Anthropic’s Future Commitments Near $900 Billion as Computing Expands
Key Facts
Bloomberg Tax estimated on October 30 that Anthropic’s various future commitments are approaching $900 billion, combining contractual items reported in the company’s offering prospectus rather than a single figure disclosed as outstanding debt. These items include leases not yet commenced and purchase agreements tied to data centers, energy and graphics processing units. The estimate highlights the scale of financing that may be required to expand the company’s capacity to run artificial intelligence models in the coming years. The registration statement filed with the U.S. Securities and Exchange Commission separates commitments by nature and maturity. The disclosure comes as the company prepares to go public, putting the long-term cost of infrastructure among the information investors are assessing.
Undiscounted future lease commitments for leases not yet commenced stood at $321.4 billion on June 30, 2026, compared with $50.2 billion on December 31, 2025, according to Anthropic’s prospectus. The leases are primarily tied to computing capacity and infrastructure, with some scheduled to commence between 2026 and 2028. Their terms range from less than one year to 20 years, extending their contractual effects across different time horizons. The undiscounted figure shows the future value of payments before accounting for the effect of time. The disclosure covers leases not yet commenced, while the filing presents existing commitments under other items.
The company reported fixed or minimum purchase commitments of about $265.6 billion on June 30, 2026, with terms ranging from one to 20 years. The agreements primarily relate to computing hosting and infrastructure services provided by third parties. At the end of 2025, total non-cancelable contractual obligations with more than one year remaining stood at $54.559 billion. The two figures, however, do not measure the same scope; the table of fixed or minimum commitments excludes computing and infrastructure arrangements that do not specify a fixed amount. The company said expected payments under those unspecified arrangements would be significant, adding potential commitments to the spending disclosed in the tables.
Supplier agreements show the scale of spending commitments over several years. Anthropic said its agreement with Google requires it to spend at least about $114.5 billion between April 2026 and July 2033 regardless of actual usage, with any shortfall settled subject to specified adjustments and exceptions. Under its agreement with Amazon, it committed to spend at least $110 billion between May 2026 and April 2036, paying the difference if actual spending falls below the minimum, subject to the agreement’s terms and exceptions. The Microsoft agreement also includes a minimum of $44.9 billion between November 2026 and May 2033 regardless of usage, with specified circumstances permitting cancellation. These terms tie part of spending to long periods and minimum thresholds, rather than actual usage alone.
The arrangements also include an agreement with SpaceX.AI for total spending of up to $120.5 billion through 2029 in exchange for computing powered by NVIDIA units. Anthropic expects the full capacity to become available in December 2026, when total fees will approach $3.1 billion a month. This aligns with plans to expand computing capacity across multiple providers and technologies, but makes the timing of capacity delivery part of the spending trajectory. Under a separate agreement with Google and Broadcom announced on April 6, the company said several gigawatts of next-generation TPU capacity would begin operating in 2027. These timelines show that some commitments are tied to future capacity that has not yet reached full operation.
The commitments coincided with rapid sales growth. Anthropic recorded revenue of $16.286 billion in the first half of 2026, compared with $1.163 billion in the same period of 2025, an increase of 1,300%, according to the filing. The Associated Press said revenue exceeded $16 billion, or 14 times its level a year earlier, while the company had yet to turn a profit. The number of customers with trailing annual revenue above $100,000 rose from more than 600 in June 2025 to more than 6,000 in June 2026. Revenue from this group also grew from $870 million to $12 billion in the first half of the two respective years, illustrating the expanding base of enterprise demand.
By contrast, computing and infrastructure expenses reached $8.945 billion in the first half of 2026, up 283% year over year, according to the filing. Even so, their share of revenue fell to 55% from 201% in the corresponding period of 2025, as revenue grew faster. Total operating expenses were $16.979 billion, while the company recorded an operating loss of $693 million. Anthropic said computing expenses rose as contracted capacity was delivered, mostly in advance, alongside capacity growth. It added that changes in the fair value of convertible notes, derivative liabilities and SAFE agreements contributed an expense of $72.388 billion, driven mainly by an increase in the value of the notes as the company’s valuation rose.
Anthropic had $112.4 billion in cash and cash equivalents on June 30, 2026, alongside $19.3 billion in short-term investments and $3.2 billion available under a credit facility. The company said in its filing that it intends to fund its investments with revenue it generates and capital it raises. In a report published on October 26, the Associated Press said the offering’s final valuation, size and price had not been determined, and cited circulating estimates of a valuation of $1.5 trillion or perhaps $2 trillion, with no final value settled. Meanwhile, Bloomberg Tax said Amazon, Alphabet and Microsoft shares fell during the week of the report, partly because of investor concerns about the scale of artificial intelligence spending. The size and pricing of the offering remain unresolved, while the disclosures put computing commitments and their financing at the center of the discussion about the company.