Burry Flags $537 Billion in Hidden Compute Commitments Buried in Anthropic's S-1 Filing

Michael Burry, the investor depicted in "The Big Short," said Anthropic's S-1 filing contains roughly $537 billion in computing and infrastructure commitments tallied from scattered footnotes — a figure that never appears as a single line item. In a Substack post, Burry said the total represents the company's true financial center of gravity. His breakdown includes $114.5 billion from Google, $110 billion from Amazon and $44.9 billion from Microsoft in purchase commitments; $161.2 billion in Broadcom TPU rack leases; about $86 billion combined from Lambda and Nscale; and more than $20 billion expected from AMD. Including a pending Google TPU agreement of $125 billion to $150 billion and a SpaceX deal worth up to $120.5 billion, total commitments could approach $800 billion — more than 20 times trailing-year revenue. Anthropic publicly filed its S-1 on Monday, seeking a Nasdaq Global Select Market listing under the ticker "ANT," with Goldman Sachs and Morgan Stanley as lead underwriters. Share count and price range were not disclosed. Burry noted revenue growth is mounting alongside the commitments: sequential growth hit 132% and 144% in the first two quarters of 2026 before slowing to about 45% in the third, when quarterly revenue reached nearly $16.9 billion. Monthly growth in August and September fell to 3%-7%, and revenue per dollar of compute slipped to $1.70 from $2.08 — the first deterioration in that metric. Most agreements are take-or-pay, requiring Anthropic to pay on schedule and cover shortfalls regardless of actual usage. Burry also flagged circular funding: Amazon and Google have invested about $41 billion in Anthropic, much of which flows back to the cloud providers through compute purchases. Hyperscalers hold four roles simultaneously — funder, supplier, sales channel and shareholder — and collect about 48% of Anthropic's revenue through cloud marketplaces. Investor Nicholas Mugalli said roughly $500 billion in compute is already locked in with chipmakers, suggesting AI infrastructure buildout is only beginning. Benzinga noted that most of Anthropic's $80.7 billion net loss stems from non-cash accounting charges on convertible notes; operating loss was $693 million. Burry expects further S-1 amendments before the roadshow to add third-quarter details and an October revenue run rate.