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Bybit 马丁|股票交易上 Bybit
@BybitMartin
7年老兵,在Bybit 为全球华人服务
加入 March 2022
765 正在關注    17K 粉絲
兄弟们,Claude母公司这招股书出来,真让人有点看的眼红。怎么能有一家公司,封客户封得这么狠,收钱还收得这么猛呢? 上半年营收163亿美金,去年同期才大约12亿。已经翻了十几倍了,对吧?结果到了三季度,单季又干到168亿,比二季度再涨约45% 不是,一个季度,比前面半年加起来还多,这生意让你做的 然后再看收入构成,上半年八成收入来自按量计费,订阅大约占两成。咱们平时还在纠结会员值不值,人家那边的大头就不是这会员费,而是API调用这些业务,用多少,收多少钱 企业今天拿它试个项目,明天觉得好用,再多接几个业务,用量一上去,账单就跟着上去了。你这边让AI多干点活,它那边就能多收一笔钱 那你说,会不会就靠几个大客户在那儿使劲充值? 三季度,前五大客户占总收入大约21%。而且这几家花的钱都创了新高,占比反而降了。说明什么?大客户在加钱,其他客户加得还更快 还有那个净收入留存率,到9月底,大约900% 900%啊。公司统计的同一批老客户,贡献的收入差不多做到了一年前的九倍。中间少用的、流失的也算进去了,最后还能有这个数 你做生意,让客户明年接着买,就已经挺高兴了。它这边老客户合起来,直接把账单干到九倍。你说这让不让人眼红 所以看完这些数据,我觉得它这生意确实有东西。客户试完以后,还愿意多掏钱、多安排活给它干。这个数摆出来,证明人家还真不只是靠热闹 但封号这事,还是得吐槽。生意做这么大了,用户体验也照顾一下嘛。别大家活干到一半,还得去研究自己到底犯了什么罪 另外,Bybit也已经上线了Anthropic的Pre-IPO永续合约 看完招股书,对它上市前的估值有自己的判断,想表达一下的兄弟,也可以来看看
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My quick takeaways on the Anthropic S-1: 1. This is a historical moment 2. $6.6M in revenue per employee!! Hard to even comprehend how good that is but Anthropic is AI native as it gets so makes sense. 3. I always thought OpenAI would drop their S-1 first 4. Customers spend about 9x more after a year. Net Revenue Retention is approximately 900% as of Sep 30, 2026. Good SaaS companies brag about 120%. 5. Cowork is growing faster than Claude Code did. Goes to show you the demand for consumer products. Duo will probably rip. 6. 3 years ago this company did $41M in revenue. In the first six months of 2026, it did $16.3 billion. I don't think anyone has a mental model for that curve yet, I sure don’t. 7. Nearly half of revenue comes through cloud marketplaces. About 48% comes from customers buying through them. Big companies buy where their budget already lives, and the lesson for founders selling to enterprises is to get listed where your buyers already spend. 8. Their run rate formula is published: the last 28 days of usage times 13, plus subscriptions times 12, which i guess is the new ARR math for founders? 9. It looks like They're merging Cowork into Claude dot au which tells you the chat box era is ending and the "go do the work for me" era is here. 10. Thousands of Anthropic employees are about to become liquid at once, so expect the biggest wave of new AI startups and angel checks San Francisco has ever seen. Reminds me when Facebook went public but this is way bigger. Let’s go! 11. Buried in the filing, Anthropic says the gap between what Claude can do and how widely it's used is one of its biggest growth opportunities, so the company itself is telling you the models are ahead of the market and someone has to close that gap for dentists, landlords, and plumbers. 12. Whatever happens, exciting times to be building in AI.
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