Anthropic 股权表内幕：风投迟到多年，如今无人持股超 2%

The Story of Anthropic’s Cap Table: VCs Showed Up Late to the Party, Toting All the Cash They Could Wrangle

AI 导读

Newcomer 长文复盘 Anthropic 从 OpenAI 出走团队到即将 IPO 的股权演变。据投资人文件和多位知情人士，多年来风投因公司治理结构和安全优先路线而观望，目前没有任何风投机构持股超过 2%，Anthropic 曾向投资人明确将单一投资人持股控制在该水平以避免话语权集中。

推荐理由

文章基于投资人文件和多方信源还原 Anthropic 的股权结构，解释了为何风投早期缺席、如今持股均不超 2%。

正文 · 原文

If all goes to plan, Dario Amodei and his Anthropic co-founders will ring the NASDAQ bell next month to mark the company’s IPO. Their celebration will no doubt be greeted with the traditional high-fiving and back-patting from venture capitalists.

But the story of Anthropic’s rise from a small group of OpenAI defectors to an industry-leading juggernaut, poised for what will likely be the largest IPO of all time, is a far messier narrative than we normally get in Silicon Valley.

For years, VC firms passed on backing Anthropic, fearing its unusual structure and fixation on safety over commercialization made it a bad bet. Today no venture firm owns more than 2% of the company, according to investor documents and half-a-dozen sources with knowledge of the company’s multiple funding rounds. Keeping VCs below that line to ensure no one investor had outsized control was a goal Anthropic communicated to investors, one of these people said.