Anthropic IPO Filing Reveals $500 Billion in Non-Cancelable Compute Commitments

Anthropic's IPO filing discloses more than $500 billion in spending commitments to six partners over the next decade, many under non-cancelable terms or requiring payment regardless of actual usage. The obligations cover cloud computing, data center leases, equipment and energy, and underscore the capital needs behind its AI buildout. Disclosed items include at least $110 billion for Amazon (AMZN-US) cloud services over seven to ten years, about $114.5 billion payable to Alphabet (GOOGL-US), and $449 billion to Microsoft (MSFT-US). Amazon has invested at least $13 billion in Anthropic and agreed to up to $20 billion more; Google has committed up to $40 billion, with both also supplying compute. Compute and infrastructure costs have exceeded revenue for three years, and Anthropic expects them to remain its largest operating expense. Revenue rose from $41 million in 2023 to $386 million in 2024 and $4.59 billion in 2025, reaching $16.29 billion in this year's first half, with second-quarter revenue up 1,368% year over year. Its $80.7 billion first-half net loss stemmed mainly from fair-value gains on convertible notes; operating losses were $693 million in the first half.