史诗级IPO前夕！WSJ 独家拆解 Anthropic 招股
字幕摘录
| 时间 | 英文 | 中文 |
|---|---|---|
| 0:00 | Anthropic, the company behind Claude, is preparing for what could be the largest public market | Claude背后的公司Anthropic 正在为最大的公共市场做准备 |
| 0:05 | debut of all time. | 开始所有的时间。 |
| 0:07 | 我早点看了Anthropic的IPO计划书 | |
| 0:10 | This is a document that aspiring public companies share with investors, and it details all of | 这是一份希望公营公司与投资者共享的文件,它详细介绍了所有 |
| 0:15 | their financials as well as the risks that could come with investing in the business. | 以及投资企业可能产生的风险。 |
| 0:20 | As I was reading the document, there was a lot we already knew, but there were some things | 我读文件时,我们已经知道很多,但有些事情 |
| 0:23 | we hadn't known before that Anthropic was disclosing for the first time. | 我们以前还不知道Anthropic第一次披露 |
| 0:27 | The first thing we noticed is that while Anthropic's compute costs are rising, its revenue is rising faster. | 我们注意到的第一件事是,虽然Anthropic的计算成本正在上升,但其收入却在快速上升. |
| 0:32 | Anthropic said it generated around $16.3 billion in revenue in the first half of 2026, and that's | Anthropic说它在2026年上半年创造了大约163亿美元的收入,这就是 |
| 0:39 | up from around $1.1 billion in the first half of 2025. | 从2025年上半年的11亿美元左右增加。 |
展开字幕全文（57 条）
| 序号 | 英文 | 中文 |
|---|---|---|
| 1 | Anthropic, the company behind Claude, is preparing for what could be the largest public market | Claude背后的公司Anthropic 正在为最大的公共市场做准备 |
| 2 | debut of all time. | 开始所有的时间。 |
| 3 | 我早点看了Anthropic的IPO计划书 | |
| 4 | This is a document that aspiring public companies share with investors, and it details all of | 这是一份希望公营公司与投资者共享的文件,它详细介绍了所有 |
| 5 | their financials as well as the risks that could come with investing in the business. | 以及投资企业可能产生的风险。 |
| 6 | As I was reading the document, there was a lot we already knew, but there were some things | 我读文件时,我们已经知道很多,但有些事情 |
| 7 | we hadn't known before that Anthropic was disclosing for the first time. | 我们以前还不知道Anthropic第一次披露 |
| 8 | The first thing we noticed is that while Anthropic's compute costs are rising, its revenue is rising faster. | 我们注意到的第一件事是,虽然Anthropic的计算成本正在上升,但其收入却在快速上升. |
| 9 | Anthropic said it generated around $16.3 billion in revenue in the first half of 2026, and that's | Anthropic说它在2026年上半年创造了大约163亿美元的收入,这就是 |
| 10 | up from around $1.1 billion in the first half of 2025. | 从2025年上半年的11亿美元左右增加。 |
| 11 | Its compute costs are quite large. | 其计算成本相当高。 |
| 12 | It spent $9 billion in the first half of 2026, which is already more than the company spent | 它在2026年上半年花费了90亿美元,已经超过公司花费 |
| 13 | in all of 2025. | 在2025年全年中。 |
| 14 | When I talk to my sources about these numbers and what it could mean for Anthropic's future, | 当我跟我的线人谈论这些数字 以及这对Anthropic未来的意义时 |
| 15 | many people point to the customer concentration that the company has, and Anthropic doesn't | 很多人指出 公司的客户集中 和Anthropic没有 |
| 16 | see that concentration changing in the foreseeable future. | 在可预见的未来,这种集中程度将发生变化。 |
| 17 | Now, that all stands in stark contrast to what Anthropic has to do on the compute side. | 现在,这些都与Anthropic在计算方面所做的大相径庭。 |
| 18 | Anthropic's ability to secure computing capacity is extremely important for its revenue growth, | Anthropic确保计算能力的能力对其收入增长极为重要, |
| 19 | but just as it's becoming more important, it's becoming harder for Anthropic to get | 但随着它变得越来越重要, 它越来越难为Anthropic得到 |
| 20 | this compute capacity. | 这个计算能力。 |
| 21 | Today, Anthropic primarily gets its compute capacity from the hyperscale cloud providers, | 今天,Anthropic主要从超尺度云提供商那里获得其计算能力, |
| 22 | so Amazon, Google, and Microsoft, but it's actually hitting its limit on how much compute | 亚马逊,谷歌,微软, 但它实际上达到了极限 多少计算 |
| 23 | 这些公司愿意提供Anthropic。 | |
| 24 | So we're starting to see, according to the documents, Anthropic pursue deals with smaller | 因此,我们开始看到,根据文件, Anthropic 追求交易 较小的 |
| 25 | cloud providers and even try to develop its own data centers. | 云提供商甚至尝试开发自己的数据中心. |
| 26 | Because they're having to turn to other types of cloud providers, they also warn in this | 因为他们不得不转向其他类型的云提供商, 他们也警告这一点 |
| 27 | document that they might have to work with operators who have less experience, and that | 证明他们可能必须与经验较少的操作员合作, |
| 28 | could all contribute to the company's future infrastructure being more expensive or potentially | 所有这些都有助于公司未来的基础设施更加昂贵或可能 |
| 29 | running into delays. | 遇到延误。 |
| 30 | Now, one thing to remember is that these cloud contracts are primarily non-cancellable. | 现在,要记住的一件事是,这些云合同主要是不可撤销的。 |
| 31 | 未来是否需要Anthropic服务, | |
| 32 | to pay for this compute. | 要支付这个计算。 |
| 33 | Another important detail is Anthropic's massive net loss in the first half of 2026, which | 另一个重要细节是2026年上半年的Anthropic大规模净损失, |
| 34 | was among one of the largest net losses ever reported. | 是有史以来最大的净损失之一。 |
| 35 | Now, the vast majority of that loss was due to an accounting adjustment the company had | 现在,损失的绝大部分是由于 会计调整公司 |
| 36 | to make tied to previous financings. | 与以前的融资挂钩。 |
| 37 | So Anthropic has had to raise a lot of money in the past, and one way that it's done that | 所以Anthropic过去不得不筹到很多钱 一种方式是 |
| 38 | is it's issued investors future shares in the company in exchange for money. | 是发行的投资者 未来在公司股票 以换取金钱。 |
| 39 | And over time, Anthropic shares have actually increased in value, meaning those shares that | 随着时间推移,Anthropic股票 实际增加的价值, 这意味着这些股票 |
| 40 | they granted investors are worth more than they were when those companies invested in | 它们给予投资者的价值比那些公司投资投资的价值还要高。 |
| 41 | An疽. | |
| 42 | So what we saw in the first half of the year was that Anthropic had to record that increase | 我们上半年看到的是 Anthropic 不得不记录这种增长 |
| 43 | in its share price as a liability, given it's what other investors are owed. | 以股价作为负债,因为它是其他投资者的债务。 |
| 44 | Now, another thing to take into consideration is the risks that Anthropic faces. | 现在,另一个需要考虑的事情是 人类面临的风险。 |
| 45 | The company detailed examples of how it can't exactly control what its advanced AI models | 公司详细列举了无法完全控制什么先进的AI模型的例子. |
| 46 | do. | 说吧 |
| 47 | In some cases, the models have shown self-preserving qualities or even examples of blackmailing | 在某些情况下,模型显示出自我保护的品质,甚至有敲诈勒索的例子。 |
| 48 | users in order to get what they want or to stay in operation. | 用户,以便获得他们想要的或继续运行。 |
| 49 | Now, the data center backlash could get pretty bad for Anthropic. | 现在,数据中心的反弹 可能会给Anthropic带来非常糟糕的影响。 |
| 50 | Most of its data centers are in the U.S., where there's rising pushback against these | 大部分的数据中心都在美国, 在那里有不断上升的反推这些 |
| 51 | facilities. | 设施。 |
| 52 | And Anthropic said they've noticed this pushback has gotten more controlled and coordinated. | Anthropic说,他们已经注意到这个后退 得到了更多的控制和协调。 |
| 53 | Anthropic could go public by the end of the year now that this filing is out, but there | 现在Anthropic已经出案了, 到年底就可以公开了。 |
| 54 | are still a lot of questions on the AI boom in general, whether this pace of spending | 对于AI的蓬勃发展,总的来说仍然是很多问题,是否这种支出的速度 |
| 55 | is sustainable and whether the revenue growth is actually going to be there. | 以及收入增长是否确实会实现。 |
| 56 | Still, I expect investors will watch this deal closely as it could impact the other | 不过,我期望投资者会密切关注这个交易 因为它会影响另一个 |
| 57 | AI deals that are yet to come. | AI交易即将到来。 |
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