
The Anthropic deal reveals the circular economics explicitly. Investment contracts ARE purchase agreements.
The Deal Structure
NVIDIA Commits:
- Up to $10 billion investment
- Strategic partnership status
- Technical collaboration
Anthropic Commits:
- $30 billion in Microsoft Azure compute capacity
- Purchase NVIDIA Grace Blackwell systems
- Purchase NVIDIA Vera Rubin systems
The Pattern
Capital flows to Anthropic. Hardware orders flow to NVIDIA. The circularity is structural, not incidental.
This pattern repeats across the portfolio. Every foundation model company NVIDIA backs becomes contractually obligated to buy NVIDIA hardware. The investment isn’t an expense—it’s demand creation with a multiplier effect.









