨把1.5万亿美元估值推升至2万亿美元。
WSJ: Big investors want Anthropic’s IPO priced at $1.5T to $1.6T, below the nearly $2T discussed for months.
Some floated $1.5T after its October investor day, and last week’s double-digit falls in Alphabet and Intel hardened that view.
specially after Anthropic's amended prospectus that shows Q3 revenue of $17B, up from $11.6B, but expenses rose faster, turning a $974M operating profit into an operating loss.
That loss stems mainly from $5B of compute bought on short-term terms, which costs significantly more than multiyear contracts.
The longer-term bill is far larger: commitments total about $895.4B, almost all for compute and infrastructure, with $447.5B expected before 2031.
Some investors trust finance chief Krishna Rao to price low enough for a first-day jump that could lift a $1.5T debut to $2T.
