WSJ 报道,大型投资者希望 Anthropic 的 IPO 定价在 1.5 万亿至 1.6 万亿美元,低于此前数月讨论的近 2 万亿美元。修订后的招股书显示,Q3 营收从 11.6 亿美元增至 17 亿美元,但支出增长更快,9.74 亿美元的营业利润转为营业亏损,主要源于按短期条款采购的 50 亿美元算力。
材料给出 Anthropic IPO 估值区间与修订招股书中的营收、亏损和算力承诺数字,可据此观察其财务结构与定价分歧。
WSJ: Big investors want Anthropic’s IPO priced at $1.5T to $1.6T, below the nearly $2T discussed for months.
Some floated $1.5T after its October investor day, and last week’s double-digit falls in Alphabet and Intel hardened that view.
specially after Anthropic's amended prospectus that shows Q3 revenue of $17B, up from $11.6B, but expenses rose faster, turning a $974M operating profit into an operating loss.
That loss stems mainly from $5B of compute bought on short-term terms, which costs significantly more than multiyear contracts.
The longer-term bill is far larger: commitments total about $895.4B, almost all for compute and infrastructure, with $447.5B expected before 2031.
Some investors trust finance chief Krishna Rao to price low enough for a first-day jump that could lift a $1.5T debut to $2T.
来源:Rohan Paul · x.com