Anthropic discloses $895.4bn in compute and data center commitments

Anthropic's amended Form S-1 puts aggregate committed spend at about $895.4 billion, substantially all of it for compute and infrastructure. That is more than double the $417 billion it previously listed for compute. The filing adds third-quarter results as the company prepares to list.

Four contracts account for $396.7 billion of the total: $121.3 billion committed to lease compute from Google, $120.5 billion from SpaceX, $110 billion from Amazon and $44.9 billion from Microsoft. Three AI-cloud suppliers add $135.9 billion, with Nscale at $44.6 billion through 2033, Lambda at $41.3 billion through 2034 and Fluidstack at $50 billion. The seven named contracts total $532.6 billion.

For an allocator underwriting a data center or GPU lease tied to these counterparties, the commitment is only as firm as the contract; of the four largest, only the SpaceX agreement can be canceled on notice. The Google, Amazon and Microsoft agreements are mostly non-cancelable outside uncured material breaches and must be paid regardless of usage. The SpaceX agreement is cancelable on 90 days' notice starting next March. Nscale is required to try to obtain qualifying financing for its Nvidia GPUs, and Lambda must secure its facility lease in a timely manner.

The $895.4 billion commitment is more than 60 times the $14.4 billion compute and infrastructure expense Anthropic booked in the nine months to Sept. 30, up 329% from a year earlier. Third-quarter revenue was $17 billion, up about 1,127% from a year earlier. Quarter-on-quarter growth slowed to 47%, from 144% in the second quarter and 132% in the first. The third-quarter net loss was $23.29 billion.

Anthropic expects more than 3.5GW of compute this year and a similar amount in 2027, the New York Times reports. The report also says Anthropic expects $125 billion to $150 billion of TPU capacity between 2028 and 2031, procured through Google Cloud, a direct purchase from Google with five-year financing, or a partner. That capacity would cost that much and sits outside the $895.4 billion.

The filing restates the hardware supply agreement with AMD, which is on track to buy $5 billion of Anthropic shares in stages tied to GPU delivery and deployment milestones.