Amodei says compute investment before Anthropic IPO is uncertain

Speaking at a JPMorgan Chase investor event in New York, Anthropic CEO Dario Amodei said compute is "the deepest business dilemma" the company faces, since it must be bought one to two years ahead of knowing whether revenue will justify the cost, and that "there's a huge uncertainty in what's going to happen next year." Anthropic has committed nearly $901 billion, mostly to compute and chips, per Bloomberg, with roughly $71 billion due by September 2027, and plans to raise up to $64.4 billion through its IPO plus $26 billion in a private placement. Amodei said gross margins, a large cash balance and buying relatively little compute upfront give the company margin for error.