Anthropic PBC has signed up for more than $600 billion in long-term computing capacity, and its own draft IPO prospectus says the company still cannot get as much as it wants.
Anthropic PBC已簽約採購超過6000億美元的長期算力，而其提交的IPO招股說明書也顯示，該公司目前仍難以獲得所需全部算力。
The numbers surfaced in a draft filing reviewed by the Wall Street Journal. The draft prospectus details planned payments of $111 billion to Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG), $110 billion to Amazon.com (NASDAQ:AMZN) and $31 billion to Microsoft Corp. (NASDAQ:MSFT) even if the company does not use all the computing capacity covered by those agreements.
這些數據出現在一份由《華爾街日報》審閱的招股說明書草案中。該草案詳細列出了計劃向字母表公司（納斯達克代碼：GOOGL、GOOG）、亞馬遜公司（納斯達克代碼：AMZN）以及微軟公司（納斯達克代碼：MSFT）支付共計1110億美元、1100億美元和310億美元的款項，即便該公司並未用盡上述協議所涵蓋的所有計算能力。
The hyperscalers are only part of the picture. Anthropic could pay as much as $86 billion to rent Nvidia-powered computing resources from providers Nscale and Lambda under agreements running through 2033 and 2034, respectively. Both providers deploy chips from Nvidia Corp. (NASDAQ:NVDA).
超大規模雲服務商只是其中的一部分。根據分別截至2033年和2034年的協議，Anthropic可能支付高達860億美元，向Nscale和Lambda等供應商租用由英偉達提供算力的計算資源。這兩家供應商均部署了來自英偉達公司（納斯達克：NVDA）的芯片。
The long-term infrastructure tab could surpass $600 billion once obligations under a Google chip-leasing arrangement involving Broadcom Inc. (NASDAQ:AVGO), with Broadcom tied to more than $160 billion in leased Google chips.
長期基礎設施支出項目在涉及博通公司（納斯達克股票代碼：AVGO）的谷歌芯片租賃安排下的相關義務落實後，有望超過6000億美元，其中博通所承擔的租賃谷歌芯片金額已超過1600億美元。
Where the Filing Admits the Gap
在立案承認存在漏洞的情況下
The shortfall shows up in the prospectus risk disclosures. Anthropic warned that access to computing capacity remains uncertain, saying it has sought more capacity than some major cloud partners were willing to provide as they increasingly view Anthropic as a competitor.
這一資金缺口已在招股說明書的風險披露中予以體現。Anthropic警告稱，計算資源的獲取仍存在不確定性，並表示，隨着其日益被視爲競爭對手，一些大型雲服務提供商已不願向其提供足量的算力。
Read plainly, the companies collecting the largest checks from Anthropic are also rationing supply to it. Google, Amazon and Microsoft each sell rival AI models or back competing labs.
坦率地說，從Anthropic獲得最大筆投資的公司也在對其供應進行配給。谷歌、亞馬遜和微軟各自銷售競爭對手的人工智能模型，或資助相互競爭的實驗室。
Anthropic is also discussing additional agreements that could push its total commitments up by as much as $150 billion. If those deals are completed, the total could reach about $750 billion.
Anthropic還在商談其他協議，這些協議有望將其總承諾規模再增加高達1500億美元。若相關交易順利完成，總金額或將達到約7500億美元。
The red-hot demand for AI explains the urgency. Anthropic generated about $16.3 billion in revenue in the six months ended June 30, up from $1.1 billion a year earlier, while spending on computing capacity and infrastructure climbed to nearly $9 billion, compared with $2.3 billion in the first half of 2025.
人工智能的火熱需求解釋了這一緊迫性。截至6月30日的六個月裏，Anthropic實現營收約163億美元，較上年同期的11億美元大幅增長；與此同時，其在計算能力和基礎設施方面的支出攀升至近90億美元，而2025年上半年這一數字僅爲23億美元。
The six-month total exceeded the $7.3 billion Anthropic spent on computing and infrastructure throughout 2025.
六個月的總支出已超過Anthropic在2025年全年用於計算與基礎設施的73億美元。
The losses look severe on paper. The vast majority of its $80.7 billion first-half loss, $72 billion, stemmed from accounting charges tied to changes in the value of convertible notes and other financial instruments issued to raise capital.
從賬面來看，虧損相當嚴重。該公司上半年807億美元的巨額虧損中，有720億美元源自與爲融資而發行的可轉換債券及其他金融工具價值變動相關的會計計提。
An Overlooked AI Catalyst
一個被忽視的人工智能催化劑
Anthropic's S-1 draft landed on a crowded day. Space Exploration Technologies Corp. (NASDAQ:SPCX) drew most of the attention with its quarterly report, where its superintelligence segment posted revenue of $7.6 billion, driven by cloud services and the deployment of compute infrastructure.
Anthropic的S-1草案在一片繁忙之日出爐。太空探索技術公司（納斯達克：SPCX）憑藉其季度報告吸引了大部分關注，該公司的人工智能業務板塊實現營收76億美元，主要得益於雲服務和計算基礎設施的部署。
Anthropic's disclosure could arguably matter more for the broader AI trade. A buyer with $600 billion already committed, and openly asking for more, signals multi-year demand for chips, data centers and cloud capacity. Google, Amazon, Microsoft, Nvidia and Broadcom all sit on the receiving end.
Anthropic的披露或許對更廣泛的AI產業更具意義。一家已承諾投入6000億美元、且公開尋求更多資金的買家，預示着未來數年對芯片、數據中心和雲服務容量的強勁需求。谷歌、亞馬遜、微軟、英偉達和博通都將成爲這一需求的受益方。
Investors will get a closer look soon. The disclosures come as Anthropic prepares for a potentially blockbuster IPO that could value the company at as much as $2 trillion.
投資者很快將獲得更詳盡的信息。這些披露正值Anthropic籌備一場可能創下紀錄的首次公開募股，其估值或高達2萬億美元。 (Benzinga)