Anthropic Pledges to Spend $121.3 Billion on Google Hosting Through 2033
Key Facts
Anthropic has pledged to spend at least about $121.3 billion on Google cloud hosting services between April 2026 and July 2033, according to an amended registration statement the company filed with the U.S. Securities and Exchange Commission on November 2, 2026. The minimum remains due regardless of actual infrastructure usage, the filing says. If actual spending falls below that level, Anthropic will pay Google the difference under a settlement subject to certain adjustments and exceptions. The financial obligation therefore rests with Anthropic, not Google. The company said its obligations under the agreement are non-cancellable unless Google commits a material breach and fails to remedy it.
The agreement represents part of Anthropic's broader contractual commitments, which totaled about $895.4 billion under purchase and lease agreements, most of them related to computing and infrastructure, according to the filing. The company estimated that about $447.5 billion of these commitments will fall due before December 31, 2030. It also said about $69.8 billion will come due in the 12 months following September 30, 2026. The commitments include arrangements subject to exercisable termination rights or conditions that must be met before performance begins. These contingent or terminable commitments total about $213.8 billion, and the conditions may relate to the counterparty's ability to secure financing, facilities or regulatory approvals.
The contractual commitments schedule does not include an additional estimate for future payments for other computing capacity, including plans to source tensor processing units from Google or another provider. Anthropic estimated these payments at about $125 billion to $150 billion. It said delivery of the associated capacity is expected between 2028 and 2031, extending computing needs into a later period of the current decade. The company said these payments are not included in the contractual commitments schedule. This means the disclosed estimate for additional capacity is separate from the total purchase and lease agreements reported in the filing.
Operationally, Anthropic's revenue rose 47% from the previous quarter to $16.96 billion in the third quarter of 2026, according to data reported by Reuters. But growth slowed from the second quarter, when revenue increased 144% quarter on quarter. The Associated Press said revenue for the first nine months of 2026 reached $33.2 billion, after growing 13 times. Over the same period, the company posted a net loss of $104 billion. The figures put rapid revenue growth alongside large losses as the company prepares for an initial public offering.
Anthropic attributed a large part of its losses for the nine months ended September 30, 2026, to changes in the fair value of financial instruments. These changes totaled $94.3 billion and included convertible securities, derivative liabilities and SAFE agreements. The company said the increase in the value of its convertible notes as its enterprise valuation rose was the main reason for the changes. Net losses for the period totaled $104 billion, according to the amended filing. This accounting explanation distinguishes the reported loss from the revenue the company reported for the same period.
Alphabet Class A shares closed at $279.27 on November 3, 2026, compared with a close of $278.99 in the previous session, according to EL7 data. In its coverage of the November 2 session, Reuters said Alphabet shares ended trading little changed, while Amazon shares closed higher. The moves came during a renewed technology stock sell-off amid investor concerns about the AI boom. The November 3 closing price alone does not establish that the stock fell because of Anthropic's filing. Reuters had also reported that some current and prospective investors were considering a valuation of about $1.5 trillion for Anthropic, down from nearly $2 trillion.
Anthropic said it would list its shares on the Nasdaq Global Select Market under the ticker ANT, according to the Associated Press. The filing did not specify how much the company aims to raise or the share price at the offering. Reuters had reported that formal marketing of the shares to investors was expected to begin in the week after its report. The anticipated offering comes as investors weigh disclosures of large contractual commitments alongside revenue growth, a quarterly slowdown and reported losses. The financial terms of the offering remain unspecified in the information the company has disclosed so far.