围绕人工智能的争论正让首次公开募股（IPO）停滞在发射台上，而随着Anthropic PBC上市日益临近、其阴影与日俱增，数十亿美元的资金和数月的准备工作都悬而未决。
The debate over artificial intelligence is keeping IPOs stuck on the launching pad, and with the shadow of Anthropic PBC’s market debut looming larger by the day, billions of dollars of capital and months of preparations are hanging in the balance.
“人们确实陷入了瘫痪，”Truist Financial Corp.股票资本市场主管West Riggs表示。“市场必须自行理清局面。”正准备赴美上市的AI基础设施公司——包括总部位于伦敦的Nscale Ltd.和新加坡的DayOne Data Centers Ltd.——仍在向投资者推销其对行业建设的关键重要性，然而随着CoreWeave Inc.等同行股价暴跌，投资者的风险偏好已然蒸发。彭博汇编的数据显示，这使得10月按美国IPO规模衡量，势将成为全年最慢的月份。
“People are truly paralyzed,” said West Riggs, head of equity capital markets at Truist Financial Corp. “The market has to sort itself out.”AI infrastructure companies teeing up US listings including London-based Nscale Ltd. and Singapore’s DayOne Data Centers Ltd. continue to pitch investors on their central importance to the sector’s buildout, yet with shares of peers such as CoreWeave Inc. plunging, investors’ appetite for risk-taking has evaporated. That puts October on track for the slowest month of the year measured by US IPO volume, data compiled by Bloomberg show.
数据显示，这与截至9月底已募资1626亿美元的迅猛节奏相比，是明显的转向。
It’s a marked turn away from a roaring pace that saw $162.6 billion raised through the end of September, the data show.
华尔街将创纪录佣金年份的希望寄托于Anthropic下月备受期待的上市，知情人士称，此次上市募资规模可能达到或超过SpaceX的上市。正在评估投资者支持其IPO意愿的公司，同样在呼吁这家Claude背后的公司带来一场亟需的胜利，以扫清障碍。
Wall Street is pinning its hopes for a record fee year on Anthropic’s anticipated debut next month, which could raise as much or more than SpaceX’s listing, people familiar with the matter have said. Companies gauging investors’ willingness to back their IPOs are similarly clamoring for the firm behind Claude to deliver a needed win that would clear the decks.
不过，在华尔街，并非只有Riggs一人开始在Anthropic之外将目光转向明年。
Still, Riggs isn’t alone on Wall Street among those who, outside of Anthropic, are starting to shift their focus to next year.
“对于2026年的剩余时间来说，情况并不太乐观，”里格斯在采访中表示。“人们对2027年抱有很高的期望，尤其是在软件领域；但从IPO（首次公开募股）的角度来看，整体市场表现相当疲软。就连我们正在开发的那些与人工智能无关的项目也似乎受到了影响。”一些由英伟达（Nvidia）等公司支持的数据中心开发商，以及Switch Inc.等公司，都在重新审视他们的IPO计划。
“It doesn’t feel too encouraging for the rest of 2026,” Riggs said in an interview. “There’s a lot of optimism for 2027, particularly in software, but overall things feel pretty sluggish from an IPO perspective. Even a couple of the non-AI related things we’re working on seem to be pushed.”Companies like Nvidia Corp.-backed data center developer Nscale and Switch Inc. are workshopping their IPO pitches, as roughly a dozen companies have yet to advance their IPO plans despite publicly filing documents with US regulators.
尽管这些公司已经向美国监管机构提交了相关文件，但仍有大约十几家公司未能推进其IPO进程。当智能手环制造商Oura Inc.和Bamboo Insurance Services Inc.因利率上升以及伊朗战争的持续影响而被迫推迟上市计划时，市场紧张的迹象已经显现。
Signs of market strain emerged when smart-ring maker Oura Inc. and Bamboo Insurance Services Inc. were forced to postpone debuts, as interest rates climbed higher and the Iran war dragged on.
据彭博社上月报道，Oura公司的IPO进程遇到了诸多问题，其中包括对公司目标市值的质疑——一些潜在投资者对该公司约150亿美元的估值表示反对。
Oura’s offering was beset by concerns including the company’s target market capitalization with several prospective investors pushing back on a potential fully diluted valuation of about $15 billion, Bloomberg News reported last month.
管理层与公司自身对IPO估值的期望之间的差异，可能会阻碍IPO进程，甚至导致交易停滞多年。在2026年上半年表现良好的背景下，这种估值差距的重新出现，可能反映了各方对资金成本走势的不同看法，以及整个行业所面临挑战是否能够迅速得到解决的疑问。
A discrepancy in expectations between what management teams and their companies expect to seek in an IPO and potential investors can hold up the process, and even stall deals for years. The return of the so-called valuation gap after a promising first half of 2026 may reflect differing outlooks on where funding costs are likely to go, and whether challenges to the broader sector may be quickly resolved.
对于德勤（Deloitte & Touche）的美国资本市场业务负责人威尔·布劳蒂加姆（Will Braeutigam）来说，当前的买卖价差已经变得过于悬殊。“目前估值问题上存在僵局，必须先解决这一差距，市场才能继续向前发展，”他说。
For Will Braeutigam, US capital markets transactions leader at Deloitte & Touche, that bid-ask spread has “blown out.”“There is a stalemate on valuation, and rationalizing that gap is what needs to happen before the broader market can move forward,” he said.
截至9月底，除了那些专门从事IPO业务的机构外，美国市场通过IPO筹集的资金仅为5.877亿美元；对于除Anthropic之外的所有公司来说，第四季度的IPO表现都相当糟糕。鉴于美国中期选举的临近以及假期季节带来的市场放缓，IPO市场很可能会陷入停滞状态，持续数月之久。
With just $587.7 million raised through US IPOs since the end of September, excluding blank-check firms and other financial vehicles, the fourth quarter is shaping up to be a dud for every company but Anthropic. Given the upcoming US midterm elections and the rapidly approaching holiday slowdown, the IPO market risks being effectively stalled for months.
布劳蒂加姆预计，到今年年底为止，只有六家或更少的公司能够在美国证券交易所筹集到5亿美元或更多的资金。
Braeutigam anticipates that six or fewer companies will raise $500 million or more on US exchanges through the end of the year.
“我们的大多数客户都把目光集中在第二季度（Q2）上，”布劳蒂加姆说道。
“Most of our clients are focused on Q2,” Braeutigam said.