Anthropic 的 IPO 文件显示，公司 2025 年净亏损近 $42B，但其中约 $34B 是可转换融资按公允价值重估产生的非现金会计支出，并非经营业务花掉的钱。相关工具被记为负债，随着 Anthropic 估值上升，投资者未来可获得股份的价值增加，这部分增长被计入亏损；公司实际经营亏损约 $8B，高于 2024 年的约 $3B。
In the Reuters reporting of Anthropic's loss taken from its IPO docs
The net loss of nearly $42 billion for 2025 should not be read as the cost of running the business.
Roughly $34B of it is a non-cash accounting charge linked to convertible financing, meaning capital raised from investors in exchange for the right to receive Anthropic shares later.
Because these instruments are recorded as liabilities, accounting rules require them to be revalued at fair value, or current market value, each reporting period.
So as Anthropic's valuation surged massively, the shares these investors stand to receive became far more valuable, and that increase was booked as a loss.
The underlying operating loss was about $8B, up from roughly $3B in 2024.
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.在 X 查看被引用的帖子
来源：Rohan Paul · x.com