Anthropic 提交 S-1 文件，披露高速增長背後的財務狀況
Anthropic's S-1 paperwork reveals the stunning finances behind its meteoric rise ahead of its IPO
Anthropic 已公開提交 S-1 文件，計劃以 ANT 為股票代號在 Nasdaq 上市，並披露財務狀況及主要風險。文件列出 Anthropic 2025 年收入 $4.6 billion、淨虧損約 $42 billion；今年截至 6 月 30 日的首六個月收入為 $16.3 billion，淨虧損為 $80.7 billion，公司稱其中很大部分來自會計調整。
文件把收入快速增長與巨額淨虧損、未來雲端及計算基礎設施支出承諾並列，呈現 Anthropic 籌備上市時的財務狀況。
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Anthropic's IPO paperwork reveals the stunning finances behind its meteoric rise
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Brent D. Griffiths
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Anthropic is ready for Wall Street.
The company behind Claude filed its public S-1 paperwork on Monday, revealing its plans to list on the Nasdaq under the ticker symbol ANT and setting the stage for an enormous IPO.
Anthropic's filing pulls back the curtain on the financials that have made it one of the fastest-growing startups in history; the company was valued at $965 billion in May.
The AI giant disclosed a total net loss of about $42 billion in 2025, with revenue of $4.6 billion. In the first six months of this year ending June 30, Anthropic recorded a staggering net loss of $80.7 billion — nearly double its loss for all of last year. Anthropic attributed much of that loss to an accounting adjustment.
As recently as 2025, Anthropic lagged well behind rival OpenAI. It generated $1.16 billion in revenue over that year's first six months. Since then, for month after month, Anthropic has won over business customers and bolstered its top line.
From January through June 30 of this year, Anthropic raked in $16.3 billion in revenue. The San Francisco AI lab told investors in mid-October that its third-quarter revenue totaled $16.8 billion, a jump from earlier in the year.
Anthropic's growth has stunned the industry and added to a frenzy of excitement over AI's economic impact. CEO Dario Amodei quipped in May that the growing demand for his products was "too hard to handle"; the company has raced to secure more computing power to serve customers with its chatbot, coding, and workplace tools.
Those commitments are already titanic. Anthropic expects to spend at least $265.6 billion on cloud, computing, and infrastructure over the coming years, according to the filing.
Everyday investors — including you — can now see under the hood. Companies going public in the US are required to file an S-1, which includes a company's vision for its future, recent financial results, major shareholders, and the risks it faces.
A fierce rivalry and race toward IPO
A group of OpenAI alums launched Anthropic in 2021 as a public benefit corporation, meaning the company must balance profits with its mission of "developing and maintaining advanced AI for the long-term benefit of humanity."
The world's gaze turned toward generative AI companies and tools when OpenAI launched ChatGPT in late 2022. Anthropic quickly followed with its chatbot Claude the following March.
Since then, a rivalry has developed between the two companies over top AI research talent, the best model releases, and customers. The virality of ChatGPT had handed OpenAI a lead.
In 2025, after Anthropic released Claude Code, the race began a new phase. AI's coding skills improved, and business customers began pouring money into the technology. Each company's valuation boomed, and this spring, Anthropic's eclipsed OpenAI's.
Despite its staggering growth, the narrative that Anthropic has to provide investors to drum up excitement for its IPO is tricky. The AI industry is still in its early days and faces a backlash over data center construction. The technology's economic implications are still unknown. Anthropic has had a topsy-turvy relationship with the Trump administration. Amodei joined the president for a private dinner in late September after high-profile disagreements.
Plus, Anthropic is contending with cheaper models from Chinese firms, which some developers are using to replace American tools. Leading AI providers are also reckoning with security incidents in which their AI agents have breached outside systems.
Unlike OpenAI, Anthropic is forging ahead with a 2026 IPO as concerns about safety hang over the industry. Amodei has said that frontier AI labs like Anthropic should slow the pace of AI development so that researchers can focus more on safety and alignment.
Anthropic, the first pure-play AI company to publicly file its S-1 in the US, can set expectations with its early stock market performance.
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來源：Business Insider Tech · businessinsider.com