Aswath Damodaran 撰文估值 Anthropic，指出算力承诺风险

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 $80.7B first-half loss is mostly a $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.