10月22日：曾经强劲的秋季科技IPO日程表如今仅剩Anthropic一家。
Oct 22 : A once-robust fall calendar for technology IPOs is down to just Anthropic.
知情人士透露，这家AI实验室正按计划推进首次公开募股（IPO），预计最早于10月下旬公开招股说明书，并在下月中旬举行IPO，但也提醒称计划和日期可能会变动。
The AI lab is pressing ahead to hold its initial public offering as planned in the middle of next month after making its prospectus public as early as late October, people familiar with the matter said, cautioning the plan and the dates are subject to change.
Anthropic计划中的IPO将检验其处于蓬勃发展的AI业务核心地位——据信公司认为这值得潜在的1.5万亿美元估值——能否克服通常会促使投行家和交易律师建议推迟的市场环境。知情人士之一表示，Anthropic预计将于11月9日当周开始向潜在投资者推介股份。
Anthropic's planned IPO will test whether its position at the center of the booming AI business, which the company is believed to deem worthy of a potential $1.5 trillion valuation, can overcome a market environment that might typically prompt bankers and deal lawyers to counsel delay. Anthropic is expected to begin marketing its shares to prospective investors during the week of November 9, one of the people said.
人工智能基础设施和数据中心领域的其他公司已推迟上市，面临利率上升的冲击，这助长了对CoreWeave等AI运营商股票和债券的惩罚性抛售，并引发了关于AI支出可持续性的更广泛质疑。
Other companies in the artificial intelligence infrastructure and data center sectors have delayed their listings, facing a rise in interest rates that has helped fuel a punishing selloff in shares and bonds of AI operators such as CoreWeave and broader questions about the sustainability of AI spending.
这种反差凸显了Anthropic对投资者的吸引力，尽管开源模型的竞争和AI安全担忧给该行业带来压力。
The contrast underscores Anthropic's appeal to investors even as concerns about competition from open-source models and AI safety weigh on the sector.
尽管秋季市场动荡，许多大型投资者依然看好Anthropic的前景，视其为少数几个能让长期投资者无法忽视的技术领域获得敞口的机会之一。知情人士中的两位表示，其他发行方不愿与Anthropic争夺机构投资者的关注和资金。Anthropic未立即回应置评请求。
Many large investors remain bullish on Anthropic’s prospects despite the fall turbulence, viewing the firm as one of the few opportunities to gain exposure to a technology sector that long-term investors cannot afford to ignore. Other issuers are reluctant to compete with Anthropic for institutional investors' attention and capital, two of the people said. Anthropic didn't immediately respond to a request for comment.
估值承压 AI行业回撤继9月以来一系列IPO推迟和撤回之后而来，市场波动和利率上升使得公司更难获得有吸引力的估值。
VALUATIONS COMING UNDER PRESSURE The AI sector pullback follows a string of IPO delays and withdrawals since September, as market volatility and rising interest rates have made it harder for companies to secure attractive valuations.
数据中心运营商 Switch 与 AI 基础设施供应商 Nscale 已将首次公开募股（IPO）计划推迟至今年晚些时候，知情人士透露，并强调计划仍处于变动之中，可能随时调整。另一位知情人士称，Nscale 推迟上市部分原因是需要回应美国证券交易委员会（SEC）工作人员的意见。路透社此前报道，软银支持的 SB Energy 也已推迟上市计划。
Switch, a data center operator, and Nscale, an AI infrastructure provider, have pushed their IPO plans back to later this year, people familiar with the matter said, while stressing that plans remain fluid and subject to change. Nscale’s delay was partly driven by the need to address comments from SEC staff, one other person said. SoftBank-backed SB Energy has also postponed its listing, Reuters previously reported.
Switch、Nscale 和 SB Energy 均未立即回应置评请求。
Switch, NScale and SB Energy didn't immediately respond to requests for comment.
韩国 AI 芯片初创公司 Elice 是最新一家在一夜之间搁置上市计划的企业。路透社此前报道，黑石集团支持的 AirTrunk REIT 和英伟达支持的 Firmus 也已撤回或暂停其发行计划。
South Korean AI chip startup Elice was among the latest to shelve its listing plans overnight. Blackstone-backed AirTrunk REIT and Nvidia-backed Firmus have also pulled or paused their offerings, Reuters has reported.
Oura 近期的 IPO 加剧了潜在发行人的谨慎情绪。一位知情人士称，该发行吸引的长线投资者参与度极低，引发了对机构投资者需求深度的担忧，此类投资者通常为新上市公司提供稳定的股东基础。
Oura's recent IPO has added to the caution among prospective issuers. The offering attracted little participation from long-only investors, a person familiar with the matter said, raising concerns about the depth of demand from institutional investors that typically provide a stable base of shareholders for newly listed companies.
多重审视 AI 基础设施上市项目的撤退反映出市场对建设数据中心所需巨额资金以及未来需求是否能证明投资合理性的审视日益加深。
SCRUTINY ON MULTIPLE FRONTS The retreat from AI infrastructure listings reflects growing scrutiny of the enormous capital required to build data centers and whether future demand will justify the investment.
近期 CoreWeave 发生的事态发展加剧了对 AI 支出可能放缓的担忧，尽管部分市场参与者预计这种低迷不会成真。
Recent developments involving CoreWeave have added to concerns about a potential slowdown in AI spending, although some market participants do not expect such a downturn to materialize.
路透社此前报道，Nscale 于 9 月公开提交了 IPO 注册声明，而 Switch 则进行了保密提交。保密提交允许公司在向公众披露财务和业务细节前，先与监管机构就其注册声明进行沟通。公司通常会在投资者路演前公开提交文件，路演是公司开始向潜在投资者推销股份的环节。
Nscale publicly filed its IPO registration statement in September, while Switch submitted its filing confidentially, Reuters reported previously. A confidential filing allows a company to work with regulators on its registration statement before disclosing financial and business details to the public. Companies typically publish the filing ahead of investor roadshows, when they begin marketing shares to prospective investors.