Anthropic’s computing commitments reach $120.5 billion as revenue surges to $16.3 billion
Key Facts
Anthropic filed a registration statement with the U.S. Securities and Exchange Commission on October 26, 2026, outlining plans for a stock offering and disclosing extensive commitments to secure the computing capacity needed to run its services. Arrangements with SpaceXAI total $120.5 billion in exchange for access to computing powered by NVIDIA graphics processing units, according to the registration statement. The company expects to take delivery of the full capacity in December 2026, when total fees will reach about $3.1 billion per month. The agreements run through 2029, with fees varying as capacity ramps up before reaching full scale. The disclosure puts computing arrangements at the center of the offering filing, alongside revenue growth and payment commitments spread over several years.
The way these commitments are calculated differs between contracts that tie fees to capacity delivery and acceptance and those that impose minimum spending regardless of usage. Under the Nscale agreements, the value could reach about $44.6 billion through 2033, with fees due only when Anthropic takes delivery of and accepts the capacity. Google’s contract, by contrast, requires the company to spend at least about $114.5 billion between April 2026 and July 2033, regardless of actual usage and subject to the contract’s terms. The minimum spending commitment to Amazon reaches $110 billion between May 2026 and April 2036, also regardless of actual usage and subject to specified terms and adjustments. Under its agreement with Microsoft, Anthropic committed to spend at least $44.9 billion; the filing says the agreement was signed in November 2025 and amended in February and October 2026.
These terms show that the stated contract values do not represent a single type of payment: some accrue when capacity is delivered and accepted, while others set a minimum spending floor even if actual usage is lower. The filing also estimates $125 billion to $150 billion in future payments under additional agreements for TPU capacity during 2028–2031. Anthropic presented this as an estimate of payments, not a fixed contractual commitment, and said it was not included in the table of contractual obligations. On the infrastructure side, estimated gross lease payments over the full term of the contracts total about $161.2 billion, excluding interest. Lease payments are made quarterly and generally begin when infrastructure equipment is ready for service at the relevant data center.
The commitments came as the company’s revenue rose from $41 million in 2023 to $386 million in 2024, then to $4.6 billion in 2025, according to data in the registration statement. Revenue grew 841% year over year in 2024 and 1,088% in 2025. In the first half of 2026, revenue reached $16.3 billion, up 1,300% year over year from the same period a year earlier. Quarterly revenue also rose across the periods shown, from $376 million in the first quarter of 2025 to $11.6 billion in the second quarter of 2026. The company attributed the quarterly increases to launches of models and products that drove usage and expansion, but said it did not expect revenue to continue growing at similar rates and could not guarantee that it would continue to grow at all.
Computing and infrastructure expenses totaled $8.945 billion in the first half of 2026, compared with $2.334 billion in the same period of 2025. Even so, those expenses fell to 55% of revenue in the first half of 2026, from 201% a year earlier. The Associated Press reported that Anthropic recorded a net loss of $80.7 billion in the first half of 2026. The loss included a one-time accounting charge of $72.4 billion related to financing agreements. The figures put the increase in computing spending alongside rising revenue, with a substantial accounting impact on the period’s result.
Anthropic warned in the registration statement that its multiyear commitments may be based on revenue forecasts that do not materialize. It said that if revenue growth fails to keep pace with computing payments, or if it cannot raise additional financing on acceptable terms, it may be unable to meet those commitments. The differing contract terms mean the company’s payments include expenses stretching across long periods, as well as commitments tied to capacity delivery or minimum spending. In trading on the morning of October 26, the S&P 500 rose 0.5%, and Reuters said U.S. stock-index futures briefly got a boost after the offering filing. Investment manager Josh Stevens said he would not rush to buy into the IPO, while Peter Andersen said its outcome would be an indicator of investors’ appetite to keep financing the capital spending needed to develop artificial intelligence.
The registration statement proposes selling shares as soon as practicable after it becomes effective, according to the company’s October 26, 2026, filing with the SEC. The information in the prospectus did not specify a date for trading to begin or a final offering price. The disclosure of the contracts comes amid investor interest in how artificial intelligence companies finance and expand their infrastructure. NVIDIA closed at $217.94 a share on October 27, according to EL7 daily data. That closing price is not attributed to Anthropic’s prospectus or to the market’s reaction to it.