Anthropic has signed purchase commitments and leases totaling about $895.4 billion, nearly all of it for compute and infrastructure, according to an amended registration statement filed with the Securities and Exchange Commission on November 2. The version filed in October left that figure blank. The amendment also adds third-quarter results, showing revenue of $17.0 billion for the three months to September 30, more than the $16.3 billion reported for the whole first half and up from $1.4 billion a year earlier.
The total combines several categories. Contractual obligations as of September 30 come to $320.0 billion, almost all of it purchase commitments under cloud hosting and other infrastructure agreements. Leases Anthropic has signed that have not yet started add $451.2 billion. The company expects them to begin mostly between 2026 and 2028, with terms averaging about 10 years. Commitments made after September 30, mainly data center leases and cloud hosting agreements, add $100.2 billion, and short-term contracts about $24 billion. About $447.5 billion is expected to be spent before the end of 2030, and $69.8 billion is due in the 12 months after September 30.
The $451.2 billion in unstarted leases exceeds the comparable figure reported by each of Microsoft, Meta, Alphabet and Amazon at the end of September, which ranged from $130.5 billion at Alphabet to $364.6 billion at Microsoft. The companies define and describe the figure differently.
Some of the spending may not happen. About $213.8 billion of the total relates to arrangements that can be terminated, or that depend on conditions before they start, such as a counterparty securing financing, facilities or regulatory approval. The total also leaves out arrangements without a fixed dollar commitment, which Anthropic estimates will cost $150 billion to $175 billion. Among them are additional TPU capacity due between 2028 and 2031, from Google or a third-party provider, estimated at $125 billion to $150 billion, and AMD-based systems expected to cost more than $20 billion.
Google’s minimum commitment rose to $121.3 billion through July 2033, from $114.5 billion in the October filing. Amazon’s is at least $110.0 billion through April 2036, and Microsoft’s at least $44.9 billion through June 2033. Anthropic has also agreed to spend up to $120.5 billion into 2029 with SpaceXAI, the SpaceX subsidiary formerly called X.AI, for compute powered by Nvidia GPUs, and to pay about $161.2 billion in rent, excluding interest, on five-year Broadcom equipment leases for TPU-based hardware.
Third-quarter compute and infrastructure costs rose to $9.9 billion from $5.6 billion in the second quarter. Anthropic reported an operating loss of $567 million, after operating income of $974 million in the second quarter, and a net loss of $23.3 billion. Of that, $21.9 billion came from changes in the fair value of convertible notes, derivative liabilities and simple agreements for future equity.
Anthropic held $95.6 billion in cash and cash equivalents and $36.3 billion in short-term investments at the end of September. The amended filing still does not give a price range or the number of shares to be sold.
Sources: Anthropic amended S-1, Anthropic S-1
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By the Control Plane Editorial Team