Anthropic’s Future Commitments Approach $900 Billion Amid Surge in Computing Contracts
Key Facts
Bloomberg Tax estimated on October 30 that Anthropic’s assorted future commitments disclosed in its IPO filing approach $900 billion, a figure that highlights the cost of securing the computing capacity and infrastructure needed to expand the company. But the estimate combines different types of contractual commitments and does not represent a single amount of existing debt or a figure the filing calls “debt.” The company’s registration statement with the U.S. Securities and Exchange Commission shows $321.4 billion in future lease commitments for contracts that have not commenced, and about $265.6 billion in fixed or minimum-guaranteed purchase commitments. Most of these commitments relate to computing, cloud-provider services and infrastructure. The figures offer a picture of commitments extending over years as the company seeks to go public.
Undiscounted lease commitments for signed contracts that had not commenced stood at $321.4 billion on June 30, 2026, compared with $50.2 billion on December 31, 2025. The company says these contracts are primarily related to computing capacity and infrastructure, and are scheduled to begin between 2026 and 2028. Their terms range from less than one year to 20 years, distributing the commitments across different maturities rather than making them due all at once. Describing them as undiscounted means the figure shows their future contractual value before accounting for the effect of time. The filing thus distinguishes leases that have not commenced from commitments already recorded.
Future fixed or minimum-guaranteed purchase commitments totaled about $265.6 billion on June 30, with terms ranging from one to 20 years. These agreements primarily cover hosting by cloud-service providers and third-party infrastructure services. Irrevocable contractual commitments with more than one year remaining totaled $54.559 billion at the end of 2025, according to a table in the filing. However, the two figures do not necessarily cover identical scopes: total fixed or minimum-guaranteed commitments exclude computing and infrastructure agreements that do not specify a fixed amount or minimum. The company says expected payments under those unspecified agreements will be significant.
The Google agreement illustrates some of these commitments: Anthropic says it is obligated to spend at least about $114.5 billion between April 2026 and July 2033, regardless of actual usage. The company also estimated future payments of about $125 to $150 billion for additional TPU capacity, with delivery expected between 2028 and 2031. These additional payments are not included in the filing’s contractual commitments table. Under its Amazon agreement, the company 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. It also said its Microsoft agreement includes a minimum spending commitment of $44.9 billion between November 2026 and May 2033, regardless of actual usage, with specified exceptions to non-cancelability.
These contracts come as the company’s revenue accelerates, but are accompanied by high spending to operate models and build infrastructure. Anthropic reported revenue of $16.286 billion in the first half of 2026, compared with $1.163 billion in the same period of 2025, while computing and infrastructure expenses totaled $8.945 billion in the first half of 2026. Total operating expenses were $16.979 billion, resulting in an operating loss of $693 million. According to the Associated Press, revenue topped $16 billion, or 14 times revenue in the same period a year earlier. The contrast between sales growth and computing costs highlights the impact of rapid expansion on the company’s results.
The company recorded a net loss of $80.748 billion in the first half of 2026, compared with $12.969 billion in the first half of 2025. The latest period’s figure included a loss of $72.388 billion stemming from changes in the fair value of convertible notes, derivative liabilities and SAFE agreements. Meanwhile, the summary balance sheet in the filing showed cash and cash equivalents and short-term investments of $131.651 billion on June 30, 2026. The Associated Press reported on October 26 that the final IPO valuation and price had not yet been determined. The filing therefore presents investors with details of financing and operating commitments in the context of the IPO bid, while the offering price and final valuation remain unsettled in the report.