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Anthropic股权结构的故事:风投姗姗来迟,带着能筹到的所有现金The Story of Anthropic’s Cap Table: VCs Showed Up Late to the Party, Toting All the Cash They Could Wrangle

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如果一切按计划进行,达里奥·阿莫代伊及其Anthropic联合创始人将于下月在纳斯达克敲钟,以纪念公司IPO。他们的庆祝无疑将迎来风险投资家们传统式的击掌和拍背祝贺。

If all goes to plan, Dario Amodei and his Anthropic co-founders will ring the NASDAQ bell next month to mark the company’s IPO. Their celebration will no doubt be greeted with the traditional high-fiving and back-patting from venture capitalists.

然而,Anthropic从一小群OpenAI叛将崛起为行业领先的巨头、并有望迎来可能是史上最大规模IPO的历程,其故事远比硅谷通常呈现的叙事要混乱得多。

But the story of Anthropic’s rise from a small group of OpenAI defectors to an industry-leading juggernaut, poised for what will likely be the largest IPO of all time, is a far messier narrative than we normally get in Silicon Valley.

多年来,风投公司一直放弃投资Anthropic,担心其不同寻常的结构以及对安全而非商业化的执着使其成为一笔糟糕的赌注。据投资者文件以及六位了解该公司多轮融资情况的人士透露,如今没有任何一家风投公司持有该公司超过2%的股份。其中一位人士表示,将风投持股控制在该线以下以确保没有任何单一投资者拥有过大控制权,是Anthropic向投资者传达的目标。

For years, VC firms passed on backing Anthropic, fearing its unusual structure and fixation on safety over commercialization made it a bad bet. Today no venture firm owns more than 2% of the company, according to investor documents and half-a-dozen sources with knowledge of the company’s multiple funding rounds. Keeping VCs below that line to ensure no one investor had outsized control was a goal Anthropic communicated to investors, one of these people said.

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