# Anthropic
> Claude 모델의 AI 랩으로 생성형 AI 수요의 또 다른 정점. 구글이 최대 $400억 투자(현금+컴퓨트, 5GW·TPU 100만개), 아마존이 최대 $250억 투자(Trainium 5GW)로, 학습 스택을 엔비디아 GPU·구글 TPU·아마존 Trainium에 분산한다. 런레이트 매출 약 $300억. 비상장(기업가치 ~$3500억).
Canonical: https://valuechain.wiki/anthropic · Updated: 2026-06-21T16:13:43.671+00:00 · Source: ValueChain.wiki (refined facts, cited)

## Financials & segments
- 총매출: 런레이트 매출 ~$300억
- 고객 집중도: 구글·아마존·엔비디아·브로드컴에 대규모 컴퓨트 약정.
- 사업부문: Claude API, 엔터프라이즈, 구독

## Value-chain annual returns (top→bottom: demand → node → supply)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Anthropic | node | · | · | · | · | · | · |
| CoreWeave | benef1 | · | · | · | · | · | +64.7% |
| 알파벳 (구글) | benef1 | +65.3% | -39.1% | +58.3% | +35.8% | +66.1% | +17.8% |
| 아마존 | benef1 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +5.9% |
| 샌디스크 | benef2 | · | · | · | · | · | +820.4% |
| Marvell | benef2 | +84.9% | -57.5% | +63.7% | +83.8% | -22.8% | +265.9% |
| Intel | benef2 | +6.1% | -46.6% | +94.6% | -59.6% | +84% | +263.1% |
| 크레도 | benef2 | · | · | +46.3% | +245.2% | +114.1% | +88.9% |
| 알칩 | benef2 | +14.3% | -8.7% | +365.1% | -18.9% | +0.8% | +40.2% |
| Arista Networks | benef2 | +97.9% | -15.6% | +94.1% | +87.7% | +18.5% | +29.5% |
| Foxconn | benef2 | -5.1% | +2.8% | +7.8% | +80.1% | +26.9% | +21.8% |
| NVIDIA | benef2 | +125.5% | -50.3% | +239% | +171.3% | +38.9% | +13.1% |
| 삼성전기 | benef3 | -11.8% | -18.5% | -1.4% | -2.5% | +110% | +713.6% |
| AT&S | benef3 | +57.5% | -22% | -27.6% | -41.3% | +188.9% | +493.2% |
| 키옥시아 | benef3 | · | · | · | · | +1082.1% | +408.4% |
| LG이노텍 | benef3 | +78.2% | -22% | -28.8% | -22.1% | +66.8% | +370.1% |
| Arm Holdings | benef3 | · | · | · | +64.2% | -11.4% | +302% |
| Micron Technology | benef3 | +24.1% | -46% | +72.1% | -1% | +240.5% | +297.6% |
| SK하이닉스 | benef3 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +204.7% |
| Ibiden | benef3 | +30.4% | -19.6% | +51.6% | -38.6% | +261% | +199% |
| 피에스케이 | benef3 | +22.7% | -19.6% | +14.2% | -2.6% | +228.2% | +168.3% |
| 섬코 | benef3 | -4.3% | -3.9% | +21.3% | -48.1% | +41.7% | +163.6% |
| 유니마이크론 | benef3 | +133.5% | -30.2% | +35.2% | -19.7% | +175.7% | +155.7% |
| ASE테크놀로지 | benef3 | +38.3% | -12.8% | +60.9% | +10.1% | +65.6% | +151.9% |
| Astera Labs | benef3 | · | · | · | · | +25.6% | +150.7% |
| 어플라이드 머티어리얼즈 | benef3 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +140.7% |
| 램리서치 | benef3 | +53.7% | -40.8% | +88.8% | -6.9% | +139.5% | +128.1% |
| Teradyne | benef3 | +36.8% | -46.3% | +24.8% | +16.5% | +54.4% | +126.4% |
| 난야PCB | benef3 | +110.6% | -46.7% | -0.5% | -38.3% | +188.2% | +125% |
| GlobalWafers | benef3 | +27.3% | -30.3% | +14.4% | -38.9% | +51% | +123.3% |
| 삼성전자 | benef3 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +121% |
| KLA | benef3 | +68% | -11.2% | +56% | +9.4% | +94.5% | +114.2% |
| Entegris | benef3 | +44.6% | -52.5% | +83.5% | -17.1% | -14.6% | +112.5% |
| Coherent | benef3 | -10% | -48.6% | +24% | +117.6% | +94.8% | +111.1% |
| 심텍 | benef3 | +119.6% | -34.6% | +12.4% | -63.3% | +392.9% | +105.5% |
| BESI | benef3 | +33.7% | -6.1% | +121.8% | -9.3% | +35% | +89.5% |
| 도쿄일렉트론 | benef3 | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +84.1% |
| ASML | benef3 | +64.1% | -30.5% | +39.9% | -7.7% | +55.8% | +81% |
| Monolithic Power | benef3 | +35.5% | -27.9% | +79.9% | -5.6% | +54.5% | +73.2% |
| SCREEN Holdings | benef3 | +40.7% | -13.2% | +220.1% | -24.1% | +84.9% | +71.9% |
| TSMC | benef3 | +12.1% | -36.8% | +42.5% | +92.9% | +56% | +53.3% |
| Tokyo Ohka Kogyo | benef3 | -2.7% | -3% | +63.8% | +4.3% | +111.5% | +52.9% |
| Lasertec | benef3 | +78.9% | +2.4% | +57% | -60.6% | +138.9% | +51.4% |
| ASM International | benef3 | +44.2% | +2.9% | +68.7% | +10.3% | +25.9% | +50.8% |
| 신에쓰화학 | benef3 | +6.3% | +3.1% | +57.8% | -15.6% | +7.6% | +43.8% |
| Advantest | benef3 | +17% | -2.3% | +155.7% | +49.5% | +196% | +24.6% |
| Cadence Design Systems | benef3 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +23.9% |
| HPSP | benef3 | · | · | +216.5% | -30.4% | +54.7% | +21.7% |
| Broadcom | benef3 | +56.8% | -13.4% | +104.9% | +110.9% | +50.7% | +19.3% |
| KYEC | benef3 | +26.7% | -7.7% | +132.4% | +38.6% | +171% | +4.2% |
| Synopsys | benef3 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -3% |

Anthropic은 OpenAI와 함께 AI 수요의 양대 정점이다. 특이점은 엔비디아 GPU에만 의존하지 않고 구글 TPU·아마존 Trainium까지 멀티칩으로 분산한다는 것. 구글 $400억·아마존 $250억 투자와 10GW 규모 컴퓨트 약정이 클라우드·커스텀칩·메모리로 흘러내린다. 비상장이라 주가 검증은 불가하나, 사슬 최상단 수요원으로서 OpenAI와 함께 capex의 시작점이다.

## Money in · revenue from (2)
### 엔터프라이즈·API 고객 (mid)
- metric: 매출 ~$30B · 2026 · 런레이트 매출
- note: Claude API·엔터프라이즈 매출(런레이트 ~$300억).
- [confirms] TechCrunch (EN, news, published 2026-04-24) https://techcrunch.com/2026/04/24/google-to-invest-up-to-40b-in-anthropic-in-cash-and-compute/: "1000개 이상 기업이 연 $100만+ 지출, 런레이트 ~$300억."

### 소비자 구독 (Claude) (mid)
- note: Claude 소비자·프로 구독 매출.
- [confirms] 위키백과 (KO, news, published 2026-01-01) https://ko.wikipedia.org/wiki/앤트로픽: "Claude 소비자 구독 매출."

## Money out · pays to (5)
### 아마존 (high)  → /amazon.md
- note: AWS Trainium 5GW 사용, 아마존 최대 $250억 투자($100B AWS 약정).
- [confirms] Anthropic (EN, ir, published 2026-04-19) https://www.anthropic.com/news/anthropic-amazon-compute: "아마존이 최대 $250억 투자, Anthropic은 AWS에 10년 $100B 약정."

### 알파벳 (구글) (high)  → /alphabet.md
- note: 구글 클라우드 TPU 5GW(100만개) 사용, 구글 최대 $400억 투자.
- [confirms] TechCrunch (EN, news, published 2026-04-24) https://techcrunch.com/2026/04/24/google-to-invest-up-to-40b-in-anthropic-in-cash-and-compute/: "구글이 Anthropic에 최대 $400억 투자, TPU 100만개·5GW 확보."
- [confirms] Anthropic (EN, ir, published 2026-04-21) https://www.anthropic.com/news/google-broadcom-partnership-compute: "구글이 Anthropic에 최대 $400억 투자, TPU 100만개·5GW 확보."
- [confirms] 글로벌이코노믹 (KO, news, published 2026-02-19) https://www.g-enews.com/article/Global-Biz/2026/02/202602191747342709fbbec65dfb_1: "앤트로픽은 클로드 구동에 구글·아마존·MS 클라우드 의존, 구글이 대규모 투자."
- [confirms] 위키백과 (KO, news, published 2026-01-01) https://ko.wikipedia.org/wiki/앤트로픽: "앤트로픽은 클로드 구동에 구글·아마존·MS 클라우드 의존, 구글이 대규모 투자."

### Broadcom (mid)  → /broadcom.md
- note: 구글 TPU 설계 파트너 브로드컴 경유 커스텀 컴퓨트 확대.
- [confirms] Anthropic (EN, ir, published 2026-04-21) https://www.anthropic.com/news/google-broadcom-partnership-compute: "Anthropic·구글·브로드컴 멀티 GW 차세대 컴퓨트 파트너십."

### NVIDIA (mid)  → /nvidia.md
- note: 엔비디아 GPU를 보조 학습·추론에 사용(멀티칩).
- [confirms] Anthropic (EN, ir, published 2026-04-21) https://www.anthropic.com/news/google-broadcom-partnership-compute: "Claude는 TPU·Trainium·엔비디아 GPU에 분산."

### CoreWeave (mid)  → /coreweave.md
- note: 코어위브에서 GPU 클라우드 컴퓨트 임차.
- [confirms] 지디넷코리아 (KO, news, published 2025-09-16) https://zdnet.co.kr/view/?no=20250916175927: "코어위브에서 GPU 클라우드 컴퓨트 임차."

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