Anthropic’s Equipment Leases with Broadcom Total $161.2 Billion Over Five Years

Key Facts

Anthropic disclosed approximately $161.2 billion in gross lease payments, excluding interest, under major five-year equipment lease agreements with Broadcom, according to a registration filing with the U.S. Securities and Exchange Commission. The amount covers equipment leases over the term of the agreements and does not represent Anthropic’s total spending commitments. The filing says the leases are paid in quarterly installments, while payment obligations typically begin when AI infrastructure equipment is ready for service at the relevant data center. The arrangement ties lease payments to computing capacity becoming ready for use, rather than payments starting automatically when the contract is signed. Broadcom shares closed at $332.87 on November 3, according to EL7 data, after closing at $322.23 in the previous session.

The agreements give Anthropic access to computing capacity based on TPUs; some of that capacity began operating in 2026, with additional capacity expected to come online in 2027. The filing thus links long-term commitments to the expansion of the computing infrastructure needed to run the company’s systems. Against this backdrop, Bank of America, Citi, Morgan Stanley and Blackstone announced a $63 billion financing transaction on October 26, 2026, to deploy AI computing capacity for Anthropic using Broadcom technology. Broadcom said the transaction would be carried out through a new special-purpose vehicle, which would receive committed financing to buy Broadcom XPU accelerators and networking solutions and then lease them to Anthropic. Deliveries are expected to begin in 2027, according to Broadcom’s announcement.

Anthropic’s filing puts the lease value in the context of approximately $895.4 billion in total contractual spending, most of it related to computing and infrastructure, according to the disclosure. The Associated Press reported that the total includes $70 billion due in the twelve months following the updated disclosure on November 2, 2026. Anthropic said approximately $447.5 billion of the commitments is expected to be spent through the end of 2030, while approximately $447.9 billion of the remainder is expected to be spent between 2031 and 2045. The company’s disclosed commitments therefore extend over a long time horizon, alongside near-term spending on data centers and computing capacity. The $161.2 billion figure remains specific to the Broadcom lease agreements, while $895.4 billion represents a broader total of committed spending.

The infrastructure commitments were disclosed as revenue expanded rapidly: Anthropic’s revenue reached $17 billion in the third quarter of 2026, compared with $1.4 billion in the same period of 2025. For the nine months ended September 30, 2026, the company reported revenue of $33.2 billion, compared with $2.5 billion in the corresponding period of 2025. The company attributed revenue growth to successive model and product releases, which it said increased usage and adoption. But higher revenue did not prevent an operating loss of $567 million in the third quarter, after the company posted operating income of $974 million in the second quarter of the same year. The contrast between sales growth and operating performance stands out during a period in which the company continued to expand its computing capacity.

Anthropic said computing and infrastructure expenses reached $9.9 billion in the three months ended September 30, 2026, and that the increase was linked to taking delivery of contracted capacity. The company also attributed its third-quarter operating loss mainly to $5.0 billion in computing under short-term commitments, which it described as more expensive than comparable computing tied to multi-year agreements. It added $2.0 billion in non-cash expenses related to its donation-matching program. These items show that financing and operating capacity were among the costs reflected in the quarter’s results, alongside other expenses reported by the company. At the same time, its filing links delivery of contracted capacity to higher infrastructure expenses.

Anthropic describes the lease arrangements as non-cancellable by either party during the lease term, except in the event of default. Anthropic, PBC guarantees the obligations of its subsidiaries, while the leased equipment serves as collateral for those obligations. On demand, the company said future demand for its advanced AI systems is likely to exceed available supply, and access to computing could become the constraint on expansion. Anthropic also expects infrastructure expansion to change its cash-flow profile and to result in significant net cash use in operating and investing activities for the foreseeable future. This outlook, set out in the registration filing, indicates that capacity expansion will continue to involve extended cash and operating needs, alongside the schedule for additional capacity to begin operating in 2027.