Anthropic adds $10B in cloud deals, Lambda pact at risk

Anthropic has committed roughly $10 billion more than it had previously disclosed to rent cloud servers from Microsoft ↘ 2.20% and Google Alphabet Inc. ↘ 0.38% through 2033, the company said in a filing on Tuesday, November 10, The Information reported. The same filing said a $34.9 billion agreement to lease server capacity from the smaller cloud provider Lambda could now be cancelled, because Lambda missed a deadline to secure a data center.theinformation.com

The disclosures came in Anthropic's second amended IPO registration statement. They show how much of the AI lab's growth depends on computing capacity that other companies still have to finance and build.

Bigger cloud bills

Under the amended Microsoft agreement, Anthropic will spend at least $47.2 billion, and up to $49.2 billion, between November 2026 and June 2033, regardless of how much it actually uses. That is up from a $44.9 billion minimum in the November 2 filing, according to MLQ.ai's review of the documents. Its Google hosting commitment is about $121.3 billion through July 2033. Taken together, the two minimums are $9.1 billion higher than in Anthropic's original October 26 prospectus, or $11.1 billion counting Microsoft's upper figure, a comparison of the filings shows. Anthropic's total commitments rose to about $900.9 billion.cellcog.ai+1

Lambda's missed deadline

The August 2026 Lambda agreement accounts for about $34.9 billion of the roughly $41.3 billion Anthropic has committed to Lambda. "Lambda did not secure the facility lease by such date and, as a result, the August 2026 agreement is currently terminable by either party," the filing says. It adds that neither side has sent a termination notice and that Anthropic does "not currently intend to terminate the agreement," per FourWeekMBA. The filing does not name the facility. Lambda's fees build up only once Anthropic has received and accepted the capacity.fourweekmba.com

Anthropic also warned that it expects its use of short-term compute "to continue to increase in the near term," which will squeeze its operating margin. In the third quarter it spent $5.0 billion on short-term capacity that "currently costs significantly more" than compute under its multi-year contracts, the filing states. That spending was a main reason the company posted a $567 million operating loss for the quarter.fourweekmba.com

IPO roadshow begins

The amended filing also launched Anthropic's IPO roadshow. The company is offering 825 million shares at $70 to $78 each, which would raise up to $64.4 billion and value it at up to $1.4 trillion on a fully diluted basis, Reuters reported. Shares are expected to start trading on the Nasdaq ↗ 1.40% under the symbol "ANT." Seven partners, including Google, Nvidia ↘ 5.47% and AMD Advanced Micro Devices, Inc. ↗ 1.30%, have agreed to buy $26 billion of stock at the IPO price, Fortune reported.reuters.com+1

"The company continues to post impressive growth, but investors are increasingly focused on the cost of generating that growth," Swissquote Bank analyst Ipek Ozkardeskaya told Reuters.miamiherald.com