Anthropic is locked into more than $518 billion of cloud, compute and infrastructure spending over 10 years with six partners, and about 80% of the total is non-cancelable or payable regardless of usage, its IPO filing shows. The commitments include $252 billion in non-cancelable compute obligations across Microsoft, Google and Amazon, and $161.2 billion in Broadcom TPU leases that are largely non-cancelable.
The company also agreed to pay SpaceX up to $84.5 billion through 2029 for Nvidia-based compute, nearly double the roughly $45 billion cap SpaceX disclosed in May, The Information reported. Most of the SpaceX spending can be canceled with 90 days' notice, unlike the bulk of the buildout.
The obligations are more than 100 times Anthropic's 2025 revenue of $4.59 billion and roughly 25 times the $20.28 billion in cash, cash equivalents and short-term investments it held at year-end. The company posted an $8.06 billion operating loss in 2025, and its $41.97 billion net loss included about $34 billion in non-cash charges tied to the rising value of financing that could convert into shares. Its two largest customers accounted for 24% of revenue, and Anthropic warned that many of i
Key sources
- SOURCE@reuters“Anthropic's $518 billion AI buildout hinges largely on deals that cannot be canceled, filing shows”x.com
- SUPPORT@edzitron“Anthropic has $252 billion in non-cancelable compute obligations across Microsoft, Google and Amazon, and $161.2 billion in Broadcom TPU lease obligations that are "largely non-cancelable"”x.com
- SUPPORT@rohanpaul_ai“Anthropic's IPO prospectus puts its potential SpaceX compute bill at $84.5B, nearly double SpaceX's earlier figure.”x.com
- SUPPORT@philippilk“A lot of the “robots will kill us all” hype is to distract from the fact that the revenue bases of these companies is a giant, interconnected Jenga tower.”x.com
- SUPPORT@junkbondinvest“But about $34bn of that is a non-cash accounting charge (i.e.,rising value of financing that can convert into shares). The operating loss was about $8bn, on ~$4.6bn of revenue.”x.com
- SUPPORT@hesamation“Anthropic’s IPO filing is 261 pages, with 80 PAGES warning investors about how dangerous their models can be, including “existential risks to humanity””x.com
- SUPPORT@bulltheoryio“Anthropic has $518 billion in future cloud, computing and infrastructure obligations, while it ended 2025 with only $20.28 billion in cash, cash equivalents and short-term investments.”x.com
- SUPPORT@tengyanai“since the end of june, in the prices we track at @tessara_ai : - b200 gpu rental: $3.63 → $6.25/hr (+72%) - 32gb server memory module: $1,275 → $2,100 (+65%) - h100 gpu rental: $2.06 → $2.67/hr (+30%) - dram chip spot: +24%”x.com