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
据路透社报道，人工智能公司 Anthropic 于10月26日公开其向美国证券交易委员会（SEC）递交的首次公开募股（IPO）招股书：公司拟在纳斯达克全球精选市场以代码 ANT 上市 A 类股，上半年营收达162.9亿美元；公司今年6月曾秘密递交上市文件，本站10月21日曾报道其草案财务数据，此次公开递交意味着这宗大型上市进入公开审查阶段，发行股数与价格区间尚未确定。
招股书显示的营收增速极为陡峭：Anthropic 营收从2023年的4,100万美元升至2024年的3.86亿美元、2025年的45.9亿美元，2026年上半年（截至6月30日的六个月）进一步达162.9亿美元。公司收入大部分来自企业客户按用量（以 token 计量）付费使用其 Claude 系列模型，其余来自「Pro」「Max」等付费订阅层级；Claude 分 Fable、Opus、Sonnet 与 Haiku 四个层级，产品包括聊天机器人、编程智能体与面向企业的 Claude Cowork。
亏损结构在公开文件中得到更细的拆分。公司上半年净亏损807亿美元，其中约724亿美元来自可转换票据、衍生工具与 SAFE 协议的公允价值变动——即公司估值上升使这些日后可转股的工具账面价值上升、按会计准则计为亏损，并非等额现金流出；剔除这类因素，上半年经营亏损为6.93亿美元，2025年全年经营亏损为80.6亿美元，上一年为29.8亿美元。
算力是 Anthropic 最大的开支。公司已与六家伙伴签下未来十年逾5,000亿美元的支出承诺，其中不少协议不可取消或无论用量多少都须付款：对亚马逊（Amazon）至少1,100亿美元、对 Google 至少1,145亿美元、对微软（Microsoft）449亿美元，期限为未来七至十年。与此同时，亚马逊与 Google 又是其最大股东之列——亚马逊已向 Anthropic 投资至少130亿美元并同意再投最高200亿美元，Google 承诺投资最高400亿美元，云服务商既是供应商又是股东的循环融资结构成为招股书的一大看点。
治理结构方面，Anthropic 是公益公司（PBC），依法须在投资者盈利目标与「为人类福祉开发人工智能」之间取得平衡，董事会多数成员由一个独立机构选出。上市后公司仍维持这一身份：首席执行官 Dario Amodei 与其妹、总裁兼董事长 Daniela Amodei 等七名联合创始人将通过一股 F 类股掌握关键公司事项50.1%的表决权，公司称集中控制与资本有助于降低人工智能的风险。据美联社报道，此次上市可能在11月登场。
竞争面上，Anthropic 最直接的对手是 ChatGPT 的开发者 OpenAI，同时与 Elon Musk 的 SpaceX 旗下人工智能业务及 Google 展开算力与模型竞赛。Ramp 的企业支出抽样数据显示，在截至10月11日的一周，Anthropic 占人工智能 token 支出的60.1%。
关联：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
Follow-Up: Anthropic Makes Its IPO Filing Public: $16.29 Billion in First-Half Revenue, a Planned Nasdaq Listing Under ANT, and Founders Keeping 50.1% of the Vote
Anthropic unveiled its U.S. initial public offering paperwork on Monday, October 26, according to Reuters: the artificial intelligence company plans to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT, after submitting a confidential filing in June. GSM reported the draft filing's finances on October 21; Monday's public filing moves the blockbuster debut into open review, with the share count and price range still undetermined.
The filing shows revenue climbing from $41 million in 2023 to $386 million in 2024 and $4.59 billion in 2025, reaching $16.29 billion in the six months ended June 30, 2026. Most revenue comes from businesses paying per use, measured in tokens, for the Claude family of models — Fable, Opus, Sonnet and Haiku — across products including its chatbot, coding agent and the enterprise-focused Claude Cowork; the rest comes from paid subscription tiers such as Pro and Max.
The loss picture is more granular in the public document. The first-half net loss was $80.7 billion, of which about $72.4 billion reflected changes in the fair value of convertible notes, derivatives and SAFE agreements as the company's valuation rose — an accounting charge rather than equivalent cash spending. The operating loss for the same half was $693 million, compared with $8.06 billion in 2025 and $2.98 billion a year earlier.
Compute is Anthropic's biggest expense. The company has committed more than $500 billion in spending with six partners over a decade, much of it non-cancelable: at least $110 billion with Amazon, about $114.5 billion with Google and $44.9 billion with Microsoft over the next seven to 10 years. Amazon and Google are also among its largest backers — Amazon has invested at least $13 billion and agreed to invest up to $20 billion more, while Google has committed up to $40 billion — a circular financing structure that has come to dominate AI capital flows.
Anthropic is a public benefit corporation and will remain one after listing: a single share of Class F stock directed by a majority vote of its seven co-founders will carry 50.1% of the voting power on key corporate matters, while an independent body elects a majority of the board. The company is led by chief executive Dario Amodei and his sister Daniela Amodei, president and chair of the board. The Associated Press has reported a debut could come in November. Ramp data on business AI spending showed Anthropic accounting for 60.1% of AI token spending in the week ended October 11.
来源：GSM·美国（原文链接）
图片来源：图：Anthropic 联合创始人兼首席执行官达里奥·阿莫代伊（Dario Amodei）。照片：TechCrunch，CC BY 2.0，经维基共享资源。 / Photo: Dario Amodei, co-founder and CEO of Anthropic. Photo by TechCrunch, CC BY 2.0, 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
- 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%表决权本篇
