Reuters 审阅 Anthropic IPO 招股书,显示其收入增长 12 倍,2025 年算力与基础设施支出 $7.33B、高于近 $4.6B 收入。公司运营亏损 $8.06B,近 $42B 净亏损主要来自约 $34B 的可转股融资重估费用;第二季度初步收入超过 $11.5B,调整后运营收入转正,IPO 估值或超过 $2T。
招股书数据同时呈现收入高速增长、算力开支和亏损结构,便于理解 Anthropic 冲刺 IPO 时的商业基本面。
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.
来源:Rohan Paul · x.com