Anthropic 推迟 IPO：AI IPO 热潮为何像互联网泡沫的“邪恶双胞胎”
The AI IPO Wave Is The Dot-Com Bubble’s Evil Twin. Anthropic’s Delay Just Proved It.
Anthropic 将 IPO 从 10 月推迟至 11 月，仍瞄准 2 万亿美元估值，约为其 2025 年营收的 435 倍。其泄露的 S-1 显示 2025 年营收 46 亿美元、净亏损 420 亿美元，并计划十年内至少投入 5180 亿美元用于 AI 基础设施。纽约市养老基金负责人致信要求暂停 IPO，OpenAI CEO Altman 也称当前上市“不明智”并推迟自家 IPO。
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In this guest article from Airrived co-founder and CEO Anurag Gurtu, he contends that Anthropic’s rapid revenue growth does not justify its proposed $2 trillion IPO valuation, given enormous infrastructure commitments, safety concerns, customer concentration and competition from cheaper open-weight models, saying instead that lasting enterprise AI value will come from proprietary data, reliable deployment and measurable customer outcomes rather than expensive models alone.
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来源：Crunchbase News · news.crunchbase.com