Anthropic commits at least $114.5 billion to Google through 2033
Key Facts
Anthropic disclosed a commitment to spend at least $114.5 billion with Google between April 2026 and July 2033, regardless of actual usage, in the registration statement it filed for its proposed public offering. The company said in the filing that the commitment is non-cancellable, except in the event of a material breach by Google that is not remedied. This figure separates Google's contractual commitment from other potential payments to secure additional computing capacity. It also does not represent a disclosed total for all the computing deals the company has made. The figures reveal the scale of the long-term spending Anthropic is committed to as it expands its infrastructure amid growing demand for its products.
Anthropic estimates that future payments for additional capacity powered by TPU processors will range from $125 billion to $150 billion, with delivery scheduled between 2028 and 2031. The final amount will depend on the capacity deployed, how it is deployed, pricing and the fulfillment of deployment conditions, according to the filing. These estimated payments are not included in the contractual obligations table and therefore are not added to Google's fixed commitment as a specified amount due. Under the agreement, if Anthropic's actual spending falls below the agreed level, it must pay the difference to Google as a settlement, subject to specified adjustments and exceptions. The company said: "If our actual spending falls below the level, we must pay the difference to Google as a settlement, subject to certain adjustments and exceptions if applicable."
Anthropic's revenue has accelerated alongside these commitments, reaching $16.286 billion in the first half of 2026, compared with $1.163 billion in the same period of 2025, an annual increase of 1,300%. The company attributed the growth to successive model and product releases that boosted usage, expansion and adoption of its offerings. But the expansion was accompanied by a sharp rise in infrastructure costs: computing and infrastructure expenses reached $8.945 billion in the first half of 2026, versus $2.334 billion a year earlier, an increase of 283%. Anthropic said the increase was linked to the delivery of computing capacity it had contracted for, and that expenses rose as capacity grew. The company meanwhile recorded an operating loss of $693 million in the first half of 2026, despite revenue of $16.286 billion.
Among the risks Anthropic listed is its reliance on supplies of advanced chips from Taiwan, including manufacturing by TSMC. It said an interruption to those supplies could harm its business, financial position and results, noting that TSMC has at times been unable to meet demand. The company added that it has not always obtained sufficient quantities of chips on time, saying: "We have not always been able to obtain sufficient quantities of chips on time." Separately, it warned that the computing capacity it secures today could become less efficient or economically attractive than future alternatives. It could then find itself committed to older equipment and infrastructure while competitors obtain newer systems.
The Google agreement reflects Anthropic's reliance on computing commitments that extend over years, while its filing also points to an agreement with Amazon worth at least $110 billion between May 2026 and April 2036, regardless of actual usage. The company said it filed an S-1 registration statement with the U.S. Securities and Exchange Commission on October 26, 2026, for its proposed public offering of Class A shares. The proposed offering will be listed on Nasdaq under the symbol ANT, but the company has not yet specified the number of shares to be offered or the price range. Alphabet, Google's parent company, closed at $279.84 on October 30, 2026, compared with $283.82 in the previous session. The submitted data did not include share prices for other companies.