Gary Marcus 批评 Anthropic 发布 S-1 时隐瞒 Q3 财务数据
Anthropic 增长放缓、算力开支反超收入，Gary Marcus 还质疑 S-1 披露时机，这组财报数据值得细看。
Anthropic Q3 2026 收入 169.6 亿美元，环比增长 47%，较 Q2 的 144% 明显放缓，降价和合同折扣抵消了约 6 亿美元收入。公司 GAAP 经营亏损 5.67 亿美元，而 Q2 曾录得 9.74 亿美元经营利润。计算与基础设施开支环比大涨 77% 至 99 亿美元，占收入 58%，每 1 美元算力投入仅产生 1.72 美元收入，低于 Q2 的 2.08 美元。Q3 净亏损 233 亿美元，前 9 个月累计净亏损 1040 亿美元，其中 Q3 约 219 亿美元为非现金估值调整。Gary Marcus 指责 Anthropic 在发布 S-1 文件时已知晓这些数据却未披露。
what frankly pisses me off is the Anthropic knew this full well before they posted their original S-1 and they left the Q3 data out, in order to frame the conversation. Global Markets Investor @GlobalMktObserv Anthropic's finances are deteriorating ahead of its IPO: Anthropic reported +$16.96 billion in Q3 2026 revenue, up +47% QoQ. However, quarterly revenue growth slowed sharply from +144% in Q2, as price reductions and contractual discounts offset revenue by ~$600 million. Meanwhile, Anthropic's operating profitability lasted just ONE quarter as the company swung back to a GAAP operating loss of -$567 million in Q3, following operating income of +$974 million in Q2. This comes as compute and infrastructure expenses surged +77% QoQ to $9.9 billion, accounting for 58% of revenue, up from 48% in Q2. In effect, every $1 spent on computing infrastructure generated just $1.72 in revenue, down from $2.08 in Q2, marking the first quarterly deterioration in this key efficiency metric. Overall, Anthropic's net loss reached -$23.3 billion in Q3, bringing its cumulative net loss for the first 9 months of 2026 to a staggering -$104 billion. While most of the quarterly net loss came from non-cash valuation adjustments, the underlying operating business also slipped back into the red. Excluding the $21.9 billion in non-cash valuation adjustments, Anthropic's Q3 net loss was -$1.4 billion. Anthropic's trillion-dollar AI ambitions are increasingly colliding with the financial reality of an infrastructure race where computing costs are rising faster than revenue. 🔗 View Quoted Tweet 💬 2 🔄 2 ❤️ 17 👀 738 📊 3 ⚡
