Anthropic IPO 招股书显示 2025 年净亏损近 420 亿美元，其中约 340 亿来自可转换融资按公允价值重估产生的非现金会计计提，并非经营支出。作者指出剔除该项后实际经营亏损约 80 亿美元，高于 2024 年的约 30 亿美元。
原文拆解了 Anthropic 近 420 亿美元净亏损中约 340 亿来自可转换融资重估，读者可据此区分账面亏损与经营亏损。
In the Reuters reporting of Anthropic's loss taken from its IPO docs
The net loss of nearly $42 billion for 2025 should not be read as the cost of running the business.
Roughly $34B of it is a non-cash accounting charge linked to convertible financing, meaning capital raised from investors in exchange for the right to receive Anthropic shares later.
Because these instruments are recorded as liabilities, accounting rules require them to be revalued at fair value, or current market value, each reporting period.
So as Anthropic's valuation surged massively, the shares these investors stand to receive became far more valuable, and that increase was booked as a loss.
The underlying operating loss was about $8B, up from roughly $3B in 2024.
Reuters reviewed the Anthropic IPO prospectus. Revenue grew 12-fold, while compute spending nearly tripled from $2.5B in 2024 and accounted for more than half of $12.65B in operating expenses. Those expenses left an operating loss of $8.06B, widening from $2.98B a year earlier. The nearly $42B net loss mostly reflects a roughly $34B charge from revaluing financing that could convert into shares, not money spent running the business. Sales have since surged, with preliminary second-quarter revenue above $11.5B, more than double all of 2025, and adjusted operating income positive. Anthropic spent $7.33B on compute and infrastructure last year, more than the nearly $4.6B it booked as revenue. On that trajectory, the IPO could value Anthropic at more than $2T, over double the $965B post-money valuation of its May funding round.在 X 查看被引用的帖子
来源：@rohanpaul_ai · x.com