Anthropic 上市草案披露上半年净亏 807 亿美元：约 720 亿为可转债公允价值等非现金费用
据《华尔街日报》与路透社报道，人工智能公司 Anthropic 秘密递交的上市招股书草案显示，公司 2026 年上半年（截至 6 月 30 日的六个月）净亏损 807 亿美元，上年同期为亏损 130 亿美元，2025 年全年亏损约 420 亿美元。这一数字是有记录以来最大的半年度亏损之一。
这笔亏损绝大部分并非现金支出。草案显示，约 720 亿美元来自公司为融资发行的可转换票据及其他金融工具的公允价值变动：公司估值上升，这类日后可转换为股票的工具价值随之上升，按会计准则须把升值部分计为亏损，并不对应等额的现金流出。
业务本身仍在高速扩张：Anthropic 上半年营收 163 亿美元，上年同期约 11 亿美元。与此同时，上半年算力与基础设施支出接近 90 亿美元，上年同期为 23 亿美元，已超过 2025 全年约 73 亿美元的水平。据路透社报道，公司已承诺未来十年在云服务、算力与基础设施上投入至少 5,180 亿美元。
草案用约三分之一篇幅列示风险因素。据报道，草案披露两名客户贡献了上半年约两成的营收，并提示模型行为造成实际损害时的赔偿责任、数据中心建设遭遇的政治阻力等风险。
Anthropic 预计于 11 月上市。据路透社报道，投资者近来讨论的估值约为 1.5 万亿美元，低于此前预期的约 2 万亿美元。Anthropic 对相关报道不予置评。招股书目前仍为秘密递交的草案，上述数字在正式公开申报前仍可能修订。
Anthropic Draft IPO Filing Shows $80.7 Billion First-Half Loss: About $72 Billion Is a Non-Cash Convertible-Note Charge
Anthropic recorded a net loss of $80.7 billion in the first half of 2026, according to a draft IPO prospectus reported by The Wall Street Journal and Reuters, compared with a $13 billion loss a year earlier and a loss of about $42 billion for all of 2025. It is one of the largest half-year losses ever reported.
Most of the loss is not cash out the door. About $72 billion resulted from accounting charges tied to changes in the value of convertible notes and other financing instruments the company issued to raise funding: as Anthropic's valuation rises, those instruments are worth more, and accounting rules require the increase to be booked as a loss.
The underlying business is expanding quickly. Revenue reached $16.3 billion in the first half, up from about $1.1 billion a year earlier, while spending on computing capacity and infrastructure rose to nearly $9 billion, from $2.3 billion a year earlier and more than the roughly $7.3 billion spent in all of 2025. According to Reuters, the company has committed to spending at least $518 billion over a decade on cloud services, computing and infrastructure.
Roughly a third of the draft prospectus is devoted to risk factors. The filing reportedly discloses that two customers accounted for about 20 percent of first-half revenue, and it flags liability for harmful model behavior and growing political resistance to data center construction.
Anthropic is expected to go public in November. Reuters has reported that investors have recently discussed a valuation of around $1.5 trillion, down from roughly $2 trillion previously expected. Anthropic declined to comment. The prospectus remains a confidential draft, and the figures may be revised before a final public filing.
来源：GSM·美国（原文链接）
图片来源：图：Anthropic 首席执行官 Dario Amodei（左三）2025 年 10 月在东京与日本首相高市早苗（左四）会面。照片：日本内阁官房发布，CC BY，经维基共享资源。 / Photo: Anthropic CEO Dario Amodei (third from left) meeting Japanese Prime Minister Sanae Takaichi (fourth from left) in Tokyo in October 2025. Photo by the Cabinet Public Affairs Office of Japan, CC BY, via Wikimedia Commons.
- 2026-10-21 23:14Anthropic 上市草案披露上半年净亏 807 亿美元：约 720 亿为可转债公允价值等非现金费用本篇
- 2026-10-26 06:54跟进：Anthropic公开IPO招股书：上半年营收162.9亿美元、拟以代码ANT登陆纳斯达克，创始人一股握50.1%表决权
