Anthropic上市文件泄露，2万亿估值怎么算？
Anthropic 已经向美国证监会秘密提交上市草案，这次瞄准的估值可能超过两万亿美元——而它 2025 年的收入只有 45 亿美元，经营亏损超过 80 亿。这期我不急着喊泡沫，就老老实实算几笔账：两万亿美元的估值需要多少收入和利润来支撑，它已经签下的 5,180 亿美元算力承诺要靠谁来付，以及在 AI 越来越便宜之后，这门生意还能不能留住利润。算完你会发现，这个价格买的不是它今天的收入，而是一个关于 AGI 马上要来的假设——问题是，现在没有一条技术路线能在理论上论证这件事。技术有用，和这家公司值不值两万亿，是两道不同的题。 Receive SMS online on sms24.me
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