Anthropic 的 $518B 算力计划中约 $413.7B（约年均 $41B）为无论是否使用都须支付的承诺，数据来自投资 Anthropic 的两只基金向 SEC 提交的招股说明书。
原文从招股书拆出 $518B 承诺中约 $413.7B 为刚性支出，读者可据此评估 Anthropic 的资金压力与股权结构。
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