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0 pointsnikcub5d ago0 comments

Anthropic this quarter will have revenue of $10.9B, up from $4.8B last quarter[0]. They're paying SpaceX $1.25B per month for compute[1] - which is more than what SpaceX earn on space. SpaceX spent about $30-40B in capex on Colossus 1 & 2.

This is all real revenue, real spend, real usage.

Hetzner just aren't at this scale. Not even close. If they wanted to get into this business - first, they're late. Second, it's at a scale of ~10x of their total lifetime datacenter buildout. Third, they'd need to change their business to being one that is debt fronted.

xAI have proven out that being able to deploy compute is a very viable business (and difficult to pull off)

At some point AI cynicism clashes with reality, it must be exhausting maintaining it.

[0] https://www.wsj.com/tech/ai/mind-blowing-growth-is-about-to-...

[1] https://www.wired.com/story/spacex-ipo-anthropic-compute-fin...

0 comments

SilverElfin4d ago

Anthropic’s revenue is computed different from OpenAI. As I recall, they inflate it by including money that they end up just paying forward to some of the companies they depend on. OpenAI doesn’t count that component. And none of these companies - including SpaceX - have trustworthy accounting.

er12765d ago

Jesus Christ, the Hetzner example is obviously an example of booking revenue as AI revenue (where investors assume it is generated by Grok subscriptions) vs. hardware rental revenue, which traditionally not valued as highly.

Nowhere does the hypothetical state that Hetzner, an example for hardware rental, has the funding or the capabilities to execute the sarcastic example.

But ok, now hardware rentals have a P/E of 100 or more.

gdhkgdhkvff5d ago

Investors aren’t dumb. These numbers are being reported and the fact that the data centers are being rented out is publicly disclosed everywhere. Investors know full well that the revenue is from the data center rental. No (non-retail) investor is going to see the jump in revenue and think “I better buy up because grok must be kicking ass!”

And yes, if hetzner built a massive AI hyper scale datacenter and rented it out for billions, with the expectation that they would keep building more, they would also see massive PE ratios because it’s expected that their revenue would be going up.

jgalt2125d ago

I think you're low at 100. TSLA has 370 PE, and SpaceX is targeting 250+.

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