Anthropic Raises Microsoft Commitment to $49.2 Billion Through 2033
Key Facts
Anthropic raised its minimum spending commitment with Microsoft to $47.2 billion, with a cap of $49.2 billion, between November 2026 and June 2033, regardless of actual usage, according to an amended registration statement it filed on November 10, 2026. The minimum is up from the $44.9 billion disclosed in an earlier filing the company submitted on November 2 for the same period. The company said its commitment with Google has a minimum of about $121.3 billion between April 2026 and July 2033, also regardless of usage. If actual spending falls below the specified minimum for Google, Anthropic must pay the difference, subject to specified exceptions and adjustments. The disclosures show the scale of the multiyear spending the company has contracted for to secure the computing and infrastructure needed for its operations.
Anthropic's agreements with Lambda involve total spending of about $41.3 billion and extend through 2034, but fees are due only when capacity is delivered to and accepted by the company. An agreement signed in August 2026 accounts for about $34.9 billion of that total. Anthropic said Lambda had not secured the facility lease by the specified deadline, making the agreement terminable by either party. That condition had not led to an actual termination as of the filing date: the company said neither party had sent notice to that effect. It added that it did not currently intend to terminate the agreement, leaving the commitment in place unless either party acts under its terms.
Anthropic said its total committed spending under contracts and leases was about $900.9 billion, most of it tied to computing and infrastructure. Of that total, about $70.7 billion is expected to become due during the 12 months following September 30, 2026. These figures place the Microsoft, Google and Lambda commitments within a broader bill spanning years, with nearer payment dates requiring available funding. The company disclosed total liquidity of $146.6 billion on September 30, 2026, before accounting for net proceeds from the offering and concurrent private placement. Comparing liquidity with near-term payments shows the resources available and the commitments the company said would fall due during the period after that date.
In the three months ended September 30, 2026, Anthropic recorded revenue of $17.0 billion, after its commercial revenue started at zero when it launched in the first quarter of 2023, according to the filing. But the company cautioned that most of its revenue is consumption-based and a large portion is not tied to long-term contracts, while computing and infrastructure commitments generally extend for years. It said this mismatch could cause multiyear computing commitments to outpace revenue growth and make them difficult to meet. It also said computing and infrastructure expenses rose from $944 million in the three months ended March 31, 2025, to $9.9 billion in the three months ended September 30, 2026. It attributed the increase to the delivery of previously committed computing capacity and said it typically buys computing capacity 12 to 18 months before it becomes available, with such expenses generally fixed in the near term.
For the offering, the filing set an estimated price range of between $70 and $78 a share, and Anthropic said it had applied to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT. The move is part of the amended registration statement the company filed on November 10, 2026, alongside disclosures on computing contracts, revenue and liquidity. The offering range provides an estimated share price, while the application sets out the proposed listing route. The disclosed commitments cover contracts with different dates and terms, including the Lambda agreement tied to delivery and acceptance of capacity, and the Microsoft agreement with minimum and maximum spending levels. The filing says a large part of these commitments extends beyond the near term, while revenue, according to the company, remains primarily consumption-based.