Anthropic 提交 S-1 招股书筹备纳斯达克上市，披露上半年净亏损 807 亿美元
Anthropic’s IPO filing lays out a plan to ‘revolutionize every area of human endeavor’ with AI
- 1Anthropic 公开递交 S-1 招股书，计划以代码 ANT 在纳斯达克上市，节奏上先于 OpenAI 的 IPO
- 2招股书披露今年上半年净亏损 807 亿美元、营收 163 亿美元，据华尔街日报报道亏损大头为融资票据会计费用
- 3已签巨额算力承诺，含每月约 31 亿美元付 SpaceX，到 2033 年对 Google 至少 1145 亿美元
- 4风险因素包括模型可能发展出某种形式的感知、AI 专项税，以及模型训练版权纠纷的不利裁决
Anthropic 的招股书把前沿 AI 竞争的实质摆上台面，竞赛比拼的是巨额算力承诺与融资能力，而非单纯的技术叙事。
- 影响：Anthropic 进入上市通道，企业客户多了一个财务透明的窗口来评估 Claude 背后公司的经营状况；其对 Google 至少 1145 亿美元、对 Amazon 1100 亿美元的算力承诺，显示头部模型供给深度绑定少数基础设施方。
- 参考：可考虑在加深对 Claude 的业务依赖前，先读一遍招股书中的风险因素和算力合同条款；值得把上市后的定期披露纳入模型供应商评估的信息来源。
- 依据：判断依据 S-1 文件披露的营收、亏损和算力合同数字，属官方文件口径；亏损构成的说法源自华尔街日报对泄露文件的先前报道。
Robert Hart
is a London-based reporter at The Verge covering all things AI and a Senior Tarbell Fellow. Previously, he wrote about health, science and tech for Forbes.
Anthropic has filed its S-1 prospectus with the Securities and Exchange Commission, preparing the company behind Claude to beat OpenAI to the punch with an IPO. In a filing with the SEC, Anthropic said it plans to list on the Nasdaq exchange under the ticker symbol “ANT.”
The AI company confidentially filed with the SEC earlier this year in June, but the public document reveals more details, as well as the company’s plans for the future in its own words, as well as potential risks for investors and the world. According to the S-1, in the first half of this year Anthropic had an $80.7 billion net loss on $16.3 billion in revenue. As previously reported by the Wall Street Journal based on leaked versions of the document, the majority of that loss is from accounting charges related to notes issued by the company for funding.
It also lays out billions of dollars in deals it’s made for access to compute to power its AI, including about $3.1 billion per month to SpaceX for access to Nvidia GPUs, plus commitments to spend $44.9 billion with Microsoft through 2033, at least $114.5 billion with Google through 2033, and $110 billion with Amazon over the next ten years.
Anthropic:
We believe that AI is one of the most consequential technologies in human history. If managed well, it could rapidly accelerate scientific innovation, greatly increase economic growth rates, bring cures for major diseases within reach, and solve problems that have resisted generations of human effort.
Anthropic aims to realize these benefits while navigating and preventing the risks that come with a technological revolution this fast and this powerful. There are four things that we would like any investor in Anthropic to understand: the incredible potential of AI, the risks we must address, Anthropic’s unique approach to building a company and operating in the world, and the ways in which our behavior may differ from that of a purely profit-maximizing company.
According to the filing, cofounder and chief executive officer Dario Amodei’s compensation totaled nearly $18 million in 2025, most of which came from stock and option awards. His sister, Daniela Amodei, who also cofounded the company and serves as its president and director, was the second highest-paid executive, receiving $16.4 million in 2025.
Anthropic set out a long list of risk factors that could affect its business, including the prospect of its AI models developing “forms of sentience,” “AI-specific taxes,” and unfavorable resolutions to the many ongoing copyright disputes relating to how its models are trained.
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- Robert Hart
来源：The Verge · AI · theverge.com