Yahoo Finance's Deirdre Bosa comments: Seven suppliers subscribe to US$26 billion in Anthropic IPO, highlighting risks of concentrated AI circular financing
Yahoo Finance technology reporter Deirdre Bosa pointed out that Nvidia, Google and five other technology companies will subscribe to a total of US$26 billion in shares through a private placement in Anthropic's IPO, while these companies are also selling chips to Anthropic or providing computing services to it.
According to the relevant disclosures, the seven companies are Google and Nvidia at about US$10 billion each, AMD at US$2.5 billion, and Broadcom, Micron, Microsoft and TSMC. Anthropic has signed contracts for nearly US$900 billion in computing services and infrastructure, about half of which must be paid by the end of 2030. Bosa believes that suppliers providing funds to customers, while customers in turn commit to purchasing their products, creates circular financing, with risks highly concentrated; if any link has a problem, it may affect the entire industry.
She also mentioned CoreWeave's earnings report: revenue increased 168% year over year, and she said that under the current high interest rates, it will not issue similar unsecured debt again at least until 2027. Customer prepayments and margins over the next three months are about US$9 billion, partially easing concerns in the bond market. Anthropic's revenue growth is real, but the source of funds remains highly dependent on the industry's internal circulation.
Original source: x.com/YahooFinance/status/2120627260298244563
ABAB AI Insight
AI infrastructure suppliers are subscribing to shares on a large scale in a customer's IPO while also selling chips and computing services to it, forming a circular funding path. Bosa commented that seven companies including Nvidia and Google will subscribe to US$26 billion in shares in Anthropic's IPO, while Anthropic has already committed to nearly US$900 billion in computing contracts. Funds flow from suppliers into the customer, then flow back to suppliers in the form of purchases.
Unlike independent funding from external investors, this path places suppliers simultaneously in the roles of investor and seller. In such a situation, capital is more concerned with the amplification effect of circular financing on volatility in a single link, and whether customer prepayments can replace high-interest debt. CoreWeave has eased pressure from unsecured debt through customer prepayments, showing that internal industry capital flows have become a major financing tool.
This commentary places Anthropic's IPO and supplier subscriptions within a circular financing framework. The beneficiaries are Anthropic and the suppliers, which receive both funding and order support; external investors, meanwhile, face considerations of concentrated risk and valuation dependence on internal funding. The structural change is that AI growth funding is shifting from external financing to internal industry circulation, with suppliers moving from pure sellers to dual roles in both investment and sales.
Cognitive laws
When suppliers subscribe to customer shares and sell products, funds form a loop from the seller to the buyer and then back again.
The combination of large-scale computing contracts and internal investment means volatility in a single link may spread across the entire industry.
Customer prepayments replacing high-interest debt show that internal industry capital has become the main source of financing.