美国目前最强AI公司之一的 Anthropic 终于打算上市了，2026-10-26 Anthropic 正式向 SEC 递交 S-1，拟纳斯达克上市。
虽然暂未公布发行价和发行股数，但按照市场主流预期估值约 2 万亿美元，这也是为什么大家都纷纷将此次上市称之为“史上规模最大 IPO”的来源。
但我用AI分析了一下 Anthropic 的招股书，却发现这家公司披露的营收中，竟然有相当一部分来自没收用户的钱！
原因
不知道大家还记不记得之前闹得沸沸扬扬 Claude Code 封号事件？
据我所知，有相当一部分程序员的账号都被封了，Anthropic 给出的说法是认定这部分账号属于是违反使用政策/商业条款。
但其实，懂得都懂！
有些人的号里没多少钱，所以估计也没在意，封了就封了，这种用的也不多。
但是我认识的一哥们，他账号上还有不少余额，某天使用的时候突然就收到了封禁的通知。
然后，就没有然后了。
把他搞得也是一脸懵逼，后来有群友聊起来这个事儿，说猜测可能是因为用中文对话的原因，账号早早的就被标记成了被封对象。
当初没第一波就干掉，无非是时机不对，被封只是早晚的事儿~
封号就封号吧，账户上剩下的钱你得给人退回来吧？
Anthropic 表示：不退！
理由也贼强硬，根据【Anthropic 服务协议】中相关内容：
- API 预充值额度（credits）协议：默认不退款
Anthropic 的充值条款：预购额度本身就是 non-refundable（不可退款），无论账号是否封禁。
充值额度有效期 1 年，账号终止、封禁，额度直接作废。
不是封号这个动作才额外没收，是充值协议本身就约定预存额度不支持退款。
- Claude Pro 订阅（按月 / 按年订阅）
如果是因为违规封号，剩余订阅期费用不退。
只有 Anthropic 无理由主动终止订阅，才会按比例退余款。
简单总结这两条协议内容就是：这也不退，那也不退！
占比
这个占比其实比例不算小，但是也没有网传的那么大。
按照招股书中的描述，截至 2026 年 9 月 30 日的前九个月，Anthropic 大约 5% ~ 7% 的总收入，来自被封的客户。
大部分自媒体援引的也是这个比例的数据，但是需要注意的是，这个数据虽然准确，但被“演绎”的不准确了。
关键点在于，这部分收入，主要是已经消耗掉的 Token 使用费（已经被用掉的服务），不是 “账户里还没花掉的预存余额”。
也就是说，那 5% ~ 7% 是之前被封号的这群人充进去的钱，而这笔钱里面，有部分变成 Token 被消耗掉了。
还有一部分才是被封账号里面剩下的余额。
但这笔“余额”有多少呢？招股书中并没有披露！
但是我个人猜测，不会很多！
假如被封客户一共贡献了100块钱，那被封以后账户里剩下的余额大概率不会超过20块钱。
Anthropic 披露这部分数据的目的也很明显，这部分钱属于是“不可持续的灰色收入”。
算是一个对投资者的风险提示吧！
首先是这部分客户本身就违反“政策”，属于随时会被清退的客户。
而且风控越严，这部分收入会被打掉，未来营收中不会再有这部分钱了。
结语
虽然这部分钱不是很多，但我仍然对这种行为报以“鄙视”！
很多咱们这边的用户根本就没有违反 Anthropic 相关的政策，并没有诸如模型蒸馏、批量爬取等风险操作。
但是仍然因为某些你我都知道的原因被封了号，账户里剩余的钱也被 Anthropic 直接给没收了，这一点真的很气人！
好在现在国产模型已经崛起了，大多数场景能够稳稳胜任，这也算是我第一次具象化的体会到什么叫****...
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At last, one of America's strongest AI companies, Anthropic, plans to be listed, with 2026-10-26 Anthropic officially submitting S-1 to the SEC for listing in NASDAQ.
Although the issue price and the number of distribution shares are not disclosed, the estimated $2 trillion is estimated according to prevailing market expectations, which is why the listing has been referred to as a source of “the largest IPO in history”.
But I analyzed the Anthropic equity book with AI, and I found out that the company's disclosure of a significant portion of the proceeds came from the confiscation of user money!
Reason
I don't know if anyone remembers the scene of Claude Code?
As far as I know, a significant number of the programmers' accounts have been sealed, and Anthropic has given the statement that this part of the accounts is considered a violation of the policy of use/commercial terms.
But actually, you know everything!
Some people don't have much in their number, so they don't care. They don't use much.
But a buddy I knew, he had a lot of balances on his account, and was suddenly notified of the ban.
Then there's no more.
He was made a fool of himself, and later a group of friends talked about it, saying that it might have been because of the conversation in Chinese that the account number had been marked as a closed object.
It's only a matter of time before the first wave.
The seal will be the seal. Do you have to return the rest of the account?
Anthropic says: No retreat!
The reason for this is too strong, according to the Anthropic service agreement:
- API pre-Z106quota (credits) protocol: default no refund
Anthropic ' s top up clause: Prepurchase of quota is itself non-refundable (non-refundable), whether or not account numbers are blocked.
top upquota is valid for one year, account numbers are terminated, blocked and quota is directly invalidated.
It was not this action, which resulted in the additional confiscation, that the top up agreement itself agreed that quota would not support the refund.
-Claude Pro Subscription (monthly/annual)
In the event of a violation of the seal, the cost of the remaining subscription period is not refunded.
A pro rata refund will be made only if Anthropic has no reason to terminate the subscription.
A simple summary of the two agreements is that there is no going back, no going back!
Percentage
It's not a small percentage, but it's not as big as the Internet.
According to the description in the book, as of the first nine months of September 30, 2026, Anthropic received approximately 5% ~ 7% of its total income from its sealed clients.
Most of the data cited in the media are also data on this proportion, but it should be noted that this data, while accurate, is inaccurate.
The key point is that this part of the revenue, mainly token usage fees (services that have already been used), is not “the unspent balance of the account”.
That is, the 5% to 7% is the money that was put in by the group of people who were previously sealed, and some of that money is consumed by Token.
A part of the balance is left in the sealed account.
But how much is this “balance”? It's not in the book!
But I guess not much!
If the blocked client had contributed a total of $100, the remaining balance in the closed account would probably not exceed $20.
The purpose of disclosure of this part of the data is also evident in Anthropic, which is “unsustainable grey income”.
It's a risk tip for investors!
The first is that part of the client itself is in breach of the “policy” and belongs to a client who is ready to be discharged.
And the tighter the wind, that part of the revenue will be cut off and no more will be collected in the future.
Concluding remarks
Even though it's not a big amount of money, I still say "no" to such acts!
Many of our users are not violating the Anthropic policy at all, and there are no risk operations such as model distillation and mass crawling.
But it's really annoying that the rest of the money in the account was confiscated directly by Anthropic for some reason you and I both know.
It's good that now that the national model has risen, that most of the scenes are steady and competent, and that's my first visualization of what it's called.
Auto-fetched and translated by AI Atlas. All rights belong to the original author.