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Anthropic的估值看似高企,但扒扒账本就明白了。过去两年收入直线拉升:$100M翻到$1B,再冲到$9-10B。假设明年只增长3倍,那NTM估值倍数就落在17倍左右。这个价格其实不贵——比Palantir要便宜,跟Cloudflare差不多水平。用数据说话,AI赛道的头部玩家,这个估值确实有支撑。