二），在瑞士达沃斯举行的世界经济论坛（WEF）期间，Anthropic 联合创始人兼首席执行官达里奥・ 阿莫迪出席相关活动。 据两位知情人士透露，Anthropic 上月曾预计，2025 年向企业及应用开发者销售人工智能产品的毛利率 将达到 40%。这一毛利率水平虽较此前的乐观预期低了 10 个百分点，但较上年仍有显著提升。 毛利率不及预期的原因在于，Anthropic 需要通过谷歌与亚马逊的服务器，为付费客户运行人工智能模 型（这一过程被称为推理运算），相关成本超出了公司预期。财报预测显示，推理运算成本较原计划高 出 23%。Anthropic 计算毛利率的方式为，从营收中扣除推理运算成本及其他产品销售相关成本。 专题：世界经济论坛年会_2026冬季达沃斯 2026 年 1 月 20 日（周 上述数据反映出，两家公司均依赖从云服务商租赁专用服务器，这一模式加大了实现净利润的难度。正 因如此，二者均在采取措施自主研发或掌控服务器硬件，同时筹备募资数百亿美元以夯实资产负债表。 OpenAI 近期宣布，将通过推出广告业务，补贴其聊天机器人的免费用户。 据《The Information》分析，若将 Claude ...

IT之家 1 月 18 日消息，据英国《金融时报》援引知情人士消息，风险投资公司红杉资本将参与人工智能企业 Anthropic 的新一轮融资。此次融资目标为募资 250 亿美元（IT之家注：现汇率约合 1746.91 亿元人民币），公司估值将达 3500 亿美元（现汇率约合 2.45 万亿元人民币），投资方还包括新加坡政府投资 公司（GIC）以及美国投资机构蔻图资本（Coatue）。 Anthropic 方面曾于 9 月初透露，该公司在 F 轮融资中募资 130 亿美元，彼时估值达到 1830 亿美元。 总部位于美国加州的红杉资本成立于 1972 年，是谷歌、苹果、思科、YouTube 等众多顶尖科技企业的早期投资方。 去年，Anthropic 已获得微软和英伟达承诺的至多 150 亿美元投资。 尽管人工智能泡沫风险隐现，但全球市场对人工智能技术的需求高涨，加之企业端应用加速落地，推动科技领域支出持续攀升，也使得 Anthropic 等人工智 能初创企业的估值跃升至历史新高。 报道称，新加坡主权财富基金 GIC 与蔻图资本将分别向这款 Claude 聊天机器人的研发企业注资 15 亿美元。 ...

Core Viewpoint - Anthropic's financial performance is improving despite significant cash consumption, leading to investor interest in a potential funding round at a valuation exceeding $100 billion, a substantial increase from the previously announced $58 billion valuation [1] Financial Performance - Anthropic's annualized revenue exceeds $4 billion, with a fourfold increase over six months, driven primarily by the programming product Claude Code, which contributes over $200 million in annualized revenue [1][5] - The company's gross margin from direct sales of AI models and the Claude chatbot is approximately 60%, with a target of reaching 70% [1][2] - However, the gross margin from cloud partnerships with Amazon and Google is negative 30%, primarily due to significant revenue sharing with these cloud providers [2] Operational Efficiency - Anthropic's operational efficiency is lower than that of OpenAI, with the latter expected to consume $6.8 billion in funds this year while generating revenue of $13 billion [4] - Anthropic is projected to burn $3 billion this year after a $5.6 billion cash burn last year, with expectations of revenue growth to $12 billion by 2026 [4] Market Dynamics - Investor excitement is driven by the explosive revenue growth of both Anthropic and OpenAI, with Anthropic's revenue growth attributed to the rapid adoption of its products [5] - The valuation of at least $100 billion implies a forward revenue multiple of at least 25 times, compared to OpenAI's previous valuation discussions at 43 times forward revenue [6] Competitive Landscape - Anthropic's growth is partly fueled by its influence on emerging AI startups, such as Cursor, which has seen a tenfold increase in annualized revenue to $500 million, largely relying on Anthropic's models [6] - The automation of coding tasks is identified as a key commercial application of large language models, with significant implications for the future of AI in economic productivity [7]