A confidential IPO prospectus reviewed by Reuters reveals that Anthropic has committed to spend at least $518 billion over a decade on AI infrastructure across six partners and that roughly 80% of that sum is non-cancelable or must be paid regardless of how much computing power the company actually uses.
The bulk of the locked-in obligations sit with three cloud giants. Anthropic has committed at least $111.1 billion to Alphabet's Google and $110 billion to Amazon under long-term infrastructure service agreements running to 2033 and 2036 respectively. A further $31.4 billion is owed to Microsoft between November 2026 and May 2033 under terms described as non-cancelable except in the case of Microsoft's uncured material breach. If Anthropic's actual spend with Google falls short of its commitment, it must pay the difference; the same terms apply to its Amazon agreement.
Separately, Anthropic is carrying approximately $161.2 billion of Broadcom-related equipment lease obligations that are also largely non-cancelable. Advanced Micro Devices has committed to buying up to $5 billion of Anthropic stock and to supply AI computing capacity expected to exceed $20 billion.
Anthropic has told investors that access to computing power has become the primary constraint on AI development, and that future demand for advanced AI systems will be "limited principally by the availability of compute." The spending plan is comparable in scale to OpenAI's Stargate project, a $500 billion AI infrastructure initiative.
The prospectus also disclosed concentration risk on the revenue side: two customers generated nearly a quarter of the company's 2025 revenue, and many of its largest clients have no long-term contracts. Revenue rose roughly twelvefold in 2025 to nearly $4.6 billion, but the company lost more than $8 billion on an operating basis over the same period and reported a GAAP net loss of approximately $42 billion, including around $34 billion from a non-cash financing and fair-value charge. Anthropic had $20.28 billion in cash and short-term investments at the end of 2025. Anthropic filed for an IPO confidentially with the Securities and Exchange Commission in June; its paperwork has not been publicly disclosed.
Sources: Reuters (Echo Wang and Sabrina Valle, September 29, 2026); Financial Times
