部分澳大利亚投资主管对 Anthropic PBC 即将到来的大型首次公开募股（IPO）表达了谨慎态度，因为该公司将一项全新的人工智能投资标的引入了当地市场。
Some Australian investment chiefs are expressing caution over the impending blockbuster initial public offering of Anthropic PBC, as the company brings a fresh artificial intelligence bet to the local market.
“这是一家了不起的公司，”澳大利亚养老基金 UniSuper 首席投资官 John Pearce 周四在墨尔本举行的 CFA 澳大利亚投资会议的一个小组讨论中表示。但“这是否能转化为一项极好的投资，那是另一回事。”根据周一向美国证券交易委员会（SEC）提交的一份文件，作为其 IPO 的一部分，Anthropic 在向澳大利亚证券监管机构提交招股说明书后，将直接向澳大利亚投资者发售股份。
“This is an incredible company,” John Pearce, chief investment officer of Australian pension fund UniSuper, said in a panel discussion at the CFA Australia Investment Conference in Melbourne on Thursday. Whether or not “that translates into a fantastic investment, that’s another thing.”As part of its IPO, Anthropic will offer shares directly to Australian investors after submitting a prospectus to the nation’s securities regulator, according to a filing Monday with the US Securities and Exchange Commission.
此次上市将使这家 Claude 聊天机器人制造商接触到澳大利亚 4.8 万亿澳元（约合 3.4 万亿美元）的养老金行业以及散户交易群体。此前，Firmus Grid Ltd. 的 IPO 宣告失败，该 IPO 本将跻身澳大利亚历史上最大规模的上市行列。
The listing will give the Claude chatbot maker exposure to Australia’s A$4.8 trillion ($3.4 trillion) pension industry and a retail trading base. It comes after the collapse of Firmus Grid Ltd.’s IPO, which would’ve ranked among the country’s largest ever listings.
Pearce 表示，Anthropic 约 2 万亿美元的估值“可能有点牵强”。他补充道，从巨额亏损的起点出发，在三四年内实现现金流为正并产生可观利润，将是“要求过高”。
A valuation of around $2 trillion for Anthropic could be “a bit of a stretch,” Pearce said. Reaching positive cash flow and generating significant profits within three or four years, from a position of heavy losses, would be a “big ask,” he added.
周一的文件显示，2026 年上半年，该公司营收 163 亿美元，净亏损 807 亿美元；而去年同期营收 12 亿美元，净亏损 130 亿美元。
The company had an $80.7 billion net loss on revenue of $16.3 billion in the first six months of 2026, versus a $13 billion net loss on revenue of $1.2 billion in the same period last year, Monday’s filing showed.
Shaw and Partners Ltd. 首席投资官 Martin Crabb 在同一小组讨论中表示，继 SpaceX 首次亮相、Anthropic 即将上市以及 OpenAI 的 IPO 计划之后，大量发行正涌向市场。
A large amount of issuance is coming to market off the back of SpaceX’s debut, Anthropic’s upcoming listing and OpenAI’s IPO plans, Martin Crabb, chief investment officer of Shaw and Partners Ltd., told the same panel.
“我对整个领域只是有点谨慎，”他说，并补充道，他质疑这些公司为何此时涌向公开市场。
“I’m just a bit cautious about the whole space,” he said, adding that he questions why these companies are coming to public markets now.
Marsh Investments and Retirement太平洋区首席投资官Kylie Willment表示，主动管理人将对Anthropic的估值进行评估。“总体而言，我们看到管理人对此相当审慎，”她在活动上说道。
Kylie Willment, chief investment officer of Marsh Investments and Retirement for the Pacific region, said active managers would make an assessment on Anthropic’s valuation. “For the most part, we’ve seen the managers be reasonably cautious on that,” she said at the event.