Stop being fooled by Anthropic’s $26 billion “top-tier endorsement”—this is no supplier rush to buy equity, but a carefully engineered consortium insurance policy.
According to details from the S-1 disclosed by CNBC, seven major players, including Google, Nvidia, and Microsoft, plan to subscribe for $26 billion worth of Anthropic private shares at the IPO price. But on the other side of the ledger, Anthropic has signed irrevocable commitments for computing power worth more than $500 billion—and the recipients are precisely those same investors.
Money flows from suppliers into Anthropic’s funding pool, then turns around and flows right back into suppliers’ pockets as irrevocable bills.
For Anthropic, this secures backing from top industry giants and a stable valuation floor. But for secondary-market investors, the risk is extremely high. Equity valuations can fluctuate with the market, but those $500 billion in fixed bills won’t shrink. If the commercialization of large language models slows down, this “taking from one hand and giving to the other” could turn into a scenario where the giants cash out first and retail investors foot the bill.
What you’re buying isn’t the future of tech—it’s the suppliers’ own sales figures.
What do you make of this closed loop? Is it a deep integration across the industry chain, or a consortium trick in new packaging?
Every day, we get to the bottom of one fundamental principle. Follow Dongye, and see you tomorrow. #Anthropic拒绝延期IPO，本周路演估值几何？
According to details from the S-1 disclosed by CNBC, seven major players, including Google, Nvidia, and Microsoft, plan to subscribe for $26 billion worth of Anthropic private shares at the IPO price. But on the other side of the ledger, Anthropic has signed irrevocable commitments for computing power worth more than $500 billion—and the recipients are precisely those same investors.
Money flows from suppliers into Anthropic’s funding pool, then turns around and flows right back into suppliers’ pockets as irrevocable bills.
For Anthropic, this secures backing from top industry giants and a stable valuation floor. But for secondary-market investors, the risk is extremely high. Equity valuations can fluctuate with the market, but those $500 billion in fixed bills won’t shrink. If the commercialization of large language models slows down, this “taking from one hand and giving to the other” could turn into a scenario where the giants cash out first and retail investors foot the bill.
What you’re buying isn’t the future of tech—it’s the suppliers’ own sales figures.
What do you make of this closed loop? Is it a deep integration across the industry chain, or a consortium trick in new packaging?
Every day, we get to the bottom of one fundamental principle. Follow Dongye, and see you tomorrow. #Anthropic拒绝延期IPO，本周路演估值几何？
