据彭博社11月11日报道，知情人士透露，Anthropic的股份出售已吸引数倍于发行股份的订单。知情人士称，大额、锚定投资者规模的订单推动了需求。
Anthropic’s share sale has drawn orders for several times the shares on offer, Bloomberg reported on 11 November, citing people familiar with the matter. Large, anchor-size orders drove the demand, the people said.
前一天，《金融时报》报道称，银行家们正准备将估值提高至1.5万亿美元或更高。这将超过Anthropic于11月10日设定的1.4万亿美元上限。彭博社的消息人士称，交易细节仍可能发生变化。
The day before, the Financial Times reported that bankers were preparing to raise the valuation to $1.5tn or more. That would top the $1.4tn ceiling Anthropic set on 10 November. Details of the deal could still change, Bloomberg’s sources said.
彭博社的Bailey Lipschultz报道，该交易定于11月18日定价。在此之前，Dario Amodei将于周五与摩根大通首席执行官Jamie Dimon共同出席一场直播活动，据彭博社报道。
The deal is set to price on 18 November, Bloomberg’s Bailey Lipschultz reported. Before that, Dario Amodei is due to join JPMorgan chief executive Jamie Dimon for a livestreamed event on Friday, according to Bloomberg.
一些早期投资者已开始转售。彭博社报道，JonesTrading正在推销一笔高达5亿美元的股份大宗交易，费用为首发价格上浮3%至5%。Anthropic表示，不承认未经其批准的股份转让。
Some early investors are already reselling. JonesTrading is marketing a block of up to $500m at a fee of 3% to 5% over the IPO price, Bloomberg reported. Anthropic says it does not recognise share transfers it has not approved.
最新文件新增披露的内容 Anthropic于11月2日首次披露了第三季度亏损。其于11月10日提交的修正文件增加了关于该季度的更多细节。
What the latest filing adds Anthropic first disclosed its third-quarter loss on 2 November. Its amended filing of 10 November adds more detail on the quarter.
Anthropic将从第二季度经营盈利转为亏损归因于两项成本。分别是50亿美元的短期算力成本和20亿美元的员工捐赠配捐计划费用。新模型降价导致两个季度间收入减少约6亿美元。调整后经营利润率从19%下降至15%。
Anthropic put the move from a second-quarter operating profit down to two costs. They were $5bn of short-term compute and a $2bn charge for its staff donation-matching programme. Price cuts on new models cost about $600m in revenue between the two quarters. Adjusted operating margin fell to 15% from 19%.
文件还显示，前九个月收入中有5%至7%来自后来被发现违反其使用政策或商业条款的客户。Anthropic在8月和9月加强了执法，并预计这将拖累增长。
The filing also says that 5% to 7% of revenue in the first nine months came from customers later found to have broken its usage policy or commercial terms. Anthropic tightened enforcement in August and September and expects that to weigh on growth.
文件显示，Anthropic持有956亿美元现金和363亿美元短期投资。《The Information》的Aaron Holmes报道称，自上次文件提交以来，Anthropic已与微软和谷歌达成约100亿美元的新云承诺。文件还称，目前可以终止价值350亿美元的Lambda交易，尽管Anthropic无意这样做。
Anthropic held $95.6bn in cash and $36.3bn in short-term investments, the filing shows. The Information’s Aaron Holmes reported about $10bn of new cloud commitments with Microsoft and Google since the last filing. The filing also says the $35bn Lambda deal can currently be ended, though Anthropic has no intention of doing so.
七位联合创始人正在出售股份，根据Anthropic的路演公告，他们共同出售23,648,646股。每人出售3,378,378股，按74美元的中点价计算，每人约套现2.5亿美元，总计17.5亿美元。
Who cashes in The seven co-founders are selling 23,648,646 shares between them, according to Anthropic’s roadshow announcement. That is 3,378,378 each, or about $250m apiece at the $74 midpoint, $1.75bn in total.
彭博社的Dylan Sloan报道，此次出售约占每位创始人持股的1.5%。据彭博亿万富翁指数，按中点价计算，每位创始人的持股价值约为180亿美元。所有七人均承诺捐赠其个人股权的80%。
The sale is about 1.5% of each founder’s stake, Dylan Sloan reported for Bloomberg. Each would be worth about $18bn at the midpoint, according to the Bloomberg Billionaires Index. All seven have pledged to give away 80% of their personal equity.
佛罗里达大学名誉教授Jay Ritter对彭博社表示：“市场对创始人和大股东套现变得更加接受。”
“The market has gotten more comfortable with founders and large shareholders taking some money off the table,” Jay Ritter, an emeritus professor at the University of Florida, told Bloomberg.
据《纽约时报》的Karen Weise报道，Anthropic最大的外部股东亚马逊和谷歌，合计持有其超过四分之一的股份。按1.4万亿美元估值，亚马逊投资的180亿美元可能价值超过2500亿美元，谷歌投资的330亿美元约值1400亿美元。
Amazon and Google, Anthropic’s largest outside shareholders, together own more than a quarter of its shares, Karen Weise reported for The New York Times. At $1.4tn, Amazon’s $18bn investment could be worth more than $250bn, and Google’s $33bn about $140bn.
纽约大学估值学教授Aswath Damodaran对《纽约时报》表示：“这是一笔赌注很大的投资，但我认为没人想错过这笔投资。”
“It is a loaded bet, but I don’t think anybody wants to be left out of the bet,” Aswath Damodaran, who teaches valuation at New York University, told the Times.
英伟达正向该私募配售投资约100亿美元。其首席执行官黄仁勋于周四辞职，英伟达将于11月17日发布财报。
Nvidia is putting about $10bn into the private placement. Its chief executive, Jensen Huang, resigned on Thursday, and Nvidia reports earnings on 17 November.
面向美国以外的散户投资者 Anthropic正在向多个国家的散户投资者出售股份，且不在美股之外上市。其欧洲发售覆盖丹麦、芬兰、法国、德国、爱尔兰、荷兰、挪威、西班牙和瑞典。德国金融监管机构BaFin已批准招股说明书，该说明书也涵盖瑞士散户投资者。
Retail buyers outside the US Anthropic is selling to retail investors in several countries without listing outside the US. Its European offer covers Denmark, Finland, France, Germany, Ireland, the Netherlands, Norway, Spain and Sweden. Germany’s financial regulator, BaFin, approved the prospectus, which also covers Swiss retail investors.
据CNBC报道，引经纪商Stake消息，澳大利亚的散户发售于11月11日开启，将于11月17日下午5点（悉尼时间）截止。澳联银行旗下CommSec牵头组建了由八家券商组成的团队。
Australia’s retail offer opened on 11 November and closes at 5pm Sydney time on 17 November, CNBC reported, citing broker Stake. Commonwealth Bank’s CommSec leads a group of eight brokers.
据彭博社报道，在日本，Anthropic计划出售3850万至5000万股，价值30亿至35亿美元。备案文件也涵盖加拿大和英国。
In Japan, Anthropic plans to sell 38.5m to 50m shares, worth $3bn to $3.5bn, Bloomberg reported. The filing also covers Canada and the UK.
牛熊分歧。美国银行前股权资本市场主管克雷格·科本告诉《纽约时报》，每个人都有利益希望这笔交易成功。
Bulls and bears Craig Coben, a former head of equity capital markets at Bank of America, told The New York Times that everyone has an interest in the deal’s success.
“一次成功的首次公开募股，可以说是验证人工智能生态系统中股票估值所必需的，”科本说。
“A successful I.P.O. is arguably required to validate the valuations of stocks in the A.I. ecosystem,” Coben said.
风险投资公司铜天空的杰克·塞尔比在彭博电视上发出了相反的警告。
Jack Selby, who runs the venture firm Copper Sky, warned of the opposite on Bloomberg Television.
“如果安思罗普的首次公开募股表现不佳，那将是人工智能领域市场即将出现的相当大幅度修正中一个非常突出的参与者，”塞尔比说。
“An underperforming Anthropic IPO has to be a very prominent player in what will be a pretty massive correction in the market with respect to AI,” Selby said.
他还指出，禁售期结束后，早期持有者可以出售股份。招股书显示，首日可交易的股份最多可达3.16亿股。
He also pointed to the end of lock-up periods, when early holders can sell. Up to 316m shares can trade from the first day, the filing shows.