The Atiyah-Hitchin manifold arises in many different contexts, ranging from
its original occurrence as the moduli space of two SU(2) 't Hooft-Polyakov
monopoles in 3 + 1 dimensions, to supersymmetric backgrounds of string the
ory. In all these settings, (super)symmetries require the metric to be hype
rkahler and have an SO(3) transitive isometry, which in the four-dimensiona
l case essentially selects out the Atiyah-Hitchin manifold as the only such
smooth manifold with the correct topology at infinity. In this paper, we a
nalyze the exponentially small corrections to the asymptotic limit, and int
erpret them as infinite series of instanton corrections in these various se
ttings. Unexpectedly, the relevant configurations turn out to be bound stat
es of n instantons and (n) over bar anti-instantons, with \n - (n) over bar
\ = 0, 1 as required by charge conservation. We propose that the semi-class
ical configurations relevant for the higher monopole moduli space are eucli
dean open branes stretched between the monopoles.