It is very suspicious when they’re paying for GB300 more than they turn around and charge those out as a4x instances, it was announced a week before IPO and they have a 90 day exit option.

> The RPO can be anywhere from 3 - 6 years, sure, but even on an annual basis that’s like a hundred billion now.

OpenAI and Anthropic deals are mostly 5 year and Anthropic’s starts in 2027, accordingly these RPOs are sized for projected compute needs and run rate in 2027 not today.

The only way either lab could pay 1 year of RPOs today (~80B for anthropic and ~150B for OpenAI) is with a lot more debt or circular financing, the former of which is difficult in this market.

Everyone spending crazy money on capex right now says they have a crushing backlog and need more compute to protect their share price. I highly doubt the demand exists today at current prices if the big 3 hyperscalers magically had an extra 2-3GW of compute. It’s not like Anthropic and OpenAI are turning away customers offering to pay API pricing..