<p>作者：杨晨，华尔街洞察</p>
<p>Anthropic 正式向美国证券交易委员会（SEC）提交了其 IPO 招股说明书，这标志着这家估值接近万亿美元的人工智能公司迈出了上市的重要一步。这可能成为迄今为止人工智能领域最大的 IPO。</p>
<p>该公司在周一表示，提交招股说明书&#34;使我们有权选择在 SEC 完成审查后上市，&#34;并强调&#34;拟议的首次公开募股将受到市场条件和其他因素的影响。&#34;</p>
<p>此举意味着 Anthropic 并未锁定具体的上市时间表，但它已经在竞争对手 OpenAI 之前取得了领先——后者也在准备秘密提交，而据报道 Anthropic 预计将在今年秋季上市。</p>
<p>... 这场竞争的核心逻辑是，上市意味着能够接触到数百万的零售和养老金投资者，获得比私募市场更大的流动性，并将股票作为并购的货币和员工激励工具。通过首次公开募股（IPO）筹集的资金将用于芯片采购、数据中心建设以及争夺顶尖人才；获取这些资源的能力将从根本上塑造人工智能领域的长期竞争格局。周一，OpenAI 首席执行官阿尔特曼在一次采访中淡化了他公司与 Anthropic 争相上市的说法。他表示：“我们会在认为时机合适时上市。” 秘密备案允许时间表的灵活性。根据美国证券交易委员会（SEC）的规定，秘密提交招股说明书并不意味着公司必须在特定时间内完成 IPO。Anthropic 的正式招股说明书只需在路演开始前至少 15 天交付给投资者。竞争对手 SpaceX 的运营路径可以作为参考——该公司于 4 月 1 日提交了保密申请，5 月 20 日公开发布了招股说明书，本周启动了路演，并计划下周上市。Anthropic 成立于 2021 年，由一群前 OpenAI 高管和研究人员创立。创始团队因对 OpenAI 发展方向的分歧而离开。公司的核心产品是 Claude 系列 AI 模型，其中编程助手 Claude Code 特别受到市场关注。今年，Anthropic 推出了名为 Claude Mythos Preview 的新模型，具备先进的网络安全能力，并在华盛顿的政治和商业圈内引起广泛关注。Anthropic 今年的收入增长令人瞩目。该公司在 5 月披露，其年化收入已飙升至 470 亿美元，而去年全年仅为 100 亿美元。上周的最新融资轮使其估值达到 9650 亿美元，超过了 OpenAI。为了应对快速增长的计算能力需求，Anthropic 最近签署了一系列基础设施协议。上个月，Anthropic 与 SpaceX 达成协议，使用其位于田纳西州孟菲斯的 Colossus 1 数据中心的可用计算能力，合同期至 2029 年 5 月，每月支付 12.5 亿美元。先发优势：主导叙事，获得融资。对于 Anthropic 和 OpenAI 而言，IPO 不仅仅是一次融资事件，而是更大战略游戏中的关键一步。上市意味着能够接触到数百万的零售和养老金投资者，获得比私募市场更大的流动性，并将股票作为并购的货币和员工激励工具。Renaissance Capital 的高级 IPO 市场策略师马修·肯尼迪表示，考虑到今年标准普尔 500 指数和纳斯达克 100 指数的双位数增长，投资银行家普遍认为 IPO 的时机已经成熟。在一次采访中，肯尼迪表示：“第一家上市的公司可以主导叙事，而后来的公司可能会成为追随者，并在路演中被迫与其他公司进行比较。” 然而，他也警告说，一旦两家公司都上市，先发优势将会减弱。埃隆·马斯克也在加速 SpaceX 的 AI 发展，并推动其 IPO。分析师指出，面对这种外部压力，OpenAI 和 Anthropic 都不能落后。先发劣势：信息披露风险存在。市场分析对谁真正获得先发优势存在分歧。在一篇书面评论中，PitchBook 的高级晚期企业研究分析师哈里森·罗尔夫斯写道：“传统上对 OpenAI 的解读是，Anthropic 的早期备案赋予了其叙事优势。然而，一种不太传统的解读是，OpenAI 实际上受益：Anthropic 主动承担了所有的披露风险，而 OpenAI 现在有一个免费的选择——在决定自己的定价策略之前，观察机构投资者对其经过审计的前沿 AI 财务数据的反应。” 肯尼迪还强调了先发优势的潜在劣势：“如果第一家上市的公司表现不佳，后来的公司将有机会调整其 IPO 定价和路演策略，以更好地与公众市场投资者的真实需求对齐。” 随着两家公司私有估值接近 1 万亿美元，公众市场的审查将变得更加严格。五角大楼禁令的阴影依然存在，但私募市场提供了强有力的支持。Anthropic 今年面临重大政策挫折。在与美国国防部的谈判破裂后，其模型被五角大楼列入黑名单，相关的国防承包商随后终止了合作。Anthropic 表示，特朗普政府的这一举动可能使其损失数十亿美元的收入。Anthropic 已提起诉讼，寻求推翻禁令，诉讼仍在进行中。特朗普总统在 4 月接受 CNBC 采访时表示，Anthropic 与国防部之间的交易是 “可能的”。然而，这一禁令并没有阻止公司的业务势头。随着越来越多的公司采用其模型和 AI 编程工具，Anthropic 在私募市场的增长加速。Claude Mythos 的崛起也缓解了部分投资者对其增长前景的担忧。</p>

<p>Anthropic 已秘密向美国证券交易委员会（SEC）提交了首次公开募股（IPO）招股说明书，旨在成为最大的人工智能 IPO。Anthropic 的估值为 9650 亿美元，年化收入为 470 亿美元，寻求流动性和用于芯片采购及人才招聘的资源。这一举措使其在与竞争对手 OpenAI 的上市竞争中处于领先地位，利用先发优势主导市场叙事，尽管存在潜在的披露风险</p>

<p>Author: Yang Chen, Wall Street Insights</p>
<div class="lb-trans"><p>作者：杨晨，华尔街洞察</p>
</div><p>Anthropic has officially filed its IPO prospectus with the U.S. Securities and Exchange Commission (SEC), marking a crucial step towards listing for this AI company valued at nearly a trillion dollars. This could potentially become the largest IPO in the AI ​​field to date.</p>
<div class="lb-trans"><p>Anthropic 正式向美国证券交易委员会（SEC）提交了其 IPO 招股说明书，这标志着这家估值接近万亿美元的人工智能公司迈出了上市的重要一步。这可能成为迄今为止人工智能领域最大的 IPO。</p>
</div><p>The company stated on Monday that filing the prospectus &#34;gives us the right to choose to list after the SEC completes its review,&#34; and emphasized that &#34;the proposed initial public offering will be subject to market conditions and other factors.&#34;</p>
<div class="lb-trans"><p>该公司在周一表示，提交招股说明书&#34;使我们有权选择在 SEC 完成审查后上市，&#34;并强调&#34;拟议的首次公开募股将受到市场条件和其他因素的影响。&#34;</p>
</div><p>This move means that Anthropic has not locked in a specific listing timetable, but it has already taken the lead over its competitor OpenAI—which is also preparing a secret filing, and Anthropic is reportedly expected to list this fall.</p>
<div class="lb-trans"><p>此举意味着 Anthropic 并未锁定具体的上市时间表，但它已经在竞争对手 OpenAI 之前取得了领先——后者也在准备秘密提交，而据报道 Anthropic 预计将在今年秋季上市。</p>
</div><p>... The core logic of this race is that going public means reaching millions of retail and pension investors, gaining far greater liquidity than the private market, and using stock as currency for mergers and acquisitions and as an employee incentive tool. Funds raised through an IPO will be used for chip procurement, data center construction, and competition for top talent; the ability to acquire these resources will fundamentally shape the long-term competitive landscape of the AI ​​field. On Monday, OpenAI CEO Altman downplayed the claim that his company was racing with Anthropic to go public in an interview. He said, &#34;We will go public when we think the time is right.&#34; Secret filing allows for flexibility in the timeline. According to SEC rules, secretly filing a prospectus does not mean that a company must complete its IPO within a specific timeframe. Anthropic's official prospectus only needs to be delivered to investors at least 15 days before the roadshow begins. The operational path of competitor SpaceX can serve as a reference—the company filed a confidential application on April 1st, released its prospectus publicly on May 20th, launched its roadshow this week, and plans to list next week. Anthropic was founded in 2021 by a group of former OpenAI executives and researchers. The founding team left due to disagreements over the direction of OpenAI's development. The company's core product is its Claude series of AI models, with the programming assistant Claude Code receiving particular market attention. This year, Anthropic launched a new model called Claude Mythos Preview, which possesses advanced cybersecurity capabilities and has attracted widespread attention in Washington's political and business circles. Anthropic's revenue growth this year has been astonishing. The company disclosed in May that its annualized revenue has soared to $47 billion, compared to only $10 billion for the entire previous year. Last week's latest funding round pushed its valuation to $965 billion, surpassing OpenAI. To cope with the rapidly growing demand for computing power, Anthropic has recently signed a series of infrastructure agreements. Last month, Anthropic reached an agreement with SpaceX to use the available computing power of its Colossus 1 data center in Memphis, Tennessee, with a contract period until May 2029 and monthly payments of $1.25 billion. First-mover advantage: Dominating the narrative, reaching funding. For Anthropic and OpenAI, the IPO is not simply a fundraising event, but a crucial step in a larger strategic game. Going public means reaching millions of retail and pension investors, gaining far greater liquidity than the private market, and using stock as currency for acquisitions and as an employee incentive tool. Matthew Kennedy, senior IPO market strategist at Renaissance Capital, stated that given the double-digit gains of both the S&amp;P 500 and Nasdaq 100 this year, investment bankers generally believe the time is ripe for IPOs. In an interview, Kennedy said, &#34;The first company to go public can dominate the narrative, while the later company may become a follower and be forced to compare itself to the other during roadshows.&#34; However, he also warned that the first-mover advantage will diminish once both companies have gone public. Elon Musk is also accelerating SpaceX's AI development and pushing forward with its IPO. Analysts point out that facing this external pressure, neither OpenAI nor Anthropic can afford to fall behind. First-mover disadvantage: Information disclosure risk exists. Market analysis is divided on who truly gains the first-mover advantage. In a written commentary, Harrison Rolfes, Senior Late-Stage Corporate Research Analyst at PitchBook, wrote: &#34;The traditional interpretation of OpenAI is that Anthropic's early filing gave it a narrative advantage. However, a less conventional interpretation is that OpenAI actually benefited: Anthropic proactively assumed all the disclosure risk, and OpenAI now has a free option—to observe how institutional investors respond to its audited, cutting-edge AI financial data before deciding on its own pricing strategy.&#34; Kennedy also highlighted the potential disadvantages of first-mover advantage: &#34;If the first company to go public performs poorly, later entrants will have the opportunity to readjust their IPO pricing and roadshow strategies to better align their positioning with the true demands of public market investors.&#34; With both companies' private valuations nearing the $1 trillion mark, scrutiny from the public market will become more stringent. The shadow of the Pentagon ban lingers, but the private market is providing strong support. Anthropic faced a major policy setback this year. After negotiations with the U.S. Department of Defense broke down, its models were blacklisted by the Pentagon, and related defense contractors subsequently terminated their cooperation. Anthropic stated that this move by the Trump administration could cost it billions of dollars in revenue. Anthropic has filed a lawsuit seeking to overturn the ban, and the litigation is still ongoing. President Trump stated in an April interview with CNBC that a deal between Anthropic and the Department of Defense was &#34;possible.&#34; However, the ban has not halted the company's business momentum. Anthropic's growth in the private market has accelerated as more companies adopt its models and AI programming tools. The rise of Claude Mythos has also alleviated some investors' previous concerns about its growth prospects.</p>
<div class="lb-trans"><p>... 这场竞争的核心逻辑是，上市意味着能够接触到数百万的零售和养老金投资者，获得比私募市场更大的流动性，并将股票作为并购的货币和员工激励工具。通过首次公开募股（IPO）筹集的资金将用于芯片采购、数据中心建设以及争夺顶尖人才；获取这些资源的能力将从根本上塑造人工智能领域的长期竞争格局。周一，OpenAI 首席执行官阿尔特曼在一次采访中淡化了他公司与 Anthropic 争相上市的说法。他表示：“我们会在认为时机合适时上市。” 秘密备案允许时间表的灵活性。根据美国证券交易委员会（SEC）的规定，秘密提交招股说明书并不意味着公司必须在特定时间内完成 IPO。Anthropic 的正式招股说明书只需在路演开始前至少 15 天交付给投资者。竞争对手 SpaceX 的运营路径可以作为参考——该公司于 4 月 1 日提交了保密申请，5 月 20 日公开发布了招股说明书，本周启动了路演，并计划下周上市。Anthropic 成立于 2021 年，由一群前 OpenAI 高管和研究人员创立。创始团队因对 OpenAI 发展方向的分歧而离开。公司的核心产品是 Claude 系列 AI 模型，其中编程助手 Claude Code 特别受到市场关注。今年，Anthropic 推出了名为 Claude Mythos Preview 的新模型，具备先进的网络安全能力，并在华盛顿的政治和商业圈内引起广泛关注。Anthropic 今年的收入增长令人瞩目。该公司在 5 月披露，其年化收入已飙升至 470 亿美元，而去年全年仅为 100 亿美元。上周的最新融资轮使其估值达到 9650 亿美元，超过了 OpenAI。为了应对快速增长的计算能力需求，Anthropic 最近签署了一系列基础设施协议。上个月，Anthropic 与 SpaceX 达成协议，使用其位于田纳西州孟菲斯的 Colossus 1 数据中心的可用计算能力，合同期至 2029 年 5 月，每月支付 12.5 亿美元。先发优势：主导叙事，获得融资。对于 Anthropic 和 OpenAI 而言，IPO 不仅仅是一次融资事件，而是更大战略游戏中的关键一步。上市意味着能够接触到数百万的零售和养老金投资者，获得比私募市场更大的流动性，并将股票作为并购的货币和员工激励工具。Renaissance Capital 的高级 IPO 市场策略师马修·肯尼迪表示，考虑到今年标准普尔 500 指数和纳斯达克 100 指数的双位数增长，投资银行家普遍认为 IPO 的时机已经成熟。在一次采访中，肯尼迪表示：“第一家上市的公司可以主导叙事，而后来的公司可能会成为追随者，并在路演中被迫与其他公司进行比较。” 然而，他也警告说，一旦两家公司都上市，先发优势将会减弱。埃隆·马斯克也在加速 SpaceX 的 AI 发展，并推动其 IPO。分析师指出，面对这种外部压力，OpenAI 和 Anthropic 都不能落后。先发劣势：信息披露风险存在。市场分析对谁真正获得先发优势存在分歧。在一篇书面评论中，PitchBook 的高级晚期企业研究分析师哈里森·罗尔夫斯写道：“传统上对 OpenAI 的解读是，Anthropic 的早期备案赋予了其叙事优势。然而，一种不太传统的解读是，OpenAI 实际上受益：Anthropic 主动承担了所有的披露风险，而 OpenAI 现在有一个免费的选择——在决定自己的定价策略之前，观察机构投资者对其经过审计的前沿 AI 财务数据的反应。” 肯尼迪还强调了先发优势的潜在劣势：“如果第一家上市的公司表现不佳，后来的公司将有机会调整其 IPO 定价和路演策略，以更好地与公众市场投资者的真实需求对齐。” 随着两家公司私有估值接近 1 万亿美元，公众市场的审查将变得更加严格。五角大楼禁令的阴影依然存在，但私募市场提供了强有力的支持。Anthropic 今年面临重大政策挫折。在与美国国防部的谈判破裂后，其模型被五角大楼列入黑名单，相关的国防承包商随后终止了合作。Anthropic 表示，特朗普政府的这一举动可能使其损失数十亿美元的收入。Anthropic 已提起诉讼，寻求推翻禁令，诉讼仍在进行中。特朗普总统在 4 月接受 CNBC 采访时表示，Anthropic 与国防部之间的交易是 “可能的”。然而，这一禁令并没有阻止公司的业务势头。随着越来越多的公司采用其模型和 AI 编程工具，Anthropic 在私募市场的增长加速。Claude Mythos 的崛起也缓解了部分投资者对其增长前景的担忧。</p>
</div>

Anthropic secretly filed its IPO prospectus to compete with OpenAI for a head start.

Anthropic 秘密提交了 IPO 招股说明书，旨在与 OpenAI 竞争以获得先发优势