OpenAI 拟以超 1.4 万亿美元估值融资约 300 亿美元，抢在 Anthropic 上市前完成
Reuters: OpenAI is racing to raise about $30B at a valuation above $1.4T before Anthropic goes public.
据路透社报道，OpenAI 正争取在 Anthropic 上市前以超过 1.4 万亿美元的估值融资约 300 亿美元，这一估值比其 3 月达到的 8520 亿美元高出至少 64%。两家公司争夺重叠的长期基金和主权财富基金，而 OpenAI 希望赶在 Anthropic 提交 S-1 文件、于 11 月中旬上市之前锁定承诺，以避免被直接对比。Anthropic 第三季度收入增长 45% 至 168 亿美元，增速较第二季度的翻倍以上有所放缓，部分投资者因此主张其估值为 1.5 万亿美元而非 2 万亿美元。
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原文对比了两家公司在估值口径和收入确认方式上的差异，读者可据此理解融资节奏为何抢在上市之前。
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Reuters: OpenAI is racing to raise about $30B at a valuation above $1.4T before Anthropic goes public.
That would put OpenAI at least 64% above the $852B valuation it reached in March.
Both labs court overlapping long-only and sovereign wealth funds, and OpenAI wants commitments before Anthropic’s filings invite side-by-side comparisons.
Those comparisons are messy: OpenAI books revenue net of partner shares, while Anthropic counts the full value of sales through cloud providers. Locking in $1.4T before Anthropic’s public S-1 and mid-November debut spares OpenAI a direct comparison now
Anthropic’s third-quarter revenue rose 45% to $16.8B after more than doubling in the second, and the slowdown has some investors arguing for $1.5T instead of $2T.
Investors say OpenAI needs cash for infrastructure commitments in case a market that erased $1.6T from chip stocks in under 2 weeks further delays its 2027 listing.