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2026年10月26日，Anthropic向美国证券交易委员会（SEC）提交了首次公开发行的S-1注册文件。文件中，Anthropic将自己定位为一家研究实验室，并阐述了它对智能、研究、算力、企业应用和公司治理的看法。
我们选出其中的核心段落，整理为中英对照，供读者直接阅读这家公司的自我陈述。以下“我们”均指Anthropic；对技术前景、能力和采用速度的判断均来自公司。原文尚未填列的金额以“______”保留。
01 智能如何改变经济
智能成为可以构建的事物
For the first time in history, intelligence is something humans can build. The cognitive capability to reason, analyze, synthesize, decide, and create is producible at scale and accessible on demand.
在人类历史上，智能第一次成为人类可以构建的事物。推理、分析、综合、决策和创造等认知能力，可以大规模生产，并按需获取。
We believe this abundance of AI will rapidly transform every sector of the global economy in ways greater than the impact of industrialization, electricity, semiconductors, and the internet.
我们相信，AI 的这种充裕供给将迅速改变全球经济的每一个领域，其影响将超过工业化、电力、半导体和互联网带来的影响。
AI that truly delivers on its potential—with the risks well managed—could significantly accelerate global growth and dramatically improve quality of life for people around the world.
如果 AI 真正发挥其潜力，且风险得到妥善管理，就有可能显著加快全球经济增长，并大幅改善世界各地人们的生活质量。
我们首先是一家研究实验室
Anthropic was founded in 2021 by a team of researchers responsible for many of the breakthroughs that define AI.
Anthropic 于 2021 年由一支研究团队创立。这支团队取得的多项突破塑造了 AI 的发展面貌。
We are first and foremost a research lab—our mission is the responsible development and maintenance of advanced AI for the long-term benefit of humanity.
我们首先是一家研究实验室。我们的使命，是为了人类的长期利益，以负责任的方式开发和维护先进 AI。
This mission directs our focus—along with our talent and culture, our frontier and safety research, our approach to compute, and our enterprise strategy, it is one of the core advantages that set us apart.
这一使命指引着我们的工作重点；与我们的人才和文化、前沿研究与安全研究、算力管理方式以及企业市场战略一样，它也是使我们脱颖而出的核心优势之一。
These advantages enable us to continuously advance frontier AI and shape the standards for its safe and responsible development. Our frontier AI, Claude, is delivered to customers through our models, platform, and applications.
这些优势使我们能够持续推进前沿 AI，并塑造其安全、负责任开发的标准。我们的前沿 AI——Claude，通过我们的模型、平台和应用交付给客户。
Claude has experienced the fastest enterprise adoption of any technology in history, as demonstrated by revenue growing from $0 at commercial launch in the first quarter of 2023 to $______ for the three months ended September 30, 2026.
Claude 在企业中的采用速度，是有史以来所有技术中最快的。收入增长体现了这一点：2023 年第一季度商业发布时，收入为 0 美元；截至 2026 年 9 月 30 日的三个月，收入已达______美元。
This rapid and growing adoption generates two self-reinforcing dynamics—an improvement loop that advances Claude and an investment loop that helps fund our continued research in frontier AI.
这种迅速且持续扩大的应用，形成了两种自我强化的机制：一种是推动 Claude 进步的改进循环，另一种是有助于为我们持续开展前沿 AI 研究提供资金的投资循环。
02 使命 人才与研究
使命与专注
Mission & Focus. All of our efforts are guided by a singular focus on our mission. This focus enables us to concentrate talent, research, and compute investment on the highest-value work for humanity and to avoid conflicting priorities.
使命与专注。我们始终专注于自身使命，并以此指引一切工作。这种专注使我们能够将人才、研究和算力投资集中于对人类最有价值的工作，并避免工作重点彼此冲突。
Achieving our mission means the world gains the enormous benefits of frontier AI while mitigating the most significant risks, and we believe this requires safety and capability to advance together.
实现我们的使命，意味着让世界在获得前沿 AI 巨大益处的同时，降低最重大的风险。我们相信，这要求安全性与能力同步进步。
人才与文化
Talent & Culture. Our mission and focus enable us to attract and retain world-class talent, including researchers and engineers who want their work to shape a better future.
人才与文化。我们的使命和专注使我们能够吸引并留住世界一流的人才，包括希望通过自己的工作塑造更美好未来的研究人员和工程师。
We also have a culture that promotes a low-ego, truth-seeking environment, where frontier AI capability and safety are mutually reinforcing.
我们的文化还倡导一种不以自我为中心、追求真相的工作环境。在这种环境中，前沿 AI 的能力与安全性相互促进。
We believe our culture has driven our talent density as we have scaled.
我们相信，在扩大规模的过程中，这种文化推动了人才密度的提升。
前沿研究与安全研究
Frontier & Safety Research. We believe that sustained, focused research at the frontier of intelligence is required to build the most capable and safest AI systems.
前沿研究与安全研究。我们相信，要构建能力最强、最安全的 AI 系统，就需要持续、专注地开展智能前沿研究。
Our frontier capabilities and safety research are deeply integrated and directly shape model design, training, and deployment, helping us produce systems that are more reliable, steerable, and well-suited for real-world deployment, particularly in demanding enterprise environments.
我们的前沿能力研究与安全研究深度融合，并直接指导模型的设计、训练和部署，帮助我们构建更可靠、更易于引导、更适合实际应用的系统，尤其适合要求严格的企业环境。
We translate our research leadership into innovation velocity, and have consistently released better models, platform capabilities, and applications. Each version of a Claude model assists in building the next, helping to compress development timelines and produce compounding improvements in the speed at which we innovate.
我们将研究上的领先优势转化为创新速度，并持续推出更好的模型、平台能力和应用。Claude 的每一版模型都协助开发下一版，有助于缩短开发周期，并使我们创新速度的提升不断累积放大。
We refer to this recursive dynamic as “closing the loop,” and we believe it is one of the most significant structural advantages in frontier AI.
我们将这种递归式机制称为“闭环”。我们相信，这是前沿 AI 最重要的结构性优势之一。
03 算力投入如何支撑发展
Our Approach to Compute. We manage compute as a single, fungible pool from multiple strategic partners, and we dynamically direct available compute between workloads based on where the marginal unit is expected to be most productive at any given time.
我们的算力管理方式。我们将多个战略合作伙伴提供的算力，统一管理为一个可互换使用的资源池。在不同时点，我们根据增加一单位算力在哪类工作负载上预期产出最高，动态调配可用算力。
We believe that this approach to compute enables us to deliver superior models, serve more customers, and achieve greater productivity from our compute investment.
我们相信，这种算力管理方式使我们能够交付更优的模型、服务更多客户，并提高算力投资的产出效率。
This compute efficiency creates the foundation for us to advance the frontier of AI capabilities through research and model development, meet growing demand from customers, and provide for internal usage of Claude.
这种算力效率为我们奠定了基础，使我们能够通过研究和模型开发拓展 AI 的能力边界，满足不断增长的客户需求，并支持我们在内部使用 Claude。
We have achieved this through our research breakthroughs and our multi-chip compute architecture across AWS Trainium, Google TPUs, NVIDIA GPUs, and AMD GPUs, enabling us to orchestrate workloads to optimize for price and performance.
我们通过研究突破，以及覆盖 AWS Trainium、Google TPU、NVIDIA GPU 和 AMD GPU 的多芯片算力架构，实现了这一点。这使我们能够统筹调度工作负载，实现价格与性能的优化。
To support our research, model development, customer demand, and internal usage of Claude, we continue to invest at scale.
为支持我们的研究、模型开发、客户需求以及 Claude 的内部使用，我们继续进行大规模投资。
As of and subsequent to September 30, 2026, we have entered into purchase commitments and lease agreements, including short-term commitments, as well as leases not yet commenced, with an aggregate committed spend of more than $______, substantially all of which is related to compute and infrastructure.
截至 2026 年 9 月 30 日以及在此之后，我们已作出采购承诺并签订租赁协议，其中包括短期承诺及尚未起租的租赁，合计承诺支出超过______美元，绝大部分与算力和基础设施有关。
These commitments include approximately $______ expected to be incurred before December 31, 2030, and substantially all of the remainder is expected to be incurred between 2031 and 2045.
上述承诺中，预计约______美元的支出将在 2030 年 12 月 31 日之前发生；其余绝大部分预计将在 2031 年至 2045 年之间发生。
Approximately $______ of these commitments are due in the next 12 months. See the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Contractual Obligations” for more information.
其中，约______美元的承诺支出将在未来 12 个月内到期应付。更多信息，请参阅“管理层对财务状况和经营成果的讨论与分析——流动性与资本资源——合同义务”章节。
04 企业应用怎样推动进步
Enterprise Strategy. Our enterprise strategy is built on the belief that frontier AI is most valuable in real-world settings, as deployment across enterprises is where economic impact is greatest and where the improvement loops from customer feedback are richest.
企业市场战略。我们的企业市场战略基于这样一种信念：前沿 AI 在实际应用场景中最能发挥价值，因为在企业中部署这项技术，既能产生最大的经济影响，也能通过客户反馈形成最丰富的改进循环。
Accordingly, we have organized our research priorities, our product roadmap, and our go-to-market and Applied AI teams around enterprise use cases, which range from routine knowledge work to the most complex problems.
因此，我们围绕企业应用场景确定研究重点和产品路线图，并组织市场拓展团队与应用 AI（Applied AI）团队的工作。这些场景涵盖日常知识工作，也包括最复杂问题的解决。
The customer feedback we gather directs our research focus and makes Claude more capable over time.
我们收集到的客户反馈为研究重点提供方向，并让 Claude 的能力随时间不断提升。
This broadens where Claude can be deployed and further expands enterprise adoption, which helps ensure that the benefits of our AI reach people and organizations at scale.
这拓展了 Claude 的部署范围，进一步推动其在企业中的普及，有助于确保我们的 AI 惠及更广泛的人群和组织。
05 资本与公司治理
公益公司
We have a novel capital and corporate governance structure. We are incorporated as a public benefit corporation under Delaware law, a structure consistent with our commitment to artificial intelligence (“AI”) safety and responsibility.
我们拥有一种新型的资本和公司治理结构。我们依据特拉华州法律注册为一家公益公司（public benefit corporation）；这种公司形式与我们对人工智能（AI）安全和负责任发展的承诺一致。
As a public benefit corporation, we are required to balance the pecuniary interests of our stockholders, the best interests of those materially affected by our conduct, and the specific public benefit purpose identified in our amended and restated certificate of incorporation: the responsible development and maintenance of advanced AI for the long-term benefit of humanity.
作为一家公益公司，我们必须在以下三者之间取得平衡：股东的金钱利益；受到我们行为重大影响者的最佳利益；以及我们经修订和重述的公司注册证书中载明的特定公益目的——为了人类的长期利益，以负责任的方式开发和维护先进 AI。
长期利益信托
We created our Long-Term Benefit Trust (the “LTBT”) to help ensure that Anthropic, PBC is managed in a manner that responsibly balances its goals as a public benefit corporation. The LTBT is intended to operate as an independent body of financially disinterested trustees with expertise in AI safety, national security, public policy, and social enterprise.
我们设立了长期利益信托（Long-Term Benefit Trust，简称 LTBT），以帮助确保 Anthropic, PBC 在管理中负责任地平衡其作为公益公司的各项目标。LTBT 旨在作为一个独立机构运作，由无财务利益关联的受托人组成；这些受托人在 AI 安全、国家安全、公共政策和社会企业等领域具备专业知识。
Through a special class of common stock, Class T common stock, the LTBT generally has the authority to elect and remove the Class T directors, who together will constitute a majority of the authorized members of our board of directors.
通过一种特殊类别的普通股，即 T 类普通股，LTBT 通常有权选举和罢免 T 类董事。这些 T 类董事合计将占董事会获授权席位的多数。
Our Class T common stock does not otherwise have voting rights with respect to matters submitted to stockholders generally and has no economic rights.
除此之外，对于提交股东普遍审议的事项，我们的 T 类普通股不享有投票权，也不享有任何经济权利。
创始人的投票权
Immediately prior to the completion of this offering, we will also issue a single share of Class F common stock, a special class of our common stock, to a limited liability company organized by our co-founders (the “Founder LLC”).
紧接本次发行完成之前，我们还将向一家由联合创始人组建的有限责任公司（Founder LLC）发行一股 F 类普通股。F 类普通股是我们普通股中的一个特殊类别。
Dario Amodei, our Chief Executive Officer and a member of our board of directors, and Daniela Amodei, our President and Chairperson of our board of directors, together with our five other co-founders, will initially be the sole members of the Founder LLC.
我们的首席执行官兼董事会成员 Dario Amodei、总裁兼董事会主席 Daniela Amodei，以及另外五名联合创始人，最初将是 Founder LLC 的全部成员。
Our Class F common stock, which will be held by the Founder LLC, will be entitled to an aggregate number of votes that equals 50.1% of the total voting power of our outstanding shares of capital stock with respect to matters submitted to stockholders generally, including the election of our directors other than the Class T directors.
由 Founder LLC 持有的 F 类普通股，对于提交股东普遍审议的事项，包括选举 T 类董事以外的其他董事，将享有合计相当于我们发行在外股本总投票权 50.1% 的票数。
Our Class F common stock will not have any economic rights.
我们的 F 类普通股不享有任何经济权利。
员工与其他股东的权利
Upon the completion of this offering, we will also authorize a special class of our common stock, Class E common stock, which will be issued to our employees, excluding our co-founders. Our Class E common stock will be entitled to vote only on certain limited matters and will not have any economic rights.
本次发行完成后，我们还将授权发行一种特殊类别的普通股，即 E 类普通股。E 类普通股将发行给我们的员工，但不包括联合创始人。我们的 E 类普通股仅有权就某些有限事项投票，不享有任何经济权利。
In addition, we have authorized Class A common stock and Class N common stock. The rights of the holders of Class A common stock and Class N common stock are identical, except with respect to voting and conversion.
此外，我们已授权发行 A 类普通股和 N 类普通股。除投票权和转换权外，A 类普通股与 N 类普通股持有人的权利相同。
Each share of Class A common stock is entitled to one vote per share and shares of Class N common stock have no voting rights, except as otherwise required by law.
每股 A 类普通股享有一票投票权。除法律另有要求外，N 类普通股不享有投票权。
The holders of our Class N common stock are primarily strategic business partners, and shares of Class N common stock will generally convert to Class A common stock upon a sale or transfer to an unaffiliated third party. Our Class A common stock is not convertible.
N 类普通股的持有人主要是战略业务合作伙伴。在向非关联第三方出售或转让时，N 类普通股通常将转换为 A 类普通股。我们的 A 类普通股不可转换。
See the sections titled “Risk Factors—Risks Related to our Governance Structure,” “Our Governance Structure and Its Goals,” and “Description of Capital Stock” for more information.
更多信息，请参阅题为“风险因素——与我们的治理结构相关的风险”“我们的治理结构及其目标”及“股本说明”的章节。
06 强大AI的潜力
We believe that Powerful AI, a highly capable and impactful form of frontier AI characterized by the following key attributes, will become widely available within a few years:
我们相信，强大 AI（Powerful AI）——一种能力强、影响重大的前沿 AI 形态，具有以下关键特征——将在几年内广泛可用：
• cognitive capabilities matching or exceeding those of top human experts across most professional and scientific disciplines;
• 在大多数专业和科学领域，认知能力达到或超过顶尖人类专家的水平；
• the ability to navigate all interfaces available to a human working virtually, including text, audio, video, and direct computer control;
• 能够操作人类在虚拟环境中工作时可使用的所有界面，包括文本、音频、视频和直接计算机控制；
• the ability to reason through complex tasks autonomously over extended periods—lasting hours, days, or weeks—and seek clarification and feedback when needed;
• 能够在较长时间内自主推理复杂任务，持续时间可达数小时、数天或数周，并在需要时寻求澄清和反馈；
• the ability to coordinate across multiple instances and collaborate with both humans and other AI systems; and
• 能够在多个实例之间协调，并与人类及其他 AI 系统协作；
• the ability to interface with the physical world by digitally controlling laboratory equipment, robotic systems, and other machines through digital connections.
• 能够通过数字连接，以数字方式控制实验室设备、机器人系统和其他机器，从而与物理世界交互。
If Powerful AI is directed at solving humanity’s hardest problems and the risks are managed responsibly, the potential is extraordinary.
如果强大 AI 被用于解决人类最棘手的问题，且相关风险得到负责任的管理，其潜力将是非凡的。
The possibilities include compressing decades of scientific progress into years; accelerating drug discovery, disease detection, and the delivery of personalized therapy; providing individually tailored education and expert financial and legal advice; advancing power grids and battery design for greater efficiency and reliability; and extending to the developing world capabilities that took wealthy nations generations to build.
这些可能性包括：将数十年的科学进步压缩到数年内；加快药物发现、疾病检测和个性化治疗的实施；提供因人定制的教育，以及专家级金融和法律建议；改进电网及电池设计，提升效率与可靠性；并将富裕国家耗时数代才建立的能力带到发展中世界。
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