According to The Wall Street Journal, Anthropic worked around hyperscalers’ limits on AI computing capacity by committing to buy more than $20 billion of AMD computing services. In return, AMD committed to purchase up to $5 billion worth of Anthropic stock, in an arrangement announced in July before appearing in Anthropic’s September IPO prospectus. The deal covers up to two gigawatts of AMD’s Instinct MI450 chips starting in the first half of 2027 and effectively functions as an indirect rebate, since Anthropic’s payments for computing services could be reinvested in the company. Anthropic reported an operating loss of more than $8 billion in 2025 on $4.6 billion in revenue, while AMD’s investment could help support an optimistic valuation for the company.
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