The AI industry is experiencing an unprecedented scale of capital expansion.
On November 10, Anthropic officially launched its IPO roadshow, proposing to issue 825 million shares at $70–78 per share, raising a maximum of approximately $64.35 billion, corresponding to a non-diluted valuation of about $1.02 trillion, and a fully diluted valuation of up to about $1.4 trillion.
At the same time, seven industry partners, including AMD, Broadcom, Google, Microsoft, Nvidia, TSMC, and Micron, will participate in an independent private placement totaling $26 billion.
On the other hand, AI capital expansion is causing cryptocurrency mining companies to reassess the economic value of computing resources. Hyperscale Data has sold all of its BTC reserves to raise funds for AI data center construction and debt repayment; HIVE Digital, on the other hand, is expanding new revenue sources through GPU cloud services.
Meanwhile, the US CPI in October exceeded expectations, and the Federal Reserve's rate hike expectations for December have intensified, leading to continuous outflows from spot BTC ETFs.
This does not prove that AI is directly siphoning funds from the cryptocurrency market, but it reveals a deeper change: AI and cryptocurrency are competing for the same pool of industrial resources, and capital is reassessing the return rates for computing power, electricity, and infrastructure.
In-depth Analysis: AI is Changing the Cryptocurrency Market from Three Dimensions
1. Capital Dimension: AI is Competing for Marginal Allocation Funds from Institutions
The IPO of Anthropic and the $26 billion industry private placement reflect the continued investment of institutional capital in AI infrastructure and commercialization capabilities. AI companies have relatively clear commercialization revenues, enterprise clients, and long-term computing power demands, allowing capital to share in their growth through equity investments.
In contrast, the valuation of cryptocurrency assets is more susceptible to liquidity, macro interest rates, market sentiment, and risk appetite.
In a phase of rising interest rate expectations and tightening risk budgets, institutions may prioritize allocating to assets with clearer business models.
AI is raising the threshold for institutional capital allocation, and cryptocurrency assets need to compete with more mature commercial investment opportunities.
2. Industrial Dimension: Computing Power and Electricity are Becoming Common Competitive Resources for AI and Cryptocurrency
In the past, the core competitiveness of cryptocurrency mining companies primarily relied on:
- Low-cost electricity;
- Efficient mining machines;
- Stable data centers;
- Scaled computing power deployment.
However, with the rapid expansion of the AI industry, these resources have gained new use cases.
A data center, a long-term electricity contract, and a cooling system can no longer only serve BTC mining but can also be used for AI training, inference, and GPU cloud services.
This will bring about an important change:
Mining companies no longer need to only compare the BTC price with mining costs, but also need to compare mining revenues with AI computing power leasing revenues.
If AI businesses can offer more stable and higher capital returns, mining companies may shift part of their electricity and infrastructure towards AI businesses.
Hyperscale Data's sale of BTC reserves and HIVE's expansion into GPU cloud services are specific examples of this industrial adjustment.
In the future, differentiated competition is more likely to emerge: some mining companies will continue to expand BTC mining scale, while others will shift towards AI/HPC, and some will adopt a dual-business model.
3. Narrative Dimension: The Prosperity of the AI Industry Does Not Mean AI Tokens Benefit Simultaneously
This is a problem that the cryptocurrency market is prone to overlook.
The financing of Anthropic, the growth of GPU cloud services, and the construction of AI data centers all represent real industrial capital and commercial demand.
However, this value will not automatically transmit to cryptocurrency AI tokens. The capital returns of traditional AI industries mainly come through equity, computing service revenue, and corporate contracts, while the value of cryptocurrency AI projects depends on whether tokens genuinely participate in network usage, fee payments, resource coordination, and value capture.
Although both belong to the AI narrative, their economic models are different.
If an AI project only has the token price and concept, but lacks real users, actual computing power demands, and sustainable revenue, then the more prosperous the AI industry becomes, it does not necessarily bring direct benefits to it.
AI is an industrial opportunity, but it does not mean that AI tokens are investment opportunities.
AI Will Not Immediately Replace Cryptocurrency, but is Changing the Standards for Capital Selection
The IPO of Anthropic, the industrial capital placements, and the transformation of cryptocurrency mining companies towards AI infrastructure reflect the same trend:
Capital is shifting from merely chasing narratives to placing greater emphasis on computing resources, commercialization revenues, and infrastructure returns.
For the cryptocurrency market, what really deserves caution is not the scale of AI financing, but whether the cryptocurrency industry can present sufficiently competitive business models when AI can offer clearer revenue growth and resource returns.
In the short term, BTC and ETH are still mainly affected by macro interest rates, ETF fund flows, and market leverage; in the medium to long term, AI may prompt a reshuffling in mining and force cryptocurrency AI projects to prove their actual value.
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