Damodaran 估值 Anthropic 达 1.475 万亿美元，指出算力承诺风险
纽约大学教授 Aswath Damodaran 发布长文将 Anthropic 估值定为 1.475 万亿美元。分析指出其营收增速因 OpenAI 竞争及算力短缺而放缓，且面临超 6000 亿美元的固定算力支出风险，同时批评其创始人通过特殊股权结构掌握绝对投票权。
报道正文
Rohan Paul (@rohanpaul_ai) · 2026-10-29 00
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 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.
