Will Anthropic launch a price war after securing ample funding? I found the answer in its prospectus. Amazon, Google, Broadcom, and AMD collectively provided or committed approximately $133.3 billion in funding to Anthropic, in exchange for approximately $405.7 billion in computing power orders. For every $1 invested, roughly $3 worth of orders were received in return. Anthropic secured computing power far exceeding its own capacity with relatively little cash; cloud giants also converted their investments in Anthropic into orders for their own cloud services and chips. Ultimately, the ordered computing power must be sold in tokens. After the IPO, funds are plentiful. As of the end of June, Anthropic had approximately $131.7 billion in cash and short-term investments, plus $77 billion in undisclosed strategic notes and $15 billion in revolving loans. However, the rigid payment agreement for $405.7 billion in computing power means that if Anthropic faces a similar deterioration in competition as in the third quarter, it will almost certainly lower prices. The financial statements after the IPO will be transparent. Currently, with production capacity locked up and demand increasing, the token price can be maintained. However, the locked-up computing power capacity is a fixed cost regardless of the circumstances. If tokens can't be sold, they have to be sold even at a price reduction—it's the same principle as clearing inventory. Therefore, no one will be concerned with maintaining the price; penetration rate will be the primary factor. If there is excessive investment in market infrastructure, this will be evident within the next two years.