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Anthropic 招股书披露：年投入 518 亿美元、2025 年净亏 420 亿
一份新披露的招股书显示，Anthropic 2025 年净亏损 420 亿美元，并计划在未来一年投入 518 亿美元用于云服务、算力和基础设施。2025 年收入增长 12 倍至近 46 亿美元，但扣除此前融资相关大额负债减记后，运营层面仍亏损超 80 亿美元。算力与基础设施支出 73.3 亿美元，同比增长三倍，占总运营支出 126.5 亿美元的一半以上。招股书同时提示，去年近四分之一收入来自两个客户，且许多主要客户没有长期合同，可能随时削减或停止支出。
AI推荐理由 内容涉及 Anthropic 招股书披露的财务数据：2025 年净亏损 420 亿美元、计划未来一年投入 518 亿美元用于云服务与算力、收入增长 12 倍至近 46 亿美元、算力支出 73.3 亿美元占总运营支出过半、近四分之一收入来自两个客户且多无长期合同。这些数字对判断 AI 独角兽的算力成本结构和客户集中度风险有参考价值。但来源为 AIbase 转述，未提供招股书原文链接或可核验出处，且正文中“亏损 420 亿”与“运营层面亏损超 80 亿”口径并存，数据一致性存疑，需以官方文件为准。
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Spending 518 Billion Dollars a Year, Losing 42 Billion Last Year: Anthropic's Prospectus Reveals the Costliest Bill for an AI Unicorn
AIbase基地
Published inAI News · 3 min read · Sep 29, 2026
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A newly released prospectus has laid bare the financial details of Anthropic, an AI unicorn. The document shows that the company recorded a net loss of $42 billion in 2025 and plans to invest $51.8 billion in cloud services, computing power, and infrastructure over the next year.
The speed at which money is coming in is equally impressive. In 2025, Anthropic's revenue increased 12 times to nearly $4.6 billion. However, after deducting the impact of significant liability write-downs related to previous financing, the company still lost more than $8 billion on an operational level. In other words, the business is booming, but the books are not yet profitable.
The most expensive part remains computing power. Last year, Anthropic spent $7.33 billion on computing and infrastructure, a threefold increase compared to 2024, accounting for more than half of its total operating expenses of $12.65 billion. This perfectly explains why it has set aside $51.8 billion for the next year—training top-tier large models and building inference clusters is an endless money-draining marathon.
The prospectus also openly acknowledges concerns. Nearly a quarter of Anthropic's revenue last year came from two customers, and the risk warnings explicitly state that many major clients do not have long-term contracts and could cut or stop spending at any time. For a company that has bet its growth on a few big clients, this note serves as both a warning and an unavoidable variable in its valuation.
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