Anthropic commits to spending $44.9 billion on Microsoft services through 2033
Key Facts
Anthropic said in an amendment to its filing with the U.S. Securities and Exchange Commission, submitted on November 2, 2026, that it had committed to spending at least $44.9 billion on infrastructure services from Microsoft. The agreement runs from November 2026 to June 2033, and the minimum remains payable regardless of actual use of the services. The filing describes the amount as spending on services, not cash financing or an investment by Anthropic in Microsoft. The agreement gives Microsoft a long-term purchase commitment tied to the provision of computing infrastructure. Microsoft shares closed at $516.799 on November 3, according to EL7 data.
The filing described Anthropic’s commitment to Microsoft as non-cancelable, subject to two specific exceptions. The commitment can be terminated if Microsoft materially breaches it and fails to remedy the breach, and each tranche can be canceled separately if it is not delivered. This condition limits the extent to which the amount can be viewed as guaranteed spending regardless of the agreement’s execution. But the text ties the minimum to actual usage, stating that it is payable whether or not Anthropic uses the services. The agreement spans more than six years, from November 2026 through June 2033.
The filing places the Microsoft agreement among Anthropic’s broader infrastructure commitments. The company has pledged to spend at least approximately $121.3 billion on a computing-hosting agreement with Google between April 2026 and July 2033, regardless of actual usage. It has also committed to spending at least $110 billion with Amazon between May 2026 and April 2036, under the same condition. These figures reflect the scale of resources the company has tied to computing and hosting services over several years. The agreements have different durations: Amazon’s commitment runs through 2036, while those to Google and Microsoft end in 2033.
According to the filing, Anthropic’s total committed spending was approximately $895.4 billion, including purchase and lease agreements, short-term obligations and leases not yet commenced, as of September 30, 2026, and beyond. The figure includes obligations with different maturities and is not limited to the announced computing agreements with Microsoft, Google and Amazon. Of that total, approximately $69.8 billion is due in the twelve months following September 30, 2026. This near-term portion places some of the obligations burden within a shorter period than the long-term agreements. This comes as Anthropic’s revenue expands alongside its infrastructure spending.
Anthropic generated $17.0 billion in revenue in the three months ended September 30, 2026, compared with $1.4 billion in the corresponding period of 2025, according to the filing. Over the same period, the company recorded an operating loss of $567 million, versus an operating loss of $3.1 billion a year earlier. The filing said the operating margin was negative 3% in the third quarter of 2026, compared with negative 224% in the same quarter of 2025. The figures show an improvement in the operating loss from the prior period, while the operating result remained negative despite revenue growth. The disclosure thus combines business expansion and substantial spending commitments on one hand with a continuing operating loss on the other.
The Associated Press reported that Anthropic’s revenue grew 13 times to $33.2 billion in the first nine months of 2026, but that it posted a net loss of $104 billion over that period. The loss included, according to the agency, a $94 billion accounting adjustment related to financing agreements. On a quarterly basis, the net loss was $23.3 billion in the quarter ended September 30, against quarterly revenue of $17 billion, according to AP. The net loss differs from the operating loss in the company’s filing because it includes additional items. These figures show that revenue growth did not prevent a large net loss during the period.
On the planned public offering, AP said the filing did not specify how much funding Anthropic aims to raise or the price at which its shares would be offered. The company plans to list on the Nasdaq Global Select Market under the ticker ANT, the agency reported. The disclosure, according to the report, did not provide details on the size of the offering or share pricing. Microsoft’s long-term commitment is among the financial and contractual information the company included in its offering filing. These details remain part of the picture investors will assess once the listing terms become clear.