Anthropic 计划未来数年在云计算和计算力上支出 5180 亿美元,其中约 4137 亿美元为不可撤销承诺,即使容量闲置也需支付,平均每年约 410 亿美元。
原文依据 SEC 招股书拆解 Anthropic 计算力承诺的支付结构,读者可据此了解这笔支出中多少不依赖实际使用。
About 80% of Anthropic's $518B compute plan is owed even if the capacity sits idle.
About $413.7 billion of its commitments is owed whether the chips run or not, roughly $41 billion a year on average.
- according to official SEC prospectus filed by 2 funds who are investors to Anthropic (link in comment)
Broadcom has become the supplier Anthropic would find hardest to replace. Its $161.2 billion of chip leases, mainly for TPUs, is the largest single block, all of it owed regardless of use.
Anthropic's locked-in cloud payments likely make Google's and Amazon's own AI chips cheaper per unit. Google and Amazon are owed $221 billion regardless of use, much of it for capacity on their TPU and Trainium chips.
As per the prospectus of the funds, the 7 co-founders keep majority voting control after the IPO. A new Founder LLC would direct a single Class F share carrying 50.1% of the vote on key matters, and the filing concedes the structure could produce decisions that conflict with shareholders' financial interests. A founder who quits, dies, sells too many shares or is fired drops out of the Founder LLC.
Anthropic plans to spend $518B on cloud and compute in coming years, about 25 times the $20.3B in cash and short-term investments it held at the end of 2025. Its draft filing notes that several suppliers are also AI rivals, which could "adversely affect" their access to compute. After the Anthropic IPO @TradrETFs expects to launch leveraged long and short ETFs, $ANTT and $ANTZ. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. See the pre-effective prospectus. https://www.sec.gov/Archives/edgar/data/1587982/000121390026021796/ea0278457-01_485apos.htm在 X 查看被引用的帖子
来源:Rohan Paul · x.com