在 HumanX 会议中，成千上万名 AI 创业者、研究人员与投资人汇聚，Anthropic 几乎主导了整个讨论。该公司周一宣布其营收年化额（revenue run rate）已达 30 billion 美元，已高于先前预期的年度目标，并与 Google 与 Broadcom 签署算力扩充合作，以应对其产品需求的激增。隔日又推出一款新模型，称其为「too powerful to release publicly」，进一步巩固其市场主导地位。

Anthropic 已成为投资人讨论中的预设基准。Hans Tung 指出，许多创业者在说明为何不与其竞争时，会主动先提到 Anthropic，而投资人也常据此与其他专案作比较。各方逐渐偏好认为存在空隙的领域：例如 physical AI 与某些金融服务 AI 流程，因为直接与 Anthropic 核心或未来延伸领域重叠的项目会被加上更高的融资门槛，Jai Das 如此表示。

尽管门槛上升，AI 应用层资金仍持续流入。以 Cursor 为例，其募资谈判规模据称接近 50 billion 美元，尽管 Anthropic 的 coding 业务正加速前进，OpenAI 也在转向企业客户，并退出电商与影片生成等 side quests。这种变化可能有利于非核心应用新创，但研究导向的“neolabs”正面临更高审视；GV 的 Sangeen Zeb 指出，尽管 seed 融资有时可达数十亿美元，若要募集 5 billion 美元，投资人会越来越直接追问「产品在哪里」。

At HumanX, where thousands of AI founders, researchers, and investors met, Anthropic dominated the conversation. The company reported a 30 billion USD revenue run rate—already above its previously stated full-year target—and signed capacity deals with Google and Broadcom as demand for its products surged. The next day it launched a new model it called too powerful to release publicly, reinforcing its perceived leadership.

Anthropic is now a default benchmark in investor discussions. Hans Tung noted founders often preemptively reference Anthropic when explaining why they are not competing with it, while investors increasingly evaluate peers against that standard. Sector interest has shifted toward perceived white spaces: physical AI and certain financial-services workflows are drawing more venture attention, since projects overlapping Anthropic’s core or likely expansion areas face a higher investment bar, Jai Das said.

Despite the higher bar, capital is still flowing into AI application layers. Cursor, for example, has reportedly discussed raising funds at roughly a 50 billion valuation even as Anthropic’s coding business accelerates and OpenAI pivots to enterprise focus by dropping side bets in e-commerce and video generation. That shift may benefit non-core application startups, but scrutiny is rising on research-led “neolabs”: while seed rounds can still be in the billions, as Sangeen Zeb said, a 5 billion raise is increasingly expected to answer plainly, where the product is.