Anthropic Raises Commitments to Microsoft to $49.2 Billion and to Google to $121.3 Billion
Key Facts
Anthropic filed a second amendment to its offering registration statement with the U.S. Securities and Exchange Commission on November 10, 2026, disclosing higher caps on its commitments under two cloud-services agreements with Microsoft and Google. The amended agreement with Microsoft requires it to spend at least $47.2 billion, and up to $49.2 billion, between November 2026 and June 2033. The amended hosting agreement with Google includes spending of at least about $121.3 billion between April 2026 and July 2033. These amounts are based on contractual commitments that apply regardless of actual usage, according to the filing with the agency. The disclosure comes as part of an update to the offering documents, while the company said it continues to invest in computing and infrastructure to meet expected demand.
The terms of the agreement with Microsoft differ from the Lambda contract whose status was raised in the disclosure. Anthropic's commitment to Microsoft is non-cancellable, except in the event of an uncured material breach by the company or for certain chips that have not been delivered. Under its Lambda agreements, total commitments amount to about $41.3 billion and extend through 2034, with the August 2026 agreement accounting for about $34.9 billion. That agreement became terminable after Lambda failed to secure the facility lease by the specified deadline. But Anthropic said neither party had sent a notice terminating the agreement, and that it does not currently intend to terminate it.
The timing of payments under the Lambda contract also differs from the specified spending commitments with cloud providers. Lambda fees accrue only when capacity is delivered and accepted by Anthropic, according to the filing. By contrast, the stated commitments to Microsoft and Google require spending specified amounts regardless of actual usage. This difference puts delivery and acceptance terms at the center of assessing Lambda's commitments, while the other obligations are tied to spending schedules extending over years. These terms provide a clearer picture of how the company allocates spending risk between long-term computing contracts and capacity actually delivered.
Anthropic said its total committed spending on computing and infrastructure stood at about $900.9 billion as of the filing date. Of that total, about $451.6 billion is expected to be incurred before December 31, 2030. About $70.7 billion in commitments also comes due in the 12 months following September 30, 2026, defining part of the near-term burden within the long-term total. The company said direct computing flexibility allows it to offset higher-cost short-term computing with lower-cost long-term computing as its dedicated infrastructure comes online. The company thus links securing the capacity it needs now with reducing its cost as the new infrastructure enters service.
The disclosures also highlight the overlapping commercial relationship between Anthropic and its largest computing providers. Amazon, Google and Microsoft are investors, customers and distributors of its services, as well as competitors, according to the company. It said distribution relationships generate revenue but also create dependencies and competitive risks. In a concurrent private placement contingent on completion of the offering, the prospectus sets a total value of $26 billion, with target allocations of about $10 billion each to Google and NVIDIA and $1 billion to Microsoft. The documents thus combine commitments to purchase cloud services with investment arrangements linked to the offering, at a time when the same companies play multiple roles in Anthropic's commercial relationships.
The commitments come amid rapid revenue growth and ongoing losses. Regulatory data from the previous month showed revenue exceeding $16 billion in the first half of 2026, equal to 14 times revenue in the same period a year earlier, according to the Associated Press. Results for the nine months ended September 30, 2026, showed a net loss of $104.039 billion, of which $94.324 billion was related to changes in the fair value of convertible securities, derivative liabilities and SAFE agreements. The agency said the company had not achieved profitability despite revenue growth. It also reported that Anthropic was expected to make its Wall Street debut in November, making the disclosures on contracts and spending part of the information available to investors ahead of that date.
EL7 data recorded the last close before the disclosure date, on November 9, at $288.15 for Google shares and $545.18 for Microsoft shares. These figures do not include the November 10 session close. In the broader market, the Associated Press reported that shares of companies linked to building AI data centers saw a sell-off in the previous week, amid concerns about a higher-than-expected U.S. inflation reading and borrowing costs. This backdrop places Anthropic's growing commitments in a sector attracting significant investment in AI infrastructure, alongside share-price sensitivity to financing costs. The company's expected Wall Street debut in November is the next milestone in its offering process, the agency reported.