When a startup hits a $965 billion valuation, headlines focus on the dollar figure. But behind the scenes, this round is really about something bigger: the race for AI’s physical power.

Anthropic’s latest funding isn’t just a check; it’s a statement. A $65 billion push into chips, cloud capacity, and memory. This is where the real game is being played — not just in models or data, but in the hardware that makes everything possible.

The story isn’t just about billionaires throwing cash. It’s about the infrastructure that will shape AI’s next phase — where demand for compute capacity becomes the true driver of value.

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‘;
s.addEventListener(‘click’,function(){ select(i); });
s.addEventListener(‘mouseenter’,function(){ select(i); });
ladderEl.appendChild(s); nodes.push(s);
});
var readout=document.getElementById(‘readout’);
function select(i){
nodes.forEach(function(n,j){ n.classList.toggle(‘sel’,j===i); });
var m=milestones[i];
readout.innerHTML=’

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‘

‘;
}
select(3);

// Compute / gigawatts data
var gws=[
[‘SpaceX Colossus 1+2′,’live now’,300,’live’],
[‘Amazon AWS’,’5 GW · 1 GW by end of 2026′,5000,’soon’],
[‘Google + Broadcom’,’5 GW TPU · 2027+’,5000,’long’],
[‘Microsoft + Nvidia’,’$30B Azure’,null,’soon’],
[‘Fluidstack’,’$50B US AI infrastructure’,null,’long’]
];
var gwLinesEl=document.getElementById(‘gwlines’);
// bar widths: live = 6%, soon/AWS = 50%, soon/Azure (no MW) = 35%, long/G+B = 50%, long/FS = 40%
var widths={live:6,soon:50,soonAzure:35,long:50,longFS:40};
gws.forEach(function(g,i){
var row=document.createElement(‘div’); row.className=’gwline ‘+g[3];
var labelExt = g[0].indexOf(‘Azure’)>-1 || g[0].indexOf(‘Microsoft’)>-1 ? ‘Azure’ : ”;
var w = (g[3]===’soon’ && labelExt===’Azure’) ? widths.soonAzure :
(g[3]===’long’ && g[0].indexOf(‘Fluid’)>-1) ? widths.longFS :
widths[g[3]];
var rightLabel = g[2] ? (g[2]>=1000? (g[2]/1000).toFixed(g[2]/1000===Math.floor(g[2]/1000)?0:1)+’ GW’ : g[2]+’ MW’) : (g[3]===’soon’?’$30B’:’$50B’);
row.innerHTML=’

‘+
‘

‘+
‘

‘;
gwLinesEl.appendChild(row);
});

function fillLadder(){
nodes.forEach(function(n,i){
var bar=n.querySelector(‘.bar’), val=n.querySelector(‘.val’);
var h=bar.getAttribute(‘data-h’);
if(reduce){ bar.style.height=h+’%’; val.classList.add(‘in’); }
else{ setTimeout(function(){ bar.style.height=h+’%’;
setTimeout(function(){ val.classList.add(‘in’); },800);
},120+i*180); }
});
}
function fillGW(){
gwLinesEl.querySelectorAll(‘.gwt i’).forEach(function(b,i){
var w=b.getAttribute(‘data-w’);
if(reduce)b.style.width=w+’%’; else setTimeout(function(){b.style.width=w+’%’;},150+i*120);
});
}

var seen=new WeakSet();
var io=new IntersectionObserver(function(es){
es.forEach(function(en){ if(en.isIntersecting){ en.target.classList.add(‘in’);
var sec=en.target.closest(‘section’);
if(sec && !seen.has(sec)){ seen.add(sec);
if(sec.querySelector(‘.ladder’))fillLadder();
if(sec.querySelector(‘#gwlines’))fillGW();
}
}});
},{threshold:.16});
root.querySelectorAll(‘.rv’).forEach(function(el){ if(reduce)el.classList.add(‘in’); else io.observe(el); });

// auto-demo: cycle the ladder once
var demoed=false;
var ioDemo=new IntersectionObserver(function(es){
es.forEach(function(en){ if(en.isIntersecting && !demoed){ demoed=true;
if(!reduce){
setTimeout(function(){ select(0); },1800);
setTimeout(function(){ select(1); },2400);
setTimeout(function(){ select(2); },3000);
setTimeout(function(){ select(3); },3600);
}
ioDemo.disconnect();
}});
},{threshold:.5});
if(!reduce)ioDemo.observe(document.querySelector(‘.traj’));
})();