Anthropic 虧損收窄、營收躍升，準備推出重磅 IPO

記者 Utkarsh Shetti、Arasu Kannagi BasilBy Utkarsh Shetti and Arasu Kannagi Basil

11月2日（路透）——週一公布的一份修正版監管申報文件顯示，Anthropic 的營收大幅成長，淨損也較前一季顯著收窄，讓投資人在這家 AI 公司備受期待的 IPO 前，得以重新檢視其財務狀況。Nov 2 (Reuters) - Anthropic sharply narrowed its net loss from the previous quarter as revenue surged, an amended regulatory filing showed on Monday, giving investors a fresh look at the AI firm's finances ahead of its highly anticipated IPO.

該公司正朝可能成為史上最大規模 IPO 的方向邁進，使其財務表現與龐大的支出承諾受到檢視；投資人也質疑，AI 的快速成長是否足以支撐其龐大的資本需求。The company is moving towards what could be the biggest IPO on record, putting its financial performance and huge spending commitments under scrutiny as investors question whether AI's rapid growth can justify its massive capital needs.

路透此前報導，在這家新創公司近期一場投資人活動中揭露財務細節後，部分現有和潛在投資人對 Anthropic 的估值約為1.5兆美元，低於先前約2兆美元。Some current and prospective investors are valuing Anthropic at about $1.5 trillion, down from roughly $2 trillion after the startup disclosed financial details at a recent investor event, Reuters has reported.

截至9月30日止3個月，Anthropic 淨損從第二季的663億美元降至232.9億美元，營收則從115.6億美元升至169.6億美元。Anthropic's net loss fell to $23.29 billion in the three months ended September 30 from $66.3 billion in the second quarter, while revenue climbed to $16.96 billion from $11.56 billion.

該公司公布第三季營業損失5.67億美元，相較之下，第二季營業利益為9.74億美元。It reported an operating loss of $567 million in the third quarter, compared with operating income of $974 million in the second quarter.

Anthropic 的營業損失反映其營運業務的成本，包括運算基礎設施與研究；其淨損則還包含與可轉換為公司股票的債券相關的營業外項目。Anthropic's operating loss reflects the cost of running its business, including computing infrastructure and research, while its net loss also includes non-operating items related to bonds convertible into its shares.

創投公司 Neostellar 的負責人 Evan Schlossman 與 Willy Lee 在談到 Anthropic 未來的採購與租賃承諾時表示：「這種規模的成長相當突出……我們將關注相關產能何時到位、何時開始付款，以及營收相對於這些義務將如何成長。」"The growth at this scale stands out … We will be looking at when that capacity becomes available, when payments begin and how revenue grows against those obligations," said Evan Schlossman and Willy Lee, principals at VC firm Neostellar, referring to Anthropic's future purchase and lease commitments.

準備推出重磅 IPOSET FOR BLOCKBUSTER IPO

路透上月報導，該公司預計在11月9日當週開始向潛在投資人推介股票。其最初申報文件證實了路透一系列獨家報導，這些報導讓外界提前一窺該公司的財務狀況與成長軌跡。The company is expected to begin marketing shares to prospective investors during the week of November 9, Reuters reported last month. Its initial filing confirmed a series of Reuters exclusives that provided an early look at the company's finances and growth trajectory.

Anthropic 最新申報文件也列出，若合作夥伴無法取得資金購買晶片，其合約中的運算容量可能面臨風險，這進一步加深外界對支撐 AI 基礎設施熱潮的債務問題的疑慮。Anthropic's latest filing also outlined risks to its contracted computing capacity if partners are unable to secure funding to buy chips, adding to concerns over debt underpinning the AI infrastructure boom.

隨著以債務推動的擴張引發外界質疑，AI 公司是否有能力支應其資本需求並創造足夠報酬，這個產業特別容易受到投資人情緒轉變的影響。The sector has been particularly vulnerable to shifts in investor sentiment as debt-fueled expansion raises questions about the ability of AI companies to fund their capital needs and generate sufficient returns.

修正版申報文件也顯示，Anthropic 正考慮調整其「負責任擴展政策」（Responsible Scaling Policy）。這套公司用以追蹤 AI 風險的架構，將要求在人類審查部分研發流程中的決策。The amended filing also showed Anthropic was considering changes to its Responsible Scaling Policy, the company's framework for tracking AI risks, that would require human review of decisions in some research and development processes.

Anthropic 是曾警告這項技術快速進展可能帶來潛在風險的 AI 開發商之一，其執行長 Dario Amodei 也呼籲放慢 AI 發展速度。Anthropic is among AI developers that have warned about the potential risks posed by rapid advances in the technology, with CEO Dario Amodei calling for a slowdown in its development.

重新檢視數字FRESH LOOK AT NUMBERS

Anthropic 約有8954億美元的支出承諾，與其和亞馬遜、Alphabet 旗下 Google 等合作夥伴簽訂的運算協議相關，規模名列有紀錄以來最大的 AI 基礎設施承諾之列。Anthropic had about $895.4 billion in spending commitments related to computing agreements with partners including Amazon and Alphabet's Google, among the largest AI infrastructure commitments on record.

其中約4475億美元承諾預計將在2030年12月31日前產生，另有約698億美元將在9月30日後的12個月內到期。Roughly $447.5 billion of those commitments are expected to be incurred before December 31, 2030, while about $69.8 billion is due in the 12 months following September 30.

Anthropic 表示，該季短期承諾下額外50億美元的運算資源，拖累了運算效率改善，使每一美元運算所帶來的營收低於前一季。An additional $5 billion in compute under short-term commitments during the quarter weighed on improvements in compute efficiency, reducing revenue per dollar of compute from the previous quarter, Anthropic said.

Anthropic 表示，截至9月30日，以過去12個月計算，該公司有超過1萬1900名客戶帶來至少10萬美元營收，高於2025年底的逾1500名。Anthropic said it had more than 11,900 customers generating at least $100,000 in revenue on a trailing 12-month basis as of September 30, up from more than 1,500 at the end of 2025.

（Utkarsh Shetti、Arasu Kannagi Basil 班加羅爾報導；Anil D'Silva 編輯）(Reporting by Utkarsh Shetti and Arasu Kannagi Basil in Bengaluru; Editing by Anil D'Silva)