Anthropic 正式提交 IPO 申请：上半年营收达 163 亿美元，以特殊治理架构锁定创始人控制权

经历数周的 S-1 招股文件泄露传闻 之后，Anthropic 终于在周一正式提交首次公开募股（IPO）申请，拉开了美国现代史上最受瞩目的科技上市大戏之一的序幕。

根据该公司提交给美国证券交易委员会（SEC）的最新文件，计划以股票代码“ANT”上市的 Anthropic，在 2026 年上半年录得营收 163 亿美元，较去年同期的 12 亿美元实现跨越式增长。

在营收增长的同时，其营业亏损为 6.93 亿美元，相比 2025 年上半年 21 亿美元的营业亏损已有明显改善。然而，受与可转债相关的非现金会计调整影响，Anthropic 的净亏损达到了 807 亿美元。该公司在文件中明确表示，它“未来可能无法实现或维持盈利”。

招股书还披露了 Anthropic 企业级业务规模的更多细节。截至 9 月底，Anthropic 拥有年支出在 10 万美元以上的客户超 11,900 家；年支出 100 万美元以上的客户达 1,900 家；年支出 1,000 万美元以上的客户约 250 家。

正如此前报道，Anthropic 的治理架构将确保其 7 位联合创始人在公司上市后依然保有控制权。文件显示，Dario Amodei、Daniela Amodei、Tom Brown、Jack Clark、Jared Kaplan、Sam McCandlish 以及 Christopher Olah 将共同组成“Founder LLC”，合计控制 50.1% 的股东投票权——Anthropic 表示，这一机制旨在捍卫公司的 AI 安全使命。

此外，于 2023 年设立、旨在确保公司践行其公共利益使命的“长期利益信托”（Long-Term Benefit Trust），将拥有任命公司董事会多数席位的权力。

这种治理结构也引发了不小的争议，因为这意味着股东投票权与创始人的实际经济所有权脱钩；面对一家其自身在招股书中坦承正在研发可能给人类带来“灾难性或生存级风险”技术的公司，公众股东将几乎没有任何实质性的控制权。

目前，Anthropic 尚未披露具体的拟募资金额及预计发行价格区间。

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.

Anthropic, which plans to list under the ticker “ANT,” recorded revenue of $16.3 billion for the first half of 2026, up from $1.2 billion in the same period last year, according to the firm’s latest SEC filing.

That revenue came off the back of an operating loss of $693 million, an improvement from the $2.1 billion in operating losses that Anthropic recorded in the first half of 2025. Anthropic’s net loss, however, hit $80.7 billion, which was largely driven by noncash accounting adjustments tied to convertible debt. The company says it “may not achieve or sustain profitability in the future.”

The filing also provided more color on the scale of Anthropic’s enterprise business. As of the end of September, Anthropic had more than 11,900 customers spending $100,000 or more annually; 1,900 customers spending $1 million or more; and about 250 customers spending $10 million or more.

As previously reported, Anthropic’s governance structure will enable Anthropic’s seven co-founders to maintain control once the company goes public. Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish, and Christopher Olah will make up the “Founder LLC,” which will collectively control 50.1% of shareholder voting power — a move Anthropic says is designed to preserve the company’s AI safety mission, per the filing.

Anthropic’s Long-Term Benefit Trust, established in 2023 to ensure the company pursues its public benefit mission, will have the authority to appoint most of the company’s board.

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.”

Anthropic hasn’t yet disclosed how much it hopes to raise nor its proposed share price.