Anthropic公司IPO招股说明书的新草案显示，该公司在未来几年内的计算相关支出预计将达到7500亿美元，这一数字还包括其仍在谈判中的合作项目。Anissa Gardizy向《华尔街日报》披露了这些数据；路透社的Echo Wang也审阅了该草案并报道了相关的财务数据（包括公司的亏损情况）。该草案尚未公开，TNW（The National Wireless News）也未见过该草案的内容。
A new draft of Anthropic’s S-1, the prospectus for its IPO, puts its possible computing spend at $750bn over the coming years. That includes deals it is still negotiating. Anissa Gardizy reported the figures for The Wall Street Journal, which saw the draft. Echo Wang of Reuters also reviewed it and reported the loss and spending figures. The draft has not been made public, and TNW has not seen it.
上个月，路透社曾报道称Anthropic公司承诺在未来十年内至少投入5180亿美元用于相关支出。新草案显示，该公司在2026年上半年出现了807亿美元的净亏损，而去年同期亏损为130亿美元。路透社指出，大部分亏损实际上只是账面上的数字：其中720亿美元的会计费用是由于某些债券的价值上升所致（这些债券未来可能被转换为Anthropic公司的股票，但并不涉及实际的现金支出）。
Last month, Reuters reported that Anthropic had committed to spending at least $518bn over a decade. The new one shows a net loss of $80.7bn for the first half of 2026. A year earlier, the loss was $13bn. Most of that loss is on paper, Reuters reported. A $72bn accounting charge reflects a rise in the value of bonds that could convert into Anthropic shares. It is not a cash cost of running the business.
根据《华尔街日报》的报道，在截至6月30日的六个月内，Anthropic公司在计算能力和基础设施方面的支出接近90亿美元；而去年同期这一支出仅为23亿美元。据David Morris和Abhishek Vishnoi为彭博社撰文称，这一新数字超过了Anthropic公司在2025全年所投入的73亿美元。
Where the compute money goes Anthropic spent nearly $9bn on computing capacity and infrastructure in the six months to 30 June, the Journal reported. A year earlier, it spent $2.3bn. The new figure is more than the $7.3bn it spent in all of 2025, David Morris and Abhishek Vishnoi reported for Bloomberg, citing the Journal.
招股说明书还列出了该公司在未来七到十年内计划进行的云计算相关合作项目，总金额约为4500亿美元；其中大部分合作项目无法取消。具体而言，该公司计划与Google Cloud合作1110亿美元、与Amazon Web Services合作110亿美元、与Microsoft合作310亿美元。
The prospectus also lists about $450bn of cloud deals over the next seven to ten years, according to the Journal. Most of them cannot be cancelled. They include $111bn with Google Cloud, $110bn with Amazon Web Services and $31bn with Microsoft.
Axios援引《华尔街日报》的报道指出，Anthropic公司未来还需承担超过600亿美元的基础设施建设费用；此外，正在谈判中的合作项目可能进一步增加其支出约150亿美元。本月路透社还报道称，Broadcom公司已同意向Anthropic提供最高42亿美元的芯片贷款。
Anthropic already faces more than $600bn in future infrastructure costs, Axios reported, citing the Journal. Deals under negotiation could add about $150bn. Broadcom has agreed to lend Anthropic up to $42bn for its chips, Reuters reported this month.
在收入方面，该公司上半年的收入从去年的11亿美元增长至163亿美元；整个2025年的收入为46亿美元。上周，Anthropic公司向投资者透露，仅第三季度的收入就达到了168亿美元。
Revenue and risks Revenue rose to $16.3bn in the first half, from $1.1bn a year earlier. Anthropic made $4.6bn in all of 2025. Last week, it told investors its third-quarter revenue alone reached $16.8bn.
据《Journal》报道，Anthropic面临的主要风险因素包括：客户群体较为狭窄，且难以获得其所需的计算资源；此外，该公司还采取了某些“自我保护”措施（即防止自身系统被关闭）。据《Bloomberg》报道，Anthropic还担心某些用户的反应可能类似于“敲诈行为”。该公司还警告称，在美国（其大部分数据中心所在地），可能会遇到政治方面的阻力。
The risk factors include a narrow customer base and uncertain access to the computing power it needs, the Journal reported. They also flag models that show “self-preserving” qualities to avoid being switched off, Bloomberg reported. Another risk is responses that resemble “blackmail”. Anthropic also warns of political resistance to data centres in the US, where most of its capacity sits.
据《Bloomberg》报道，Anthropic计划于11月9日那一周正式启动IPO（首次公开募股）的营销活动，从而在美国感恩节假期前开始交易。据《Fortune》杂志的Jim Edwards报道，Anthropic的目标估值为2万亿美元；不过据路透社上周的报道，一些投资者认为其估值可能仅为1.5万亿美元。
The IPO Anthropic is set to start marketing its IPO as soon as the week of 9 November, Bloomberg reported. That would let it begin trading before the US Thanksgiving holiday. Jim Edwards wrote for Fortune that it will seek a $2tn valuation, citing the Journal. Some investors are weighing a lower valuation of about $1.5tn, Reuters reported last week.
《Bloomberg》还询问了分析师们对Anthropic支出计划的看法。
Bloomberg also asked analysts about the spending plans.
Union Bancaire Privée的董事总经理Vey-Sern Ling对《Bloomberg》表示：“这些额外的支出计划对半导体供应链来说是积极的，但是否能够真正实现仍存在很大不确定性。”
“The additional spending plans are positive for the semiconductor supply chain but whether they materialize is highly uncertain,” Vey-Sern Ling, managing director at Union Bancaire Privée, told Bloomberg.
Floodlines Research的创始人Anna Wu认为这些计划对市场来说是一个“复杂且难以预测的信号”；她告诉《Bloomberg》：“7500亿美元的投资将意味着中短期内对人工智能相关产品的需求会增加。”
Anna Wu, founder of Floodlines Research, called the plans a mixed signal for markets. “$750 billion will mean more demand for all-things AI in the medium to long term,” Wu told Bloomberg.
一位Anthropic的投资者向Axios表示，该公司最新的业绩表现“非常出色”。
One Anthropic investor told Axios the latest results were “spectacular”.