Anthropic Confidentially Files for What Could Be the Largest IPO Ever
Anthropic Confidentially Files for What Could Be the Largest IPO Ever
Anthropic 秘密提交 IPO 申请，或将成为史上规模最大的首次公开募股
Anthropic submitted confidential paperwork for an initial public offering on Monday, the first step in what could be a blockbuster debut for the $965 billion company. The filing with US regulators is another entry in what looks to be a historic year for IPOs as artificial intelligence labs vie to fund their expensive research.
Anthropic 于周一秘密提交了首次公开募股（IPO）的相关文件，这是这家估值 9650 亿美元的公司迈向重磅上市的第一步。随着人工智能实验室竞相为其昂贵的研究项目筹集资金，此次向美国监管机构提交的文件，也为今年这个注定载入史册的 IPO 年度增添了浓墨重彩的一笔。
Anthropic announced the filing in an unsigned, two-paragraph blog post, noting that the amount of money it is seeking to raise—and at what valuation—has not been set. The company said that the timing of the IPO would “depend on market conditions and other factors.” The announcement comes just days after Anthropic unveiled a $65 billion fundraising round.
Anthropic 在一篇未署名的两段式博客文章中宣布了这一消息，并指出其计划筹集的资金数额及最终估值尚未确定。公司表示，IPO 的具体时间将“取决于市场状况和其他因素”。就在宣布此消息的几天前，Anthropic 刚刚披露了一轮 650 亿美元的融资。
The company declined to comment beyond its blog.
除博客内容外，该公司拒绝发表进一步评论。
Anthropic, led by CEO Dario Amodei, joins a crowded space. OpenAI is rumored to be targeting its own public offering as soon as September. SpaceX, which owns the Elon Musk-founded xAI, confidentially filed its own IPO paperwork in April and published it on May 20. It is now targeting a June 12 stock market debut and seeking a $1.75 trillion valuation, Reuters has reported.
由首席执行官 Dario Amodei 领导的 Anthropic 加入了一个竞争激烈的赛道。据传，OpenAI 正计划最早于 9 月进行首次公开募股。拥有埃隆·马斯克创立的 xAI 的 SpaceX 公司，已于 4 月秘密提交了 IPO 文件，并于 5 月 20 日公开。据路透社报道，该公司目前正瞄准 6 月 12 日上市，并寻求 1.75 万亿美元的估值。
The three companies are racing to secure access to funding that would help pay for the computing resources required to train increasingly capable frontier AI models. Anthropic’s annualized revenue, based on sales from an unspecified time frame last month, is $47 billion, the company said last week. But it spent more money on cloud computing and thousands of staff, leading to losses.
这三家公司正竞相获取资金，以支付训练日益强大的前沿 AI 模型所需的计算资源。Anthropic 上周表示，基于上个月某个未指明时间段的销售额，其年化收入为 470 亿美元。但由于在云计算和数千名员工身上投入了更多资金，公司目前仍处于亏损状态。
Monday’s filing with the US Securities and Exchange Commission allows regulators to give feedback on the lengthy document, which talks about Anthropic’s goals, finances, and challenges. (The company can then make edits based on that feedback.) IPO preparations are complicated, requiring companies to shore up their accounting, tighten various internal policies, and have a clear sales pitch for investors.
周一向美国证券交易委员会（SEC）提交的文件，允许监管机构对这份详尽的文件提出反馈意见，其中涵盖了 Anthropic 的目标、财务状况和面临的挑战。（公司随后可根据这些反馈进行修改。）IPO 的准备工作十分复杂，要求公司必须完善会计制度、收紧各项内部政策，并为投资者准备清晰的业务推介方案。
The much-anticipated debut could unleash a wave of wealth across San Francisco, where Anthropic is based. Some Anthropic employees previously converted a portion of their shares into cash by privately selling them to investors before the IPO. But more Anthropic employees may cash out or sell larger stakes as part of the IPO process, turning tens or even hundreds of paper millionaires and billionaires into real ones.
此次备受期待的上市可能会在 Anthropic 总部所在地旧金山掀起一股财富浪潮。此前，一些 Anthropic 员工已通过在 IPO 前向投资者私下出售股份，将部分股权变现。但随着 IPO 进程的推进，更多的 Anthropic 员工可能会套现或出售更大比例的股份，从而让数十甚至数百位“纸面”百万富翁和亿万富翁成为真正的富豪。
The IPO could also be a boon for large shareholders such as Amazon and investors that made some of the first bets on the company, including Skype cofounder Jaan Tallinn.
此次 IPO 也可能让亚马逊等大股东，以及包括 Skype 联合创始人 Jaan Tallinn 在内的早期投资者受益匪浅。
If all goes well, Anthropic’s IPO could rival that of SpaceX as the largest ever. But Anthropic’s complicated corporate structure and governance, including its status as a public benefit corporation that partly answers to a committee the company calls a Long-Term Benefit Trust, could lead to both delays and a knockdown in valuation.
如果一切顺利，Anthropic 的 IPO 规模可能与 SpaceX 相当，成为史上规模最大的 IPO。但 Anthropic 复杂的公司结构和治理模式——包括其作为一家公共利益公司的身份，且部分受制于一个名为“长期利益信托”（Long-Term Benefit Trust）的委员会——可能会导致上市延迟或估值下调。
Anthropic has set itself apart from other AI labs by focusing heavily on courting business customers. Its code-writing model, Claude Code, is widely considered best-in-class.
Anthropic 通过专注于争取企业客户，在其他 AI 实验室中脱颖而出。其代码编写模型 Claude Code 被广泛认为是同类产品中的佼佼者。
But the company has faced some setbacks. Earlier this year, US defense secretary Pete Hegseth sanctioned Anthropic under two different government supply-chain laws to remove the company’s Claude AI models from the military and other federal agencies. Hegseth deemed the company’s ethical stances—including its resistance to the unsupervised use of Claude in high-stakes scenarios—a national security threat. Specifically, Anthropic executives have held firm that the government’s desire to potentially unilaterally deploy nascent AI models for tasks such as weapons targeting and mass domestic surveillance is not a use case the company will allow.
然而，该公司也面临了一些挫折。今年早些时候，美国国防部长皮特·海格塞斯（Pete Hegseth）根据两项不同的政府供应链法律对 Anthropic 实施了制裁，要求军方和其他联邦机构移除该公司的 Claude AI 模型。海格塞斯认为，该公司的道德立场——包括其抵制在涉及高风险场景中未经监管地使用 Claude——构成了国家安全威胁。具体而言，Anthropic 高管坚持认为，政府可能单方面部署新兴 AI 模型用于武器瞄准和大规模国内监控等任务，这是公司所不允许的用例。
The designations threaten to cost Anthropic billions of dollars in sales this year, executives have said. Anthropic has sued to overturn them in ongoing court battles.
高管们表示，这些制裁可能会导致 Anthropic 今年损失数十亿美元的销售额。Anthropic 已提起诉讼，试图在持续的法律斗争中推翻这些决定。