Anthropic上季度的算力成本增速超过了营收增速。第三季度，算力成本占营收的比例从48%升至58%。TechCrunch的拉塞尔·布兰多姆在Anthropic修订后的IPO文件中发现了这些数据。
Anthropic compute costs grew faster than its revenue last quarter. Compute took 58% of revenue in the third quarter, up from 48%. TechCrunch’s Russell Brandom found the figures in Anthropic’s amended IPO filing.
正如我们周一报道的那样，营收从上一季度的116亿美元增至170亿美元。但TechCrunch报道称，文件中的一张图表显示，每1美元算力投入对应的营收降至1.72倍，而此前略高于2倍。
Revenue rose to $17bn, from $11.6bn the quarter before, as we reported on Monday. But a chart in the filing shows revenue per dollar of compute falling to 1.72x, from just over 2x, TechCrunch reported.
短期算力成本更高 Anthropic的算力和基础设施账单在该季度达到99亿美元。文件称，Anthropic其中约一半是通过短期承诺购买的。
Short-term compute costs more Anthropic’s compute and infrastructure bill reached $9.9bn in the quarter. Anthropic bought about half of it under short-term commitments, the filing says.
“根据短期承诺购买的算力为50亿美元，其当前成本显著高于根据我们多年期承诺采购的同类算力。”Anthropic修订后的S-1文件 TechCrunch将利润率走弱与Anthropic和英国Nscale等较小云服务商的交易联系起来。Anthropic表示，它可以将短期算力置换为更便宜的长期容量。文件称，随着在其“Anthropic Direct”计划下代表其运营的专用数据中心上线，公司计划这样做。TechCrunch称，利润率下滑更可能只是暂时现象，而非持久问题。
“$5.0 billion of compute under short-term commitments, which currently costs significantly more than comparable compute procured under our multi-year commitments.”Anthropic, amended S-1 TechCrunch tied the weaker margins to deals with smaller cloud providers, such as Britain’s Nscale. Anthropic says it can swap the short-term compute for cheaper long-term capacity. It plans to do so as dedicated data centres run on its behalf, under a programme it calls Anthropic Direct, come online, the filing says. TechCrunch called the margin dip more likely a blip than a lasting problem.
文件称，员工成本略有下降，因为部分期权奖励已完全归属。据TechRadar从文件中查阅，Anthropic该季度在人员上的支出为17.11亿美元，低于18.57亿美元。一年前，这一支出为4.89亿美元。股权薪酬占该季度总额的11亿美元。
Staff costs fell slightly, because some option awards became fully vested, the filing says. Anthropic spent $1.711bn on personnel in the quarter, down from $1.857bn, TechRadar reported from the filing. A year earlier it spent $489m. Stock-based pay made up $1.1bn of the quarter’s total.
博通的兜底 供应商也帮助支付Anthropic的芯片费用。美国银行、花旗、摩根士丹利和黑石将资助一家新公司，由该公司购买博通芯片并将其租赁给Anthropic。该交易于10月26日宣布，交付将于2027年开始。邵文为《财富》报道称，如果Anthropic违约，博通已同意承担这笔630亿美元交易中的损失，一旦设备部署完成，承担上限约为430亿美元。
Broadcom’s backstop Suppliers also help pay for Anthropic’s chips. Bank of America, Citi, Morgan Stanley and Blackstone will fund a new company that buys Broadcom chips and leases them to Anthropic. The deal was announced on 26 October, and deliveries start in 2027. If Anthropic defaults, Broadcom has agreed to absorb losses on the $63bn deal, up to about $43bn once the kit is deployed, Wen Shao reported for Fortune.
另外，Anthropic可以用最高420亿美元的可转换票据向博通支付租金。该融资安排始于今年3月，我们曾在10月报道过。文件显示，这些票据利率为9%，可按10%的折扣转换为股票。如果Anthropic未能达到某些营收目标，利率将升至13%，折扣将变为15%。Anthropic表示，这些目标远低于其近期的增长水平。
Separately, Anthropic can pay rent with up to $42bn in convertible notes to Broadcom. That facility dates from March, and we covered it in October. The notes carry 9% interest and convert into shares at a 10% discount. If Anthropic misses certain revenue targets, that becomes 13% and a 15% discount, the filing shows. Anthropic says the targets sit well below its recent growth.
文件显示，截至9月底，Anthropic拥有1466亿美元现金、短期投资和可用银行信贷。
Anthropic had $146.6bn in cash, short-term investments and available bank credit at the end of September, according to the filing.
“供应商融资支持建设；但最终，为其买单需要来自终端客户的收入。”哥伦比亚商学院教授斯泰恩·范尼乌韦尔堡对《财富》表示。其他供应商也将资金与其硬件挂钩。文件显示，AMD已承诺购买最高50亿美元的Anthropic股份。这笔资金将在其GPU达到交付和部署里程碑时到位，首个里程碑预计在2027年。Anthropic正在筹备史上规模最大的股票上市之一。
“Supplier financing supports construction; ultimately, paying for it requires revenue from end customers.”Stijn Van Nieuwerburgh, Columbia Business School, to Fortune Other suppliers tie funding to their hardware too. AMD has committed to buy up to $5bn of Anthropic shares, the filing shows. The money comes as its GPUs reach delivery and deployment milestones, the first expected in 2027. Anthropic is preparing one of the largest stock market listings on record.