纽约/旧金山，10月1日：Anthropic的首次公开募股（IPO）招股书详细披露了其与多家大型科技公司的广泛合作关系。其中，芯片制造商博通（Broadcom）尤为引人注目。
NEW YORK/SAN FRANCISCO, Oct 1 : Anthropic’s IPO prospectus documents extensive partnerships with a handful of big tech firms. One stands out: chip maker Broadcom.
该公司与Anthropic的关系涵盖了计算资源供应、设备租赁和融资等多个方面，这使得这家半导体公司在Anthropic的基础设施建设中占据了核心地位。这一点使其区别于亚马逊等其他主要合作伙伴和投资者，后者主要为Anthropic的模型Claude提供云基础设施和分发渠道。
The company's relationship with Anthropic spans compute supply, equipment leasing and financing - giving the semiconductor company a central role in Anthropic's infrastructure buildout. That differentiates it from other major partners and investors such as Amazon, which primarily provide cloud infrastructure and distribution for Anthropic's model Claude.
作为此次IPO文件中披露的复杂合作关系的一部分，博通已同意向Anthropic提供最高420亿美元的贷款，用于资助其基础设施支出。
As part of that complex relationship, revealed in the IPO filing, Broadcom has agreed to lend Anthropic up to $42 billion to finance infrastructure spending.
作为回报，Anthropic明年有望成为博通核心芯片设计业务的最大客户。这种互惠支出模式已成为华尔街人工智能怀疑论者关注的焦点，尽管这家人工智能实验室正准备进行可能使其估值达到2万亿美元的首次公开募股。
In turn, Anthropic stands to become the largest customer in Broadcom’s bread-and-butter chip design business next year, making their relationship a prime example of the reciprocal spending that has animated AI skeptics on Wall Street, even as the AI lab readies a public offering that could see it valued at $2 trillion.
罗斯柴尔德公司（Rothschild & Co）的管理合伙人罗伯特·莱陶（Robert Leitao）表示：“目前市场似乎在进行一场高度集中的押注，即这两家公司有能力产生足够的收入来支撑所有已经发生的融资。”
"It feels that there's quite a concentrated bet right now on two companies being able to generate enough revenues to support all the financing that's happened," said Robert Leitao, managing partner of Rothschild & Co.
作为融资安排的一部分，博通可以指定融资合作伙伴，且这些债务工具可以转换为Anthropic的股份。Anthropic在文件中表示，预计在完成IPO之前不会出售任何票据。
As part of the financing arrangement, Broadcom could designate a financing partner, and the debt instruments could be converted into Anthropic shares. Anthropic said in its filing it doesn't expect any notes to be sold before it completes its IPO.
Anthropic将发行的可转换票据可为其五年期张量处理单元（TPU）计算能力租赁承诺（总额1252亿美元）提供约三分之一的资金。
The convertible note Anthropic would issue could finance about a third of the $125.2 billion commitment the AI lab has made for a five-year lease of tensor processing unit (TPU) computing capacity.
Alphabet旗下的谷歌与博通在多代TPU产品上均有合作。Anthropic于4月宣布扩大与博通和谷歌的合作关系，这将使其从2027年开始获得数吉瓦（gigawatts）的下一代TPU计算能力。
Alphabet's Google and Broadcom have collaborated on several generations of the TPUs. Anthropic announced in April an expanded partnership with Broadcom and Google that will give it access to multiple gigawatts of next-generation TPU compute capacity beginning in 2027.
对于博通（Broadcom）而言，此项融资安排效仿了竞争对手英伟达（Nvidia）近年来的做法——利用自身雄厚的财务实力来助力芯片销售。
For Broadcom, the financing arrangement follows what rival Nvidia has done in recent years - use its strong financial position to help boost chip sales.
海港研究（Seaport Research）分析师杰伊·戈德堡（Jay Goldberg）表示：“英伟达正在投入巨额资产负债表资金，博通也不得不效仿。”
"Nvidia is putting in place a massive amount of its balance sheet, and Broadcom is having to follow suit," Seaport Research analyst Jay Goldberg said.
潜在利益冲突：根据招股说明书，Anthropic披露称，博通在提供硬件和担任融资合作伙伴方面的角色产生了“潜在利益冲突”，这可能会影响Anthropic获取其工作所需计算能力的能力。
POTENTIAL CONFLICTS OF INTEREST Anthropic disclosed that Broadcom's role in supplying hardware and acting as a financing partner creates "potential conflicts of interest" that might affect Anthropic's ability to access the computing power needed for its work, according to the prospectus.
这家人工智能实验室还警告称，博通在定价和硬件方面的决策可能会影响其采购足够计算基础设施的能力。博通未予置评。Anthropic拒绝置评。
The AI lab also warned that Broadcom's decisions around pricing and hardware could affect its ability to procure enough computing infrastructure. Broadcom did not comment. Anthropic declined to comment.
根据备案文件，关于可转换债务，Anthropic表示已于2026年4月为博通的利益存入现金至受限账户，并可能在特定情况下被要求追加金额。
Related to the convertible debt, Anthropic said it deposited cash into a restricted account for Broadcom's benefit in April 2026 and may be required to contribute additional amounts in certain circumstances, according to the filing.
该公司警告称，某些付款或履约违约可能导致其大部分租赁义务立即到期，同时限制其使用420亿美元融资工具来支付这些款项的能力。
The company warned that certain payment or performance defaults could make a substantial portion of its lease obligations immediately due while limiting its ability to use the $42 billion financing facility to cover those payments.
与此同时，预计Anthropic将在2027年成为博通最大的计算客户。博通预计其2027财年人工智能半导体收入约为1150亿美元，2028财年约为2300亿美元。
Meanwhile, Anthropic is expected to become Broadcom's largest compute customer in 2027. Broadcom projects AI semiconductor revenue of about $115 billion in fiscal 2027 and $230 billion in fiscal 2028.