智东西（公众号：zhidxcom）
作者 | 江宇 王涵
编辑 | 心缘
智东西10月26日报道，刚刚，美国AI独角兽Anthropic正式向美国证券交易委员会（SEC）提交S-1注册文件，申请首次公开发行（IPO）A类普通股，计划在纳斯达克全球精选市场上市，股票代码为“ANT”。此次Anthropic尚未披露计划发行的股票数量、发行价格区间及具体上市日期。
另据《华尔街日报》报道，知情人士透露，该公司的目标是在11月16日这一周上市，不过时机可能会改变。知情人士还称，该公司可能会在首次公开募股中筹集多达1000亿美元或更多估值可能在1.50万亿美元至2万亿美元之间。
招股书显示，Anthropic在2025年实现营收45.85亿美元（约合人民币305.74亿元），同比增长约1088%；2026年上半年营收进一步达到162.86亿美元（约合人民币1085.98亿元），同比增长约1300%。
与此同时，Anthropic的净亏损也在持续扩大。
2025年，Anthropic净亏损419.65亿美元（约合人民币2798.31亿元）；2026年上半年净亏损达到807.48亿美元（约合人民币5384.44亿元）。
除了财务数据，Anthropic还在招股书中详细披露了其特殊的股权治理结构。
上市后，Anthropic联合创始人兼CEO达里奥·阿莫迪（Dario Amodei）将通过持有的特殊股份控制50.1%的股东投票权，而长期利益信托则拥有选举董事会多数成员的权力。
Anthropic希望在进入公开资本市场后，继续保留创始团队与AI安全治理机构对公司的重要控制权。
此次递表正值Anthropic与OpenAI在资本市场的竞争加剧。
据路透社10月23日报道，OpenAI正加速推进一轮规模约300亿美元（约合人民币2000.46亿元）的融资，希望在Anthropic预计11月中旬IPO之前，锁定部分潜在投资者。
一、半年营收超160亿美元，净亏损达到807亿美元
根据Anthropic披露的财务数据，这家成立于2021年的AI公司在过去三年实现了高速营收增长。
Anthropic 2023年营收仅为4100万美元。2024年增长至3.86亿美元，2025年进一步增至45.85亿美元。2026年上半年，其营收达到162.86亿美元，较2025年同期的11.63亿美元增长约1300%。
▲Anthropic主要财务数据（注：智东西制图）
但高速增长并未让Anthropic实现盈利。2026年上半年，Anthropic的净亏损达到807.48亿美元，远远高于同期营收。
招股书显示，2026年上半年，Anthropic因可转换票据、衍生负债及未来股权简单协议（SAFE）公允价值变动确认了723.88亿美元的损失，占同期净亏损的近90%。Anthropic解释，这些变动主要与公司估值上升，导致未偿可转换票据公允价值增加有关。
相比之下，其经营层面的亏损已明显收窄。2025年上半年，Anthropic的经营亏损为21.35亿美元；2026年上半年经营亏损降至6.93亿美元。
与此同时，2026年上半年，Anthropic算力与基础设施费用仍高达89.45亿美元。这部分费用覆盖模型研发、推理服务及其他算力需求，AI基础设施仍是Anthropic的重要支出项目。
根据招股书，截至2026年6月30日，Anthropic持有的现金、现金等价物及短期投资合计1316.51亿美元，总资产为1473.58亿美元。
二、年贡献百万美元客户超1900家，Claude向企业市场扩张
在招股书中，Anthropic将企业客户作为重要的增长来源。其目前主要通过Claude模型、开发平台和应用产品向客户提供服务，商业模式包含按Token使用量计费以及订阅收费。其产品线覆盖Claude API、Claude Code及面向知识工作的AI应用。Anthropic还在招股书中披露了四项客户规模指标。
截至2026年9月30日，Anthropic过去12个月贡献收入≥10万美元的客户超11900家；过去12个月贡献收入≥100万美元的客户超1900家；过去12个月贡献收入≥1000万美元的客户约为250家；过去12个月年贡献少于<10万美元的长尾客户约4000万个。而一年前，贡献收入超过10万美元的客户数量仅为950多家。
客户支出的快速增长也反映在留存数据上。
Anthropic披露，截至2026年9月30日，其净收入留存率（NRR）约为900%。
但这一指标反映了符合统计条件的存量客户在收入扩张、收缩及流失后的综合变化，并不完全意味着所有客户的消费额均增长了9倍。
Anthropic认为，随着Claude能力提升，企业正逐渐将其嵌入业务工作流程，扩大AI模型的使用范围。例如，在编程领域，Claude Code能够辅助开发者处理软件开发任务；在知识工作领域，Claude Cowork能够读取文件、操作应用程序，并处理多步骤工作。
招股书还披露，2026年9月，Anthropic已着手整合Claude Cowork与Claude.ai，希望让用户在同一个应用中完成日常对话和复杂的AI任务。
根据招股书，2026年前9个月，Anthropic前五大客户合计贡献了约25%的营收，但没有任何单一客户贡献超过10%的营收。
2026年第三季度，来自前五大客户以外的营收占比约为79%，高于2026年第一季度的约64%。与此同时，前五大客户在第三季度为Anthropic贡献的单季营收也分别创下历史新高。
Anthropic同时提示，部分大客户并未签订长期合同，或者合同即将到期，因此客户可能随时调整支出规模。
与此同时，Claude Code等AI Agent产品也在推动现有客户增加支出。
根据招股书，2026年第三季度，未使用Claude Code的Claude Enterprise用户月均消费不足75美元（约合人民币504元）；而在使用Claude Code的Claude Enterprise用户中，消费金额排名前5%的用户，月均消费约为前者的20倍。
在大型企业市场，Anthropic的覆盖率已经达到较高水平。
截至2026年9月30日，《财富》500强企业（Fortune 500）已有超过50%成为Anthropic过去12个月贡献收入至少10万美元的客户，全球2000强企业（Global 2000）中这一比例超过30%。其中，财富10强企业已全部达到上述付费门槛。
不过，Anthropic在这些大型企业内部的渗透深度仍然有限。2026年第三季度，Anthropic从上述财富500强客户获得的营收，平均不足这些客户同期总支出的0.1%。即使是Anthropic收入贡献最高的10家财富500强客户，向Anthropic支付的费用平均也不到各自总支出的1%。
Anthropic以此说明，其在现有客户内部仍有进一步扩大部署范围、提升收入规模的空间。
随着Claude Code、Claude Cowork等产品向更多企业业务流程渗透，Anthropic希望持续提高现有客户的使用量和消费金额。
三、累计融资1575.1亿美元，谷歌、亚马逊持续注资
Anthropic的高速增长离不开外部资本与算力合作伙伴的支持。
自成立以来，Anthropic已经完成了A轮至H轮多轮股权融资，累计融资1575.1亿美元。另有62亿美元可转换票据未转股。
其中，2026年上半年，Anthropic仅通过G轮和H轮融资就筹集了1104亿美元。
根据招股书，2023年3月至6月，Anthropic通过C轮融资筹集约4.45亿美元；2024年1月至5月，通过D轮优先股发行筹集约12亿美元。2025年1月至3月，Anthropic通过E-1轮融资筹集约35.68亿美元；同年8月至9月，其F-1轮融资规模进一步达到约130亿美元。
进入2026年，Anthropic的融资规模进一步扩大。
2026年第一季度，Anthropic完成302亿美元的G轮优先股融资；第二季度又通过G轮追加融资150亿美元，并完成652亿美元的H轮融资。
招股书显示，谷歌和亚马逊与Anthropic之间均存在大额股权投资及可转换票据安排。
其中，谷歌在2026年5月向Anthropic的H轮优先股融资投资了100亿美元。
根据招股书，双方此前于2026年3月签署协议，Anthropic可在满足相关条件的情况下，于2030年底前通过可转换票据或无投票权普通股获得最高300亿美元的资金。在谷歌完成100亿美元股权投资后，该协议下剩余的可发行规模降至200亿美元。
同样在2026年5月，亚马逊向Anthropic的H轮优先股融资投入50亿美元。此前双方也签有最高200亿美元规模的相关融资安排，在此次股权投资后，协议项下剩余额度降至150亿美元。
但这些协议额度不能直接视为Anthropic已经收到的资金。
在技术基础设施方面，Anthropic采取多芯片架构，同时使用AWS Trainium、谷歌TPU、英伟达GPU和AMD GPU支持不同的模型训练及推理工作负载。其希望通过统一调配来自不同合作伙伴的算力，提高基础设施使用效率。
不过，大规模算力投入也意味着长期支出压力。Anthropic在招股书中称，未来仍将持续进行大规模算力投资，而新算力投入运营所产生的费用，可能早于相关收入的充分实现，进而给利润率造成阶段性压力。
与此同时，Anthropic此次上市还将采用较为特殊的股权治理结构。
根据招股书，在IPO完成前，Anthropic计划向一家由七名联合创始人组建的有限责任公司Founder LLC发行1股F类普通股。
这股特殊股份将对应该公司总投票权50.1%的投票权，用于股东一般表决事项，包括选举部分董事。
另一方面，Anthropic的长期利益信托（Long-Term Benefit Trust，LTBT）通过T类股份，原则上拥有选举和罢免T类董事的权力，而T类董事将占公司董事会授权席位的多数。F类和T类特殊股份均不享有经济权益。
此外，Anthropic还设置了面向战略商业合作伙伴的N类无投票权普通股，以及计划面向非联合创始人员工发行的E类特殊普通股。
按照纳斯达克的公司治理规则，Anthropic上市后将被视为一家受控公司（Controlled Company）。这一结构旨在让Anthropic上市后仍保留其创始团队和公共利益治理机制的核心地位。
Anthropic还在招股书中披露了核心管理层的薪酬情况。
2025年，Anthropic联合创始人兼CEO达里奥·阿莫迪（Dario Amodei）的总薪酬约为1795.83万美元（约合人民币1.21亿元），其中基本工资约为65.42万美元，股票奖励约为926.49万美元，期权奖励约为402.86万美元，其余部分主要包括安保服务等福利及相关项目。
其妹妹、Anthropic联合创始人兼总裁丹妮拉·阿莫迪（Daniela Amodei）2025年总薪酬约为1640.90万美元（约合人民币1.10亿元），其中基本工资同样约为65.42万美元。
2026年，两人的基本年薪进一步上调。根据招股书，自2026年7月1日起，两人的基本年薪均提高至138万美元（约合人民币927万元）。
结语：Anthropic上市，AI巨头迎来公开市场检验
Anthropic正式递交招股书，意味着全球头部大模型公司的资本化进程又向前推进一步。从披露的数据来看，Claude的商业化规模已经迅速扩大，尤其在企业客户领域，Anthropic展现出了较强的收入增长能力。
但其财务报表也反映出大模型公司的复杂性：一方面，营收快速增长正在改善经营亏损；另一方面，金融工具估值变动、大规模基础设施投入，以及未来持续增加的算力需求，仍将影响公司的财务表现。
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On October 26th, Jiji, it was reported that the United States Ai unicorn Anthropic had just officially submitted a S-1 registration document to the United States Securities and Exchange Commission (SEC) applying for the first public release (IPO) A-type general shares, scheduled to be marketed at the NASDAQ global selection market with the stock code “ANT”. This time, Anthropic has not disclosed the number of planned shares, the price range and the date of their listing.
The Wall Street Journal also reported that informed sources had revealed that the company ' s goal was to be listed on 16 November, although the timing might change. According to the source, the company may raise up to $100 billion or more in its first open collection, possibly between $1.5 trillion and $2 trillion.
According to the book, in 2025, Anthropic earned $4.585 billion (approximately $30,574 million RMB), an increase of approximately 1088 per cent over the same period; in the first half of 2026, the collection further reached $16,286 million (approximately $108,598 million RMB), an increase of about 1.3 per cent over the same period.
At the same time, the net loss of Anthropic has continued to grow.
In 2025, the net loss for Anthropic was $41,965 million (approximately 27,983.1 million yuan); in the first half of 2026, the net loss amounted to $80,748 million (approximately 53,844 million yuan yuan).
In addition to financial data, Anthropic disclosed in detail its special equity governance structure in its equity book.
Following listing, the co-founder and CEOO Dario Amodei will control the voting rights of 50.1 per cent of shareholders through special shares held, while the long-term interest trust has the power to elect a majority of the members of the board.
Anthropic hopes to retain the important control of the company by the founding team and the AI Security Governance Agency once he enters open capital markets.
This presentation coincided with increased competition between Anthropic and Open AI in the capital market.
According to Reuters, on 23 October, Open AI is accelerating a round of financing of about $30 billion (approximately RMB 2000.46 billion) in the hope that some potential investors will be targeted before Anthropic expects IPO in mid-November.
I. Half-yearly excess of $16 billion and net loss of $80.7 billion
According to the financial data disclosed by Anthropic, the company AI, founded in 2021, has achieved high-speed revenue growth over the past three years.
Anthropic received only $41 million in 2023. It grew to $386 million in 2024 and further increased to $4.585 billion in 2025. In the first half of 2026, it received $16,286 million, an increase of about 1.3 per cent from $1,163 million in the same period in 2025.
Anthropic Key Financial Data (Note: Intellectual East-West Mapping)
But high growth has not made Anthropic profitable. In the first half of 2026, the net loss of Anthropic amounted to $80,748 million, which was significantly higher than the collections received during the same period.
The equity book shows that in the first half of 2026, Anthropic recognized a loss of $72,388 million, or nearly 90 per cent of the net loss for the same period, due to changes in convertible instruments, derivative liabilities and the fair value of future equity agreements (SAFE). Anthropic explained that the changes were mainly related to the increase in corporate valuations, resulting in an increase in the fair value of outstanding convertible instruments.
In contrast, losses at the operational level have been significantly narrowed. In the first half of 2025, Anthropic ' s operating losses were $2,135 million; in the first half of 2026, the operating losses fell to $693 million.
Meanwhile, in the first half of 2026, Anthropic ' s computing and infrastructure costs remained high at $8,945 million. This covers model development, reasoning services and other computing needs, and AI infrastructure remains an important expenditure item for Anthropic.
According to the equity book, as at 30 June 2026, Anthropic held a total of $131,651 million in cash, cash equivalents and short-term investments, with total assets of $147,358 million.
II. Over 1900 clients annually contributing millions of dollars and Claude expanding to the business market
In the equity book, Anthropic uses business clients as an important source of growth. It currently provides services to clients mainly through the Claude model, the development of platforms and applications, and the business model includes fees based on Token usage and subscription fees. Its product line covers Claude API, Claude Code and knowledge-oriented AI applications. Anthropic also disclosed four client size indicators in its equity book.
As at 30 September 2026, Anthropic had contributed more than 11,900 clients with income of $100,000 over the past 12 months; more than 1,900 clients with income of $1 million over the past 12 months; approximately 250 clients with income of $10 million over the past 12 months; and about 40 million long-term clients with contributions of less than < $100,000 over the past 12 months. A year ago, the number of clients contributing more than $100,000 was just over 950.
The rapid growth in client expenditure is also reflected in retention data.
Anthropic disclosed that its net income retention rate (NRR) as at 30 September 2026 was approximately 900 per cent.
This indicator, however, reflects the combined changes in the stock of clients eligible for statistics following income expansion, contraction and loss, and does not fully imply a ninefold increase in consumption for all clients.
According to Anthropic, with Claude ' s increased capacity, the enterprise is gradually embedding it into the workflow course of business to expand the use of the AI model. For example, in the programming area, Claude Code is able to support developers in their software development tasks; in the knowledge work area, Claude Cowork is able to read documents, operate applications and handle multi-step tasks.
It was also disclosed that in September 2026, Anthropic had embarked on the integration of Claude Cowork and Claude.ai in the hope that users would complete daily dialogue and complex AI tasks in the same application.
According to the requisition, in the first nine months of 2026, the top five clients of Anthropic combined contributed about 25 per cent of the profits, but none of the single clients contributed more than 10 per cent.
In the third quarter of 2026, the share of receipts from outside the top five clients was approximately 79 per cent, up from about 64 per cent in the first quarter of 2026. At the same time, the third quarter single-season collections of the top five clients who contributed to Anthropic reached record highs.
At the same time, Anthropic advised that some of the large clients did not have long-term contracts or that the contracts were about to expire, so that clients might adjust the scale of expenditures at any time.
At the same time, AI Agent products such as Claude Code are pushing existing clients to increase spending.
According to the equity book, in the third quarter of 2026, Claude Enterprise users who did not use Claude Code spent less than $75 per month (approximately $504 yuan), while Claude Enterprise users who used Claude Code accounted for the top 5 per cent of consumption, accounting for about 20 times the average monthly consumption.
In the large enterprise market, Anthropic coverage has reached a high level.
As at 30 September 2026, over 50 per cent of Fortune 500 companies had become clients of Anthropic ' s contribution of at least $100,000 over the past 12 months, compared to more than 30 per cent of Global 2000. Of these, all the wealth 10 enterprises have met the above-mentioned paid threshold.
However, the penetration depth within these large enterprises remains limited. In the third quarter of 2026, Anthropic received an average of 0.1 per cent of the total expenditure of the above-mentioned wealth 500 clients. Even the top 10 wealth 500 clients with the highest income contribution from Anthropic, the costs paid to Anthropic averaged less than 1 per cent of their respective total expenditures.
Anthropic illustrates that there is scope within existing clients to further expand deployment and scale up revenue.
With products such as Claude Code, Claude Work and others permeating more business processes, Anthropic hopes to increase the use and consumption of existing clients on a continuous basis.
III. Accumulated financing $15,751 million, with continued funding from Google and the Amazon
The high rate of growth in Anthropic depends on the support of external capital and capital partners.
Since its inception, Anthropic has completed round A to H multi-wheel equity financing, with $15,751 million in cumulative financing. An additional $6.2 billion in convertible instruments was not transferred.
Of these, in the first half of 2026, Anthropic raised $11.4 billion through G and H finance alone.
According to the book, from March to June 2023, Anthropic raised approximately $445 million through round C financing; from January to May 2024, approximately $1.2 billion was raised through round D priority equity. From January to March 2025, Anthropic raised approximately $3.568 billion through the E-1 round of finance; between August and September of the same year, its F-1 round reached a further level of about $13 billion.
In 2026, Anthropic ' s financing was further expanded.
In the first quarter of 2026, Anthropic completed $30.2 billion in G-priority equity financing; in the second quarter, an additional $15 billion was financed through G-wheel and $65.2 billion in H-round financing was completed.
The book shows that there are large equity investments and convertible paper arrangements between Google and Amazon and Anthropic.
Of that amount, Google invested $10 billion in May 2026 in the Anthropic H-priority financing.
According to the book of call, the parties had previously signed an agreement in March 2026 that Anthropic could obtain up to $30 billion by 2030 through a convertible instrument or a non-voting unit, subject to the relevant conditions. Following the completion of Google ' s $10 billion equity investment, the remaining issueability under the agreement was reduced to $20 billion.
Also in May 2026, the Amazon invested $5 billion in the Anthropic H priority equity. Following this equity investment, the remaining quota under the agreement was reduced to $15 billion.
However, these agreements, quota, cannot be considered directly as funds already received by Anthropic.
In terms of technological infrastructure, Anthropic uses a multi-chips structure, using AWS Trainium, Google TPU, GPU and AMD GPU to support different model training and reasoning loads. It hoped to improve the efficiency of infrastructure use by pooling the capacities of different partners.
However, large-scale computing inputs also imply long-term expenditure pressures. In its equity book, Anthropic stated that large-scale computing investments would continue in the future, and that the costs of new computing to operate might be earlier than the full realization of the relevant revenues, thereby putting a consequential pressure on profit margins.
Meanwhile, the current listing of Anthropic will also introduce a more specific equity governance structure.
According to the book of call, until the IPO is completed, Anthropic plans to issue a F-class general unit to a limited liability company, Founder LLC, formed by seven co-founders.
This special share will have 50.1 per cent of the total voting rights of the company for general shareholder voting matters, including the election of part of the board.
On the other hand, the Long-term Interest Trust of Anthropic (Long-Term Benefit Trust, LTBT), through T-type shares, has in principle the power to elect and dismiss T-class directors, who will constitute the majority of the authorized seats on the company ' s board. Neither category F nor category T special shares enjoy economic interests.
In addition, Anthropic has set up the N-Voting General Unit for strategic business partners, as well as the E-specific General Unit for non-co-founders.
According to NASDAQ ' s corporate governance rules, Anthropic will be listed as a controlled company (Controlled Company). This structure is intended to retain the centrality of the founding team and the public interest governance mechanism after Anthropic is listed.
Anthropic also disclosed the remuneration of core management in its equity book.
In 2025, the total remuneration of the co-founder of Anthropic and CEOO Dario Amodei was approximately US$ 17.9583 million (approximately US$ 121 million), of which US$ 654.2 million was the basic wage, US$ 9.2649 million was the equity incentive, and US$ 40.028 million was the option incentive, the remainder of which consisted mainly of freebie, security services and related projects.
His sister, Daniela Amodei, co-founder and president of Anthropic, received a total remuneration of approximately US$ 1.6409 million (approximately RMB 110 million) in 2025, of which the basic wage was also about US$ 654.2 million.
In 2026, their basic annual salary was further increased. According to the book, the basic annual salary of both persons was raised to $1.38 million (approximately 9.27 million yuan) effective 1 July 2026.
Conclusion: Anthropic is on the market and the AI giants are coming to open the market.
Anthropic ' s official submission of the equity book meant that the capitalization process of the global head of LLM was moving forward. From the data disclosed, Claude ' s commercialization has grown rapidly, particularly in the area of business clients, where Anthropic has demonstrated a strong revenue growth capacity.
However, its financial statements also reflect the complexity of LLM: on the one hand, rapid growth in revenue collection is improving operating losses; on the other hand, changes in the valuation of financial instruments, large-scale infrastructure inputs and the need for a sustained increase in computing power in the future will continue to affect the financial performance of companies.
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