Anthropic 于 10 月 26 日星期一提交 S-1：上半年收入 163 亿美元（上年同期 12 亿）、经营亏损 6.93 亿美元、净亏损 807 亿美元且按文件包含非现金公允价值变动——七位联合创始人的 Founder LLC 将握有 50.1% 的投票权

“Anthropic 昨天交了 S-1——六个月 163 亿美元收入，账面 807 亿美元净亏损来自非现金公允价值变动，而七个人将握有 50.1% 的投票权。”

可用说法

• Anthropic, PBC 于 2026 年 10 月 26 日星期一（已按日历核算；EDGAR Filing Date 2026-10-26、Accepted 2026-10-26 09:00:11、注册号 333-299633；文件封面自述「As filed with the Securities and Exchange Commission on October 26, 2026.（随本文件于 2026 年 10 月 26 日提交美国证券交易委员会。）」）向美国证券交易委员会提交了 Form S-1 注册声明。TechCrunch（Rebecca Bellan；published_time 2026-10-26T14:35:22+00:00）对提交的框定：「After weeks of leaked S-1s, Anthropic finally filed for an initial public offering on Monday, setting the stage for one of the most closely watched public debuts in modern U.S. history.（在数周的 S-1 泄露之后，Anthropic 终于在周一提交了首次公开募股申请，为现代美国史上最受关注的公开上市之一搭好了舞台。）」文件自己的财务句：「Our revenue was $16.3 billion for the six months ended June 30, 2026, up from $1.2 billion for the six months ended June 30, 2025. Our operating loss was $693 million for the six months ended June 30, 2026, down from $2.1 billion for the six months ended June 30, 2025.（截至 2026 年 6 月 30 日的六个月，我们的收入为 163 亿美元，高于截至 2025 年 6 月 30 日六个月的 12 亿美元。截至 2026 年 6 月 30 日六个月的经营亏损为 6.93 亿美元，低于截至 2025 年 6 月 30 日六个月的 21 亿美元。）」文件另一处写明上半年收入代表「a year-over-year growth rate of 1,300%（同比增长率 1,300%）」。净亏损：「We have incurred net losses in each year since our founding, including a net loss of $1.5 billion, $8.3 billion, and $42.0 billion for the years ended December 31, 2023, 2024, and 2025, respectively, and $80.7 billion for the six months ended June 30, 2026, and we may not achieve or sustain profitability in the future.（我们自创立以来每年都有净亏损：包括截至 2023、2024、2025 年 12 月 31 日年度分别为 15 亿、83 亿与 420 亿美元的净亏损，以及截至 2026 年 6 月 30 日六个月的 807 亿美元净亏损，我们可能无法在未来实现或维持盈利。）」——并附文件自己的驱动句「These net losses included change in fair value of convertible notes, derivative liabilities, and SAFEs of $1.0 billion, $5.4 billion, and $34.3 billion for the years ended December 31, 2023, 2024, and 2025, respectively, and $72.4 billion for the six months ended June 30, 2026, primarily driven by an increase in the fair value of our outstanding convertible promissory notes（这些净亏损包括可转换票据、衍生负债与 SAFE 公允价值变动：2023、2024、2025 年度分别为 10 亿、54 亿与 343 亿美元，2026 上半年为 724 亿美元，主要由我们未偿付可转换本票的公允价值增加所驱动）」（利润表该行在截至 2026 年 6 月 30 日六个月的列显示 (72,388)——即 724 亿美元，与句中数字吻合，本次运行对表格的清点；TechCrunch 把该驱动转写为「largely driven by noncash accounting adjustments tied to convertible debt（主要由与可转换债务挂钩的非现金会计调整驱动）」）。按文件：「Proposed trading symbol "ANT"（拟议交易代码 "ANT"）」以及「applied to list our Class A common stock on the Nasdaq Global Select Market under the symbol “ANT.”（已申请将我们的 A 类普通股在纳斯达克全球精选市场以 “ANT” 代码上市。）」——是申请，不是已完成上市。客户规模，按文件自己截至 2026 年 9 月 30 日的列举：「More than 11,900 customers with $100,000 or more of revenue on a TTM basis（11,900 多家 TTM 口径收入达 10 万美元以上的客户）」「More than 1,900 customers with $1 million or more of revenue on a TTM basis（1,900 多家 TTM 口径收入达 100 万美元以上的客户）」「Approximately 250 customers with $10 million or more of revenue on a TTM basis（约 250 家 TTM 口径收入达 1,000 万美元以上的客户）」。跨产品使用：「For the three months ended September 30, 2026, over 50% of our customers with $100,000 or more of revenue on a TTM basis used Claude Platform and at least one of our first-party applications, up from approximately 30% for the three months ended December 31, 2025.（截至 2026 年 9 月 30 日的三个月里，TTM 口径收入 10 万美元以上的客户中有超过 50% 同时使用 Claude Platform 与至少一个我们的第一方应用，高于截至 2025 年 12 月 31 日三个月的约 30%。）」留存：「The value that Claude delivers to customers has helped drive our Net Revenue Retention of approximately 900% as of September 30, 2026.（Claude 交付给客户的价值，帮助我们将截至 2026 年 9 月 30 日的净收入留存率推至约 900%。）」Claude Code 支出分布，按文件：「For example, in the three months ended September 30, 2026, Claude Enterprise users who did not use Claude Code spent less than $75 per month on average, while the top 5% of Claude Enterprise users who used Claude Code spent approximately 20 times that amount.（例如，在截至 2026 年 9 月 30 日的三个月中，未使用 Claude Code 的 Claude Enterprise 用户月均支出不足 75 美元，而使用 Claude Code 的前 5% Claude Enterprise 用户的支出约为该数额的 20 倍。）」卖点，按文件：「Unlike a static product that serves a single use case, Claude is frontier AI with rapidly advancing capabilities.（与服务于单一用例的静态产品不同，Claude 是能力快速迭代的前沿 AI。）」以及「An advance at any layer compounds across all three layers, accelerating the pace at which we can deliver more capable intelligence.（任何一层的进步都会在全部三层之间复利叠加，加快我们交付更强智能的速度。）」治理，按文件：「We believe that our seven co-founders, Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish, and Christopher Olah, as a group, are distinctly equipped to be stewards of our mission.（我们相信，我们的七位联合创始人——Dario Amodei、Daniela Amodei、Tom Brown、Jack Clark、Jared Kaplan、Sam McCandlish 与 Christopher Olah——作为一个整体，特别有资格成为我们使命的守护者。）」「Immediately prior to the completion of this offering, we will issue a single share of Class F common stock, a special class of our common stock, to a limited liability company of which our seven co-founders will initially be the sole members (the “Founder LLC”).（紧接本次发行完成之前，我们将向一家有限责任公司发行一股 F 类普通股——我们普通股的一个特殊类别——该公司的初始唯一成员就是我们的七位联合创始人（「Founder LLC」）。）」「Our Class F common stock, which will be held by the Founder LLC, will be entitled to an aggregate number of votes that equals 50.1% of the total voting power of our outstanding shares of capital stock with respect to matters submitted to stockholders generally, including the election of our directors other than the Class T directors. Our Class F common stock will not have any economic rights.（将由 Founder LLC 持有的我们的 F 类普通股，将有权就提交股东一般表决的事项——包括选举 Class T 董事以外的我们的董事——投出等于我们已发行股本总投票权 50.1% 的票数。我们的 F 类普通股不享有任何经济权利。）」以及长期受益信托（Long-Term Benefit Trust）——「a financially disinterested trust, which we refer to as the Long-Term Benefit Trust (the “LTBT”) and which generally has the power to elect and remove a majority of the authorized members of our board of directors（一个与财务利益无涉的信托，我们称之为长期受益信托（「LTBT」），它一般有权选举和罢免我们董事会授权成员中的多数）」——且「In 2023, we implemented an innovative governance structure featuring the LTBT（2023 年，我们实施了以 LTBT 为核心的创新治理结构）」（EX-99.1 中的信托协议「effective June 29, 2023（2023 年 6 月 29 日生效）」）。TechCrunch 的治理框定保持为 TechCrunch 的：「The governance structure is controversial because it means voting power is not proportional to the founders’ economic ownership, and therefore public shareholders will have little practical control over a company building technology that, by its own admission, poses “catastrophic or existential risks to humanity.”（这一治理结构之所以有争议，是因为投票权与创始人的经济所有权不成比例，因此公众股东对一家建造其自认「对人类构成灾难性或生存性风险」的技术的公司几乎没有实际控制权。）」——被引的风险措辞已在文件中逐字核验（「pose catastrophic or existential risks to humanity, particularly if such systems were misused, replicated, weaponized, or allowed to operate with a high degree of autonomy（对人类构成灾难性或生存性风险，特别是如果此类系统被滥用、复制、武器化，或被允许以高度自主的方式运行）」）。分销，按文件：「We have a joint go-to-market approach with these CSPs through which we establish direct contractual relationships with our customers while paying a fee to each CSP. This structure allows us to foster stronger commercial alignment with these CSPs, avoid channel conflict, set pricing, and realize the financial benefits of ongoing compute efficiency improvements.（我们与这些云服务商采取联合进入市场的策略：我们与客户建立直接合同关系，同时向每家云服务商付费。这一结构让我们能够与云服务商建立更强的商业对齐、避免渠道冲突、自主定价，并获得持续算力效率提升的财务收益。）」新的服务合资「We recently launched an AI services company, Ode with Anthropic, in partnership with leading private equity firms to bring Claude’s capabilities to mid-sized companies across sectors, building solutions on the Claude Platform and supporting customers over the long term.（我们最近与头部私募股权公司合作成立了一家 AI 服务公司 Ode with Anthropic，把 Claude 的能力带给各行业的中型企业，在 Claude Platform 上构建解决方案并长期支持客户。）」（TechCrunch 写出 Blackstone 之名——「a separate venture with Blackstone and other private equity firms, dubbed Ode with Anthropic, to embed forward deployed engineers into businesses to build bespoke AI tools with Claude（与 Blackstone 等私募股权公司合作的一家独立合资企业，名为 Ode with Anthropic，向前置部署工程师嵌入企业、用 Claude 构建定制 AI 工具）」——该公司名是媒体添加的，文件只写「leading private equity firms（头部私募股权公司）」）。逆风，按文件自己的条件句：「These CSPs may prioritize their own compute needs or those of their other customers, including competitors in which they have invested, may gain insight into our operations and compute requirements through their roles as providers that could inform their competitive strategies, or may make business decisions（这些云服务商可能优先考虑自身的算力需求或其他客户的需求——包括它们投资过的竞争者——可能凭借供应商身份洞察我们的运营与算力需求从而为其竞争策略提供信息，或可能做出商业决策）」（句子在后文继续）；「Certain CSPs from which we obtain substantial compute also develop and offer their own AI models and related services. As a result, our commercial relationships with these providers may not always be fully aligned with our long-term interests（我们从中获得大量算力的某些云服务商也在开发和提供自己的 AI 模型与相关服务。因此，我们与这些供应商的商业关系可能并不总是与我们的长期利益完全一致）」；以及客户集中度风险因子「Any adverse change in demand from our largest customers, in their ability or willingness to perform under their contracts with us, in applicable laws or regulations, or in our broader strategic relationships with such customers could adversely affect our business and prospects.（我们最大客户需求的任何不利变化、它们履行与我们合同的意愿或能力的任何不利变化、适用法律法规的任何不利变化、或我们与这些客户更广泛战略关系的任何不利变化，都可能对我们的业务与前景产生不利影响。）」按 TechCrunch 第二篇（Rebecca Bellan；published_time 2026-10-26T16:49:42+00:00）：「Anthropic did not immediately respond to TechCrunch’s request for comment.（Anthropic 未在截稿前立即回应 TechCrunch 的置评请求。）」提交前背景，按 The Decoder（Matthias Bastian，datePublished 2026-10-15T09:50:43+00:00）——即 TechCrunch 所说「weeks of leaked S-1s（数周泄露的 S-1）」所指的泄露期，其中每个数字都在 The Decoder 自己的归属之内、绝不与文件的数字混同：「Anthropic shared its quarterly numbers with potential investors at a private meeting in San Francisco, according to multiple US media reports. Third-quarter revenue hit $16.8 billion.（据多家美国媒体报道，Anthropic 在旧金山的一场私下会议上向潜在投资者通报了季度数字。第三季度收入达 168 亿美元。）」「The planned IPO, which The Information says is set for November before Thanksgiving, will be the biggest test yet of investor appetite for the AI boom. Anthropic's private valuation jumped to $965 billion in May, up from under $20 billion just two years earlier. Some bankers even floated a $2 trillion IPO.（据 The Information 说计划在 11 月感恩节前进行的 IPO，将是市场对 AI 热潮胃口的迄今最大检验。Anthropic 的私募估值 5 月跃升至 9,650 亿美元，而仅仅两年前还不到 200 亿美元。一些银行家甚至放出过 2 万亿美元 IPO 的说法。）」文件未披露任何发行规模与价格区间；TechCrunch：「Anthropic hasn’t yet disclosed how much it hopes to raise nor its proposed share price.（Anthropic 尚未披露它希望募集多少资金，也未披露拟议发行价。）」