科技行业的超级碗可能终于要来临了。Anthropic最早可能于周一公开其首次公开募股的申请文件。关于Anthropic财务状况的细节，无论是通过IPO申请草案还是近期的投资者会议，数周来一直在陆续流出。因此，S-1文件披露的一些内容其实并没有那么轰动。
The tech industry equivalent of the Super Bowl may finally be upon us. Anthropic could make public the paperwork for its initial public offering as early as Monday. Details about Anthropic’s finances from either drafts of the IPO filing or recent investor meetings have been dribbling out for weeks.
不过，这份文件仍然可以解开关于Anthropic的许多谜团，或者至少让它们不那么模糊。我向同事杰森·迪恩（Jason Dean）和劳拉·曼达罗（Laura Mandaro）询问了他们希望S-1文件能够澄清的事项清单：
As a result, some of the S-1’s revelations will not be, well, all that revelatory.
- 更多的财务细节。更清晰地了解Anthropic迈向盈利的轨迹，以及尚未泄露的现金流数据和其他运营财务指标。
But there are still many, many mysteries about Anthropic the filing could clear up, or at least make a little less fuzzy.
- 来自大合作伙伴的所有权、投资和收入细节。希望这份文件能够确认Anthropic向谷歌和亚马逊支付了多少资金在其服务器上运行其人工智能，同时披露这些公司在Anthropic投资了多少资金以及这些股份的增值情况。
I asked my colleagues Jason Dean and Laura Mandaro for their shortlist of items they hope the S-1 will illuminate:
- 谁在支付Anthropic的账单。根据已公开的报道，Anthropic曾表示，今年上半年其约五分之一的收入来自仅有的两个客户，而在整个2025年，这一比例为四分之一。投资者将寻找更新的集中度数据以及有关其收入来源的更多细节。从历史上看，其大部分收入来自通过应用程序接口销售其人工智能，但这些收入可能会根据开发者中最热门的模型而起伏不定。我们正在寻找有关其Claude订阅收入的细节，以及通过亚马逊等其他公司转售Anthropic人工智能并以此换取销售提成的收入细节。
• More financial details. More clarity on Anthropic’s trajectory toward profitability, along with cash flow numbers and other operational financial metrics that haven’t yet leaked out. • Ownership, investment and revenue details from big partners. Hopefully, the filing will confirm just how much money Anthropic is paying Google and Amazon to run its AI on their servers, along with details about how much those companies invested in Anthropic and how much those stakes have appreciated.
- 更多关于公司治理的内容。Anthropic注重使命的公司架构有许多独特的公开细节。例如，一个名为“长期利益信托”（Long-Term Benefit Trust）的非股东群体任命了该公司董事会的大多数成员。正如我们此前报道的那样，在首次公开募股（IPO）筹备期间，Anthropic制定了一项计划，授予包括首席执行官达里奥·阿莫代伊在内的七位联合创始人合计50.1%的投票权，即便他们减持部分股份也是如此。我们所不知道的是，阿莫代伊对其他六位创始人是否拥有某种特殊权力，以及Anthropic将如何具体解决信托基金与创始人任命的董事会成员之间的冲突。（Anthropic曾计划授予员工一种特殊类别的股票，用于在投票出现平局时进行决定制胜——情况很复杂！）
• Who pays Anthropic’s bills. Anthropic has said around a fifth of its revenue this quarter of its revenue in the first half of this year came from just two customers, compared to a quarter for all of 2025, according to published reports. Investors will look for more recent concentration data and additional details on the sources of its revenue. Historically, most of its revenue has come from sales of its AI via an application programming interface, but these can rise and fall depending on what model is hot among developers. We’re looking for details on revenue from its Claude subscriptions as well as through other companies like Amazon that resell Anthropic AI in exchange for a cut of those sales . • More on governance. Many idiosyncrasies of Anthropic’s mission-minded corporate structure are public.
- 股票锁定期与二级市场出售。我们曾撰文指出，Anthropic一直在考虑延长股票锁定期——即禁止大多数股东出售股票的期限——使其超过典型的180天。但该公司曾考虑在IPO时为部分股东设立例外，允许在上市时进行所谓的二级市场出售。此类出售将与今年其他不允许在上市时进行二级市场出售的科技公司IPO形成对比，例如SpaceX和Cerebras。我们正在关注大多数投资者必须持有其股份多长时间，以及哪些投资者群体（或员工）能够更快退出。前方更多内容Anthropic的上市文件重头戏并不是我们下周在科技界将关注的唯一重大事件。其中还包括：
For instance, a group of non-shareholders called the Long-Term Benefit Trust appoints the majority of its board. As we’ve reported , in the run-up to the IPO, Anthropic developed a plan to grant its seven co-founders, including CEO Dario Amodei, a combined 50.1% of voting power even if they reduce some of their stakes. What we don’t know is whether Amodei has any particular power over the six other founders and how exactly Anthropic will resolve conflicts between the trust and board members appointed by the founders. (Anthropic has planned to give employees a special class of stock for tiebreaker votes—complicated!)
- 三大超大规模云服务商财报。谷歌和微软定于周三发布财报，亚马逊将于周四发布。这些公司若宣布数据中心支出计划或 AI 需求预测发生变化，都可能波及本已紧张的市场。亚马逊首席执行官安迪·贾西并未等到财报发布才对 AWS（其云计算部门）的表现释放乐观信号。在周五发布的一期 Andreessen Horowitz 播客节目中，贾西表示，AWS 的算力容量“在很大程度上已售罄”，一直排到明年年底。他还表示，公司十年前收购的 Annapurna Labs —— 这家半导体初创公司是 AWS 自研 AI 芯片及其他处理器的幕后推手 —— 最终可能成为亚马逊有史以来最划算的交易。
• Lockups and secondary sales. We’ve written that Anthropic has mulled extending the lockups —the period when most shareholders are barred from selling their stock—beyond the typical 180-day period. But the company has considered making an exception for some shareholders at the time of the IPO, allowing what’s known as a secondary sale at the listing. Such sales would contrast with other tech IPOs this year that didn’t allow secondary sales during their listings, such as SpaceX and Cerebras.
- Instacart 的下一步动作。周五，我们独家披露 Instacart 正在探索出售公司的可能性，并已与 DoorDash 和 Uber 进行了初步接触。我们的报道称，与 Uber 的谈判似乎已告吹。但值得关注的是，Instacart 是否会与其他买家达成交易。Instacart 和 DoorDash 分别定于 11 月 5 日和 4 日发布财报。如果到那时尚未宣布交易，预计分析师会在财报电话会上追问交易前景。
We’re looking for how long most investors have to sit on their shares and which groups of investors—or employees—can bail more quickly. More Ahead The Anthropic filing fireworks aren’t the only big events in tech we’ll be watching next week. There’s also: • Earnings reports from the three major hyperscalers.
- 苹果新品。苹果将于周三举办发布会，预计将推出首款触控屏 MacBook，正如我们本周早些时候提到的。做好迎接沾满指纹的 MacBook 屏幕的准备吧。其他新闻私募股权公司 Apollo Global Management 首席经济学家 Torsten Slock 在一篇文章中指出，除科技公司外，AI 尚未为美国公司带来财务回报。
Google and Microsoft are scheduled to report on Wednesday, while Amazon will report on Thursday. Any changes the companies announce to their data center spending plans or forecasts about AI demand are likely to move the already jittery markets.
中国初创公司 Moonshot AI（月之暗面）周五发布新模型 Kimi K3.1 Pro，在部分基准测试中性能可与美国领先的前沿模型媲美。
Amazon CEO Andy Jassy isn’t waiting until earnings to strike a bullish note on the performance of AWS, his cloud unit.
在《The Information》报道 Instacart 正探索出售选项后，Instacart 股价周五收盘上涨 9%。The Information 的 TITV 今日节目欢迎收看今天的《TITV》节目，在节目中，阿卡什·帕里查（Akash Pasricha）与执行总编劳拉·曼达罗（Laura Mandaro）就新型云计算（neocloud）的大跌如何影响私营市场以及反之亦然展开了对话。
In an Andreessen Horowitz podcast published Friday, Jassy said AWS is “largely sold out” of computing capacity through the end of next year. He also said the company’s decade-old acquisition of Annapurna Labs, a semiconductor startup behind AWS’ custom AI chip and other processors, may end up being Amazon’s best deal ever. • Instacart’s next move.
推荐新闻简报用Applied AI开启你的一天，这是来自The Information的新闻简报，旨在揭示领先企业如何利用人工智能全面实现任务自动化。立即免费 。记者最新报道独家Instacart正在探讨出售事宜瓦利达·保（Valida Pau）、杰西卡·E·莱辛（Jessica E. Lessin）和科里·温伯格（Cory Weinberg）报道独家风投公司利用有限合伙人资金池和仓库贷款以快速筹集人工智能资金独家在交易告吹后，Ramp投资者对Airwallex采取了极端强硬的态度Anthropic的利润率就是OpenAI的机会劳拉·布拉顿（Laura Bratton）和斯蒂芬妮·帕拉佐洛（Stephanie Palazzolo）报道近期活动10月27日，星期二——The Information 2026年度WTF峰会The Information的WTF峰会重返纳帕谷，汇聚了塑造科技、传媒和金融领域的女性。
On Friday, we broke the news that Instacart is exploring a possible sale of the company and has held preliminary conversations with DoorDash and Uber. Our story said that talks with Uber appear to have fizzled. But it will be interesting to see if a deal with someone else comes together.
已确认的演讲嘉宾包括巴里·韦斯（Bari Weiss）、惠特尼·沃尔夫·赫德（Whitney Wolfe Herd，来自Bumble）、金·波斯内特（Kim Posnett，来自高盛）和惠特尼·卡明斯（Whitney Cummings）。期待坦诚的对话以及一个专为有意义交流而打造的空间。门票所剩不多——立即预订您的席位。
Instacart and DoorDash are due to report earnings on Nov. 5 and 4, respectively.
11月9日，星期一——在旧金山与The Information和安永咨询（EY Consulting）共进私密晚宴信任正迅速成为人工智能时代具有决定性的问题。晚宴期间，The Information创始人兼总编杰西卡·莱辛与安永美洲咨询副主席惠特·巴特勒（Whitt Butler）将就领导者如何建立并保持这种信任展开坦诚交谈。申请受邀出席。
Expect analysts to grill the companies about the prospects for a deal, if one isn’t announced by then. • New Apple devices. Apple is having an event on Wednesday where it’s expected to announce its first touchscreen MacBook, as we mentioned earlier in the week . Get ready for some greasy MacBook screens. In Other News
11月10日，星期二——通往首次公开募股的漫长道路加入《The Information》与纽约证券交易所举办的鸡尾酒会及对话活动，探讨公司上市的真实要求，活动由《The Information》的达金·坎贝尔（Dakin Campbell）主持。小组讨论将探讨公司需要与顾问、投资者和交易所高管建立的信任、关系和筹备工作，以及创始人和高管在这一过程中必须应对的诸多复杂情况。
AI has delivered no financial payoff to U.S. companies other than tech companies, Torsten Slock, chief economist at private equity firm Apollo Global Management argued in an essay . China’s Moonshot AI on Friday announced a new model , Kimi K3.1 Pro, that rivals the performance of leading U.S. frontier models on some benchmarks. Instacart shares closed up 9% on Friday after The Information reported that the grocery delivery company is exploring options to sell itself.
本活动由纽约证券交易所赞助。申请参加。我们正在阅读的内容特朗普由人工智能摄像头组成的“智能墙”正在监视边境及逾百万民众
Today on The Information’s TITV Check out today's episode of TITV , in which Akash Pasricha speaks with managing editor Laura Mandaro about how the neocloud rout is affecting private markets, and vice versa.