# 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: 2026-07-12T08:28:46.306+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 Anthropic의 직접 연결 기업은 6곳(관계 기준 공급 5·매출 1·투자 2)이고, 사슬을 2차까지 넓히면 49곳에 닿는다. 링크의 근거 출처는 14건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: 런레이트 매출 ~$47B(2026.5, 전년말 ~$9B서 급증)·기업가치 ~$9,650억(시리즈 H, 2026.6). Claude Opus 4.7·Sonnet 4.5
- 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Shopify | lead1 | +21.7% | -74.8% | +124.4% | +36.5% | +51.4% | -23.9% |
| Anthropic | node | · | · | · | · | · | · |
| CoreWeave | benef1 | · | · | · | · | · | +24.1% |
| 알파벳 (구글) | benef1 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| 아마존 | benef1 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +6.3% |
| 샌디스크 | benef2 | · | · | · | · | · | +707.1% |
| Seagate | benef2 | +87.5% | -51.4% | +69.1% | +4.1% | +225.3% | +231.4% |
| Intel | benef2 | +6.1% | -46.6% | +94.6% | -59.6% | +84% | +197.7% |
| Marvell | benef2 | +84.6% | -57.5% | +63.7% | +83.8% | -22.8% | +177.8% |
| Astera Labs | benef2 | · | · | · | · | +25.6% | +148.2% |
| 미디어텍 | benef2 | +27.8% | -26.6% | +52.9% | +58.3% | +24.9% | +124.3% |
| Corning | benef2 | +5.9% | -11.6% | -1.2% | +60.6% | +87.8% | +118.8% |
| Ciena | benef2 | +45.6% | -33.8% | -11.7% | +88.4% | +175.8% | +97% |
| Vertiv | benef2 | +33.8% | -45.3% | +251.8% | +136.8% | +42.8% | +96.9% |
| TeraWulf | benef2 | +77.1% | -95.5% | +258.2% | +135.8% | +103% | +91.2% |
| 크레도 | benef2 | · | · | +46.3% | +245.2% | +114.1% | +79.2% |
| GE Vernova | benef2 | · | · | · | · | +99% | +67.3% |
| Caterpillar | benef2 | +16% | +18.6% | +25.9% | +24.7% | +60.3% | +67% |
| Core Scientific | benef2 | · | · | · | · | +3.6% | +61.3% |
| Wiwynn | benef2 | +24.7% | -22.3% | +206.4% | +3.5% | +64.4% | +45.1% |
| 자빌 | benef2 | +66.4% | -2.5% | +87.4% | +13.3% | +58.7% | +44.9% |
| Arista Networks | benef2 | +97.9% | -15.6% | +94.1% | +87.7% | +18.5% | +42.7% |
| 알칩 | benef2 | +14.3% | -8.7% | +365.1% | -18.9% | +0.8% | +34.7% |
| Quanta | benef2 | +22.2% | -12.8% | +254.5% | +12.7% | +8.9% | +33.4% |
| Cummins | benef2 | -1.7% | +14.1% | +1.7% | +48.9% | +49.4% | +33.3% |
| 글로벌스타 | benef2 | +241.2% | +14.7% | +45.9% | +6.7% | +96.6% | +31.2% |
| Eaton | benef2 | +46.7% | -7.2% | +56.2% | +39.5% | -2.8% | +28.6% |
| ABB | benef2 | +23.9% | +7.3% | +18.9% | +39% | +36.1% | +27.2% |
| Celestica | benef2 | +37.9% | +1.3% | +159.8% | +215.2% | +220.3% | +21.7% |
| Digital Realty | benef2 | +30.7% | -41% | +39.9% | +35.9% | -10.1% | +18.2% |
| Schneider Electric | benef2 | +25.9% | +1.6% | +25.8% | +36.1% | +0.5% | +13% |
| NextEra Energy | benef2 | +23.4% | -8.5% | -25.3% | +21.5% | +15.5% | +11.1% |
| Foxconn | benef2 | -5.1% | +2.8% | +7.8% | +80.1% | +26.9% | +10.9% |
| 엑셀론 | benef2 | +41.5% | +8.3% | -14% | +9.2% | +20% | +9.3% |
| Procter & Gamble | benef2 | +20.5% | -5% | -0.9% | +17.3% | -12.3% | +4.1% |
| Fabrinet | benef2 | +52.7% | +8.2% | +48.4% | +15.5% | +107.1% | +3.5% |
| Talen Energy | benef2 | · | · | · | +214.8% | +86.1% | +2.9% |
| Vistra | benef2 | +19.6% | +5.1% | +70.7% | +261.5% | +17.7% | -1.3% |
| Berkshire Hathaway | benef2 | +29% | +3.3% | +15.5% | +27.1% | +10.9% | -1.8% |
| Super Micro | benef2 | +38.8% | +86.8% | +246.2% | +7.2% | -4% | -3.3% |
| IonQ | benef2 | · | -79.3% | +259.1% | +237.1% | +7.4% | -4.5% |
| 아모레퍼시픽 | benef2 | -30.1% | -5.7% | -18.4% | +9.9% | +8.2% | -10.5% |
| Quantum Computing Inc | benef2 | -75.8% | -55.7% | -39.5% | +1712.7% | -38% | -15.6% |
| Blackstone | benef2 | +107.1% | -40% | +82.7% | +35.1% | -7.8% | -18.5% |
| D-Wave Quantum | benef2 | · | -85.3% | -38.9% | +854.5% | +211.3% | -23.2% |
| Nike | benef2 | +18.7% | -29% | -6% | -29.1% | -13.8% | -29.3% |
| 삼성전기 | benef3 | -11.8% | -18.5% | -1.4% | -2.5% | +110% | +467.7% |
| AT&S | benef3 | +57.5% | -22% | -27.6% | -41.3% | +188.9% | +390.3% |
| 섬코 | benef3 | -4.3% | -3.9% | +21.3% | -48.1% | +41.7% | +225.8% |
| Murata | benef3 | -14% | -11.7% | +24.7% | -16.5% | +29.9% | +217.4% |
| UMC | benef3 | +43.2% | -40.3% | +39.2% | -19% | +28.8% | +215.1% |
| 난야PCB | benef3 | +110.6% | -46.7% | -0.5% | -38.3% | +188.2% | +213.4% |
| 피에스케이 | benef3 | +22.7% | -19.6% | +14.2% | -2.6% | +228.2% | +208% |
| Arm Holdings | benef3 | · | · | · | +64.2% | -11.4% | +195.8% |
| GlobalWafers | benef3 | +26.9% | -29.9% | +14.3% | -39% | +48.9% | +171.6% |
| Ibiden | benef3 | +30.4% | -19.6% | +51.6% | -38.6% | +261% | +147.1% |
| SK하이닉스 | benef3 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +140.3% |
| 어플라이드 머티어리얼즈 | benef3 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +135% |
| 유니마이크론 | benef3 | +133.5% | -30.2% | +35.2% | -19.7% | +175.7% | +131.6% |
| 램리서치 | benef3 | +53.7% | -40.7% | +88.6% | -6.8% | +139.2% | +105% |
| JCET | benef3 | -34% | +0.2% | -15.2% | +73.3% | +28% | +104.6% |
| 심텍 | benef3 | +119.6% | -34.6% | +12.4% | -63.3% | +392.9% | +94.9% |
| KLA | benef3 | +68% | -11.2% | +56% | +9.4% | +94.5% | +91% |
| SCREEN Holdings | benef3 | +40.7% | -13.2% | +220.1% | -24.1% | +84.9% | +86.3% |
| MDA 스페이스 | benef3 | · | -32.6% | +80% | +156.3% | -9.8% | +80.8% |
| 도쿄일렉트론 | benef3 | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +78.2% |
| 삼성전자 | benef3 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| Entegris | benef3 | +44.6% | -52.5% | +83.5% | -17.1% | -14.6% | +72.8% |
| ASML | benef3 | +64.1% | -30.5% | +39.9% | -7.7% | +55.8% | +68.6% |
| BESI | benef3 | +33.7% | -6.1% | +121.8% | -9.3% | +35% | +56.2% |
| Quanta Services | benef3 | +59.5% | +24.6% | +51.7% | +46.6% | +33.7% | +56.1% |
| Sumitomo Electric | benef3 | +11.4% | +6.3% | +30.8% | +52.9% | +139% | +55.3% |
| Delta Electronics | benef3 | -3.4% | +10.4% | -0.3% | +59.2% | +183.8% | +54.9% |
| 신에쓰화학 | benef3 | +6.3% | +3.1% | +57.8% | -15.6% | +7.6% | +44% |
| TSMC | benef3 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| Tokyo Ohka Kogyo | benef3 | -2.7% | -3% | +63.8% | +4.3% | +111.5% | +42.9% |
| ASM International | benef3 | +44.2% | +2.9% | +68.7% | +10.3% | +25.9% | +28.8% |
| Williams | benef3 | +38.4% | +32.8% | +11.9% | +62.3% | +14.9% | +26.6% |
| Linde | benef3 | +33.4% | -4.4% | +27.7% | +3.2% | +3.2% | +25.1% |
| Cadence Design Systems | benef3 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +22.9% |
| Lasertec | benef3 | +78.9% | +2.4% | +57% | -60.6% | +138.9% | +22.4% |
| Amphenol | benef3 | +34.9% | -12% | +31.5% | +41.3% | +96.1% | +18.1% |
| Apple | benef3 | +34.6% | -26.4% | +49% | +30.7% | +9.1% | +16.2% |
| Broadcom | benef3 | +56.5% | -13.3% | +104.2% | +110.5% | +50.6% | +16% |
| 니콘 | benef3 | +46.2% | +10.9% | +23.1% | +13.7% | +19.7% | +15.9% |
| FANUC | benef3 | -16.5% | +4.4% | -8.1% | +15.6% | +37.7% | +15.3% |
| Merck KGaA | benef3 | +42.2% | -0.4% | -19.1% | -2.5% | -12.7% | +13.5% |
| NVIDIA | benef3 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| 미쓰비시상사 | benef3 | +52.5% | +15.9% | +84.1% | -0.3% | +70.2% | +8.7% |
| Siemens Energy | benef3 | -35.4% | -2.7% | -27% | +314.2% | +149.9% | +5.7% |
| Cameco | benef3 | +63.2% | +4.3% | +90.5% | +19.5% | +78.4% | +4.9% |
| KYEC | benef3 | +26.7% | -7.7% | +132.4% | +38.6% | +171% | +4.2% |
| 에어버스 | benef3 | +34.8% | +3.9% | +30.5% | +15% | +18.3% | +3.9% |
| 메타 플랫폼스 | benef3 | +23.1% | -64.2% | +194.1% | +66% | +13.1% | +1.6% |
| 스페이스X | benef3 | · | · | · | · | · | +0.7% |
| 호야 | benef3 | +10.8% | -3% | +34.4% | +11.3% | +24.9% | -2.9% |
| 이토추상사 | benef3 | +25.6% | +17.9% | +66.6% | +9.1% | +40.8% | -3.4% |
| HD Hyundai Electric | benef3 | +4.2% | +132.5% | +159.4% | +300.5% | +120.2% | -3.7% |
| HPSP | benef3 | · | · | +216.5% | -30.4% | +54.7% | -4.5% |
| Synopsys | benef3 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -5.2% |
| Phison | benef3 | +26.8% | -10.7% | +45.1% | -6.7% | +418.3% | -6% |
| Photronics | benef3 | +68.9% | -10.7% | +86.4% | -24.9% | +35.8% | -6.6% |
| Mobileye | benef3 | · | · | +23.6% | -54% | -47.6% | -8.5% |
| 아비오 | benef3 | -9.9% | -4.7% | -17.1% | +98.4% | +117% | -10.8% |
| TE Connectivity | benef3 | +35.1% | -27.7% | +24.6% | +3.5% | +61.1% | -11.3% |
| Rigetti Computing | benef3 | · | -92.9% | +35.1% | +1449.2% | +45.2% | -25.3% |
| UBTech | benef3 | · | · | · | -21.6% | +95.4% | -39.2% |

AI 수요 정점 기업(멀티칩 컴퓨트, 비상장이라 수익률 미집계). 모델 학습·추론에 막대한 컴퓨트를 사들이는 수요 노드로, 그 지출이 공급사(샌디스크 +858%·삼성전기 +630%·AT&S 등 AI 인프라)를 끌어올린다. 오픈AI와 함께 데이터센터 capex의 발원지로, 본주가 없으니 그 수요는 오직 사슬 아래 공급단의 폭등으로만 드러난다. (analysis as of 2026-06-23)

## Money in · revenue from (3)
### 쇼피파이 (high)  → /shopify.md
- note: 쇼피파이 사이드킥·매직에 Claude(소넷 4.5) 모델을 공급 — 구글 클라우드 Vertex AI 경유. 대형 커머스 플랫폼향 엔터프라이즈 모델 채택 사례로, 소비 이커머스 워크로드로 매출 저변을 넓힌다.
- [confirms] Anthropic (EN, news, published 2025-10-01) https://claude.com/customers/shopify: "Shopify Sidekick is powered by Anthropic Claude Sonnet 4.5 via Google Cloud Vertex AI."

### 엔터프라이즈·API 고객 (mid)
- metric: 매출 ~$30B · 2026 · 런레이트 매출
- note: Claude API·엔터프라이즈 매출(런레이트 ~$300억).
- [confirms] VentureBeat (EN, news, published 2026-05-28) https://venturebeat.com/technology/anthropic-says-it-hit-a-30-billion-revenue-run-rate-after-crazy-80x-growth: "Anthropic hit ~$47B annualized revenue run-rate (May 2026), up from ~$9B at end-2025; API/enterprise is the core."
- [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] Anthropic (EN, filing, published 2025-06-01) https://www.anthropic.com/pricing: "Anthropic 공식: Claude Pro·Max·Team·Enterprise 구독으로 소비자·기업 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."
- [confirms] SemiAnalysis (EN, research, published 2025-09-03) https://newsletter.semianalysis.com/p/amazons-ai-resurgence-aws-anthropics-multi-gigawatt-trainium-expansion: "3개 AWS 캠퍼스 1.3GW+가 Anthropic 학습 전용, 최대 캠퍼스에 Trainium2 약 100만 개."

### 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] Futurum Group (EN, research, published 2026-04-09) https://futurumgroup.com/insights/anthropics-gigawatt-scale-tpu-deal-with-broadcom-creates-a-structural-advantage/: "Google·Broadcom과 멀티기가와트 TPU 컴퓨트 계약(2027년부터 가동)."
- [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."
- [mentions] SemiAnalysis (EN, research, published 2025-09-03) https://newsletter.semianalysis.com/p/amazons-ai-resurgence-aws-anthropics-multi-gigawatt-trainium-expansion: "Anthropic 지출의 상당 부분이 Google Cloud로 향한다."

### 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."
- [confirms] Futurum Group (EN, research, published 2026-04-09) https://futurumgroup.com/insights/anthropics-gigawatt-scale-tpu-deal-with-broadcom-creates-a-structural-advantage/: "Broadcom이 Google TPU용 맞춤 AI칩·광인터커넥트 공급, 통합 계층 역할."

### 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."
- [mentions] Futurum Group (EN, research, published 2026-04-09) https://futurumgroup.com/insights/anthropics-gigawatt-scale-tpu-deal-with-broadcom-creates-a-structural-advantage/: "Claude를 Trainium·TPU·NVIDIA GPU에 걸쳐 멀티플랫폼 운용."

### 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."

## Investors (3)
### 아마존 (high)  → /amazon.md
- note: 아마존이 Anthropic에 최대 $250억 투자(AWS).
- [confirms] Anthropic (EN, filing, published 2026-06-01) https://www.anthropic.com/news/anthropic-raises-30-billion-series-g-funding-380-billion-post-money-valuation: "Anthropic closed a Series H raising $65B at a ~$965B post-money valuation (June 1, 2026); Amazon and Alphabet are strategic investors."
- [confirms] Anthropic (EN, ir, published 2026-04-19) https://www.anthropic.com/news/anthropic-amazon-compute: "아마존이 Anthropic에 최대 $250억 투자(AWS)."

### 알파벳 (구글) (high)  → /alphabet.md
- note: 구글이 Anthropic에 최대 $400억 투자(현금+TPU).
- [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(현금+TPU)."

### SK텔레콤 (소수지분) (high)
- note: SK텔레콤이 2023년 2% 투자, 후속 라운드로 ~0.3%까지 희석.
- [confirms] 전자신문 (KO, news, published 2023-08-13) https://www.etnews.com/20230813000055: "SK텔레콤이 미국 생성형 인공지능(AI) 기업 앤트로픽에 1억달러(약 1300억원) 규모 전략적 투자(SI)를 단행한다."
- [confirms] SK텔레콤 보도자료 (EN, ir, published 2023-08-13) https://www.sktelecom.com/en/press/press_detail.do?idx=1576: "SKT today announced that it is investing additional USD 100 million in Anthropic, an AI safety and research company based in San Francisco."

## 질문별 엔드포인트
- 누가 앤트로픽의 고객인가? 앤트로픽의 매출은 어디서 오는가? → https://valuechain.wiki/anthropic/customers.md
- 앤트로픽의 주요 공급사는 어디인가? 앤트로픽의 비용은 누구에게 가는가? → https://valuechain.wiki/anthropic/suppliers.md
- 앤트로픽 주가가 움직이면 누가 수혜를 보는가? 앤트로픽의 가치사슬 파급은 어디까지인가? → https://valuechain.wiki/anthropic/ripple.md
- 증권가가 보는 앤트로픽: 목표주가와 투자의견은? → https://valuechain.wiki/anthropic/consensus.md

## 이 노드를 다룬 분석 (1)
- [돈의 입구는 하나다: AI 수요는 하이퍼스케일러 capex 한 곳으로 수렴한다](https://valuechain.wiki/analysis/ai-capex-demand-to-supply.md) (2026-06-23)

---
_Generated for LLM/agent consumption. Each edge lists stance (confirms/mentions/contradicts), source publisher, language, date, and excerpt for verification._