就在几个月前，在投资者看来，与人工智能业务相关的公司上市速度再快也不嫌快。突然之间，IPO市场看起来没那么吸引人了。
Just a few months ago, companies connected to the AI business couldn’t go public fast enough, as far as investors were concerned. Suddenly, the IPO waters are looking a lot less inviting.
不断上升的利率、动荡不安的股市以及加剧的政治不确定性，给那些原本瞄准第四季度首次公开募股的科技公司带来了充满风险的前景，导致一些公司重新考虑其时间安排。
Rising interest rates, a jumpy stock market and heightened political uncertainty are creating a dicey outlook for tech companies that had been aiming for a fourth-quarter public offering, causing some to reconsider their timing.
Anthropic和OpenAI计划中的IPO都受到了这种不确定性的影响，同时它们也是这种不确定性的推动因素，其他公司则根据预计将是市场历史上规模最大的几起公开上市来调整自己的计划。Anthropic在将时间表推迟数周后，计划于周三在其旧金山总部举办投资者日活动。
The planned IPOs of Anthropic and OpenAI have both been subject to that uncertainty and a driver of it, with other firms shifting their plans around what are expected to be among the largest public debuts in market history. Anthropic plans to host an investor day at its San Francisco headquarters on Wednesday after pushing its timeline back by several weeks.
冷却兴趣的最新迹象出现在两家澳大利亚数据中心公司Airtrunk和Firmus Grid在几天之内双双踩下公开募股刹车之时。
The latest signs of cooling interest came when two Australian data center companies, Airtrunk and Firmus Grid, pumped their brakes on their public offerings within the span of a few days.
Firmus在取消原本将是该国30年来最大规模IPO（计划筹集近50亿美元资金）时，列举了“近期市场波动以及当前的市况”。知情人士称，该公司与英伟达关系密切，并得到了Coatue和黑石的支持，计划通过私募筹集资金，并于明年在美国交易所上市。
Firmus cited “recent market volatility and prevailing market conditions” in canceling what would have been the country’s largest IPO in 30 years, with a planned raise of almost $5 billion. The company, which has a close relationship with Nvidia and is backed by Coatue and Blackstone, plans to raise funds privately and go public on a U.S. exchange next year, a person familiar with the matter said.
据《华尔街日报》报道，原本准备在新加坡上市的Airtrunk现在希望在明年上半年上市。这家同样得到黑石支持的公司一直对市场波动和利率感到担忧。
Airtrunk, which was preparing to list in Singapore, now hopes to go public in the first half of next year, The Wall Street Journal reported. The company, which is also backed by Blackstone, was concerned about market volatility and interest rates.
人工智能交易曾推动市场创下纪录，但该行业的某些领域正令投资者感到焦虑。受对来自中国的新竞争威胁的担忧驱使，美光科技到三星等存储芯片制造商周二遭到抛售，这提醒了人们投资者对不利发展是多么敏感。被称为新型云公司的CoreWeave和Nebius的股价也出现下跌，延续了为期一周的下滑态势。
The AI trade has powered the market to records, but some pockets of the industry are giving investors anxiety. A selloff in memory chip makers from Micron to Samsung on Tuesday spurred by concerns about fresh competitive threats from China was a reminder of how sensitive investors are to adverse developments. Shares in CoreWeave and Nebius, two so-called neocloud firms, also traded down, continuing a weeklong slide.
这些因素，连同日益敌视数据中心并对人工智能影响保持警惕的国内政治环境，正在给整个人工智能基础设施领域的公司带来压力。
Those factors, along with a domestic political environment that’s increasingly hostile to data centers and wary of AI’s impact, are weighing on companies across the AI infrastructure landscape.
上周在拉斯维加斯，数据中心运营商、投资者和银行家聚集在永利酒店，讨论该行业的现状。
In Las Vegas last week, data center operators, investors and bankers gathered at the Wynn hotel to discuss the state of the industry.
多名与会者表达了担忧，认为市场条件以及对人工智能数据中心的当地反对情绪可能会导致融资市场收紧，从而放慢项目进度并破坏交易。其中一个讨论小组的主题是：“我们完蛋了吗？电力、资本、算力和面临风险的数十亿美元资金。”为数据中心开发商的销售和融资提供咨询的银行家表示，这种反对情绪正导致一些买家将基础设施公司视为一项高风险投资。
A number of attendees voiced concerns that market conditions and local backlash to AI data centers could cause the funding market to tighten, slowing down projects and derailing deals. The topic of one discussion panel: “Are We Screwed? Power, Capital, Compute and Billions of Dollars at Risk.”Bankers advising data center developers on sales and capital raises said the backlash is causing some buyers to view infrastructure companies as a risky investment.
银行家和投资者表示，这意味着卖家在管道中——或尚未建成——的项目上得到的认可正在减少，因为买家越来越怀疑这些项目能否按时并在预算内完成。公开和私募投资者也对缺乏完成项目经验的新人工智能数据中心开发商越来越谨慎。
That means sellers are getting less credit for projects that are in their pipeline—or not yet built—as buyers increasingly question whether those projects will be completed on time and on budget, bankers and investors said. Public and private investors are also getting more wary about new AI data center developers with little experience completing projects.
软银旗下的SB Energy在8月下旬公开其IPO文件时透露，该公司没有任何正在运营的数据中心。SB Energy是OpenAI在俄亥俄州一个10吉瓦项目的幕后推手，并表示其拥有超过4000亿美元的订单储备，这一数字代表了基于具有法律约束力的客户合同的未来预估收入。
When SoftBank’s SB Energy made its IPO paperwork public in late August, it revealed that the firm doesn’t have any data centers in operation. SB Energy is behind a 10-gigawatt project in Ohio for OpenAI and says that it has more than $400 billion in its backlog, a figure representing estimated future revenue based on binding customer contracts.
《华尔街日报》报道称，SB Energy在对其潜在估值遭到抵制后推迟了IPO日期。参与该交易的人士还援引了不利的市场条件。
The Journal reported that SB Energy delayed its IPO date after getting pushback on its potential valuation. People working on the deal also cited adverse market conditions.
除了波动性和利率之外，投资者在参与新股票发行时也变得更加挑剔，一些人表示他们正在为Anthropic今年晚些时候计划的发行保留资本。近期IPO表现不佳也在吓退投资者。
In addition to volatility and interest rates, investors are being choosier about participating in new stock offerings, with some saying they are reserving capital for Anthropic’s planned offering later this year. Poor performance by recent IPOs is also deterring investors.
尽管市场感到紧张，但仍有一些数据中心初创公司正在推进公开上市。Nscale是一家总部位于伦敦的云计算公司，其董事会成员包括前Meta高管尼克·克莱格、谢丽尔·桑德伯格和菲吉·西莫，该公司将目标定在未来几周内公开上市。知晓该公司想法的人士承认，这一时机并不理想。
Despite the market jitters, there are still several data center startups that are pressing ahead toward public offerings. Nscale, a cloud company based in London that counts former Meta executives Nick Clegg, Sheryl Sandberg and Fidji Simo among its board members, is aiming for a public debut in the coming weeks. People with knowledge of the company’s thinking acknowledged that the timing wasn’t ideal.
据《华尔街日报》上周报道，另一家计划上市的云计算公司是Lambda，该公司同样得到了英伟达、黑石和Coatue的支持，并刚刚开启了其40亿美元的最后一轮IPO前融资。知情人士称，Lambda尚未提交招股说明书，但计划于明年上市。
Another cloud company planning to go public is Lambda, which is also backed by Nvidia, Blackstone and Coatue and just opened up its final, $4 billion pre-IPO funding round, the Journal reported last week. Lambda hasn’t yet filed a prospectus, but plans to go public next year, people familiar with the matter said.
如需联系作者，请致信 corrie.driebusch@wsj.com、anissa.gardizy@wsj.com 和 robbie.whelan@wsj.com
Write to Corrie Driebusch at corrie.driebusch@wsj.com, Anissa Gardizy at anissa.gardizy@wsj.com and Robbie Whelan at robbie.whelan@wsj.com