Anthropic S-1 reveals up to $567B in compute commitments

Anthropic's IPO prospectus, made public on Monday, Oct. 26, shows that the company behind Claude has committed between $542 billion and $567 billion to future compute and infrastructure, according to Fortune. The filing also describes a plan, called Anthropic Direct, to run dedicated data centers of its own. Together, the disclosures show how much the company has bet on securing computing power before demand arrives.cnbc.com

The commitments are spread among Broadcom, Google, Amazon, Microsoft and SpaceX's AI unit. Yahoo Finance added up the named deals at about $637 billion, a higher figure that also counts roughly $86 billion with Nscale and Lambda. Yahoo noted that the filing left its own grand-total field blank.fortune.com

Who gets paid

Broadcom holds the largest share, according to Yahoo Finance. Anthropic has about $161 billion in five-year equipment leases for hardware built on Google TPU chips, and it cannot cancel them unless there is a default. The prospectus lists at least $114.5 billion with Google through July 2033, at least $110 billion with Amazon through April 2036 and at least $44.9 billion with Microsoft through May 2033, Gizmodo reported. By Yahoo's count, those four deals add up to about $430 billion that cannot be cancelled.gizmodo.com+1

The SpaceX agreements are larger than earlier reports suggested. Under deals signed and amended between May and October, Anthropic agreed to spend up to $120.5 billion into 2029 to "access compute powered by NVIDIA GPUs." Once all the capacity is delivered, payments will run about $3.1 billion a month, CNBC reported. SpaceX had earlier put the figure at $1.25 billion a month. Reuters had reported a ceiling of $84.5 billion, so the disclosed amount is about $36 billion higher. Either side can also exit with 90 days' notice once the initial non-cancelable periods end in early 2027, Gizmodo noted. CNBC said Nvidia GPUs also power the capacity Anthropic buys from Microsoft, Nscale and Lambda.cnbc.com+1

Anthropic Direct

Fortune reported that Anthropic Direct is meant to reduce the company's reliance on cloud suppliers that also compete with it. Third-party partners will secure the real estate, power and facilities, and Anthropic will lease the capacity. The lease agreements began around Sept. 30, and rent over five years totals $125.2 billion before interest, Fortune said. The company expects the initiative to "represent a growing share of our compute investments over time," Yahoo Finance reported. According to the same report, Anthropic spent $8.9 billion renting computing in the first half of 2026 and $482 million on its own property and equipment.finance.yahoo.com+1

The risks

Compute was Anthropic's largest operating expense in the second quarter, at $5.6 billion against $11.6 billion in revenue, Fortune reported. The filing warns that the company expects to "incur significant cash outflows" that could "adversely affect our liquidity." CNBC reported that Anthropic also lists U.S. data center moratoriums as a key risk and plans to build capacity overseas to "reduce concentration risks."cnbc.com+1