估值专家 Aswath Damodaran 发布长文将 Anthropic 估值定为 1.475 万亿美元，并严厉批评了其由七位联合创始人通过单一股份掌控 50.1% 投票权的治理结构。文章指出 Anthropic 上半年营收大幅增长但三季度因竞争和算力短缺而放缓，头条亏损中包含 720 亿美元非现金债券费用，真实运营亏损超 8 亿美元，同时其面临超 6000 亿美元的算力承诺风险。
Dean of Valuation Professor Aswath Damodaran just published a long post valuing Anthropic at $1.475T.
He says Anthropic’s voting setup, where 7 co-founders hold 50.1% of votes through a single share, “would put Kim Jong Un to shame.”
Anthropic is growing fast but slowing: first-half revenue was about 14x a year earlier, then third-quarter growth cooled as OpenAI won share and Anthropic ran short of compute.
The headline $80.7B first-half loss is mostly a $72B non-cash bond charge; the real operating loss was just over $8B, and Anthropic says it made an operating profit last quarter.
The biggest risk is over $600B in compute commitments, a fixed bill owed even if growth stalls, while founders hold 50.1% of votes, leaving public shareholders little say.
来源：Rohan Paul · x.com