Anthropic raises cloud commitments by about $10 billion with Microsoft and Google
Key Facts
Anthropic raised its commitments to buy cloud computing services from Microsoft and Google by about $10 billion combined, according to a report published by The Information after the company amended its prospectus on November 10, 2026. The prospectus describes spending commitments for Azure and Google Cloud services, not cash investments in Anthropic by the two companies. The figures appear in a proposed initial public offering filing submitted by the company to the U.S. Securities and Exchange Commission. According to the prospectus, Anthropic’s commitment to Microsoft has a maximum of $49.2 billion, while its minimum commitment to Google is about $121.3 billion. The commitments extend over several years, making them an indicator of the scale of computing the company intends to buy and the long-term spending obligations that accompany it.
Anthropic said in its prospectus that it is committed to spending at least $47.2 billion and up to $49.2 billion with Microsoft between November 2026 and June 2033, regardless of actual usage. Under the company’s wording, the value of the commitment is therefore not determined solely by the amount of services consumed during the period. It added that its obligation under the agreement is generally non-cancelable, except in cases that include a material breach by Microsoft that is not remedied. The exceptions also cover certain tranches that have not been delivered, according to the prospectus details. The condition places a substantial amount of future spending within a long-term contractual framework, with specific exceptions for termination.
Under its Google Cloud agreement, Anthropic said it committed to spending at least about $121.3 billion between April 2026 and July 2033, regardless of actual usage. The agreement, according to the prospectus, provides for a settlement in which the company pays Google the difference if its actual spending falls below the agreed amount, subject to specified adjustments and exceptions. The Information report, meanwhile, compared the updated cumulative commitments with amounts disclosed the previous month. It said Microsoft’s total commitment rose to $49.2 billion from $44.9 billion, and Google Cloud’s commitment increased to $121.6 billion from $114.5 billion. The comparison reflects updated cumulative totals, while the prospectus sets out separate commitment terms and periods for each provider.
The prospectus places these contracts within much broader infrastructure and computing needs. Anthropic reported total contracted spending of about $900.9 billion, with about $451.6 billion of it expected to be incurred before December 31, 2030. It said most of the remaining commitments are expected during the period from 2031 to 2045. It also said about $70.7 billion of its commitments are due in the 12 months following September 30, 2026. These timelines reflect a concentration of a significant portion of spending in the coming years, alongside commitments extending further into the future.
The computing arrangements also include other providers, among them Lambda. The November 10 prospectus says Anthropic agreed to spend a total of about $41.3 billion under commitments with the company that extend through 2034. The August 2026 agreement accounts for about $34.9 billion of that total. But Lambda had not obtained a facility lease by the deadline specified in the agreement, according to the prospectus. That gave either party the right to terminate, but Anthropic said neither had sent notice to that effect and that it did not intend to terminate at the time.
The prospectus also shows Anthropic’s revenue accelerating alongside the expansion of its commitments. The company said its revenue reached $33.2 billion in the nine months ended September 30, 2026, up 1,206% year over year. But it warned that it does not expect growth to continue at similar rates. In a report published by Reuters on November 2, third-quarter revenue was $16.96 billion, up 47% from the previous quarter, after rising 144% in the second quarter. This quarterly slowdown places the revenue trajectory in the context of the major expansion in computing spending commitments, according to figures in the disclosures.
Reuters on November 2 pointed to Wall Street concerns about financing AI infrastructure with debt, saying record borrowing for data centers, chips and other infrastructure components had widened technology companies’ bond spreads and prompted issuers to offer higher premiums. Anthropic warned in its prospectus that financing problems among computing providers or infrastructure partners could delay contracted capacity, raise its price, reduce it or prevent its delivery. These warnings add execution risks to commitments extending over several years, as fulfilling them depends on the availability of the agreed capacity. The company said it had $146.6 billion in liquidity on September 30, 2026, before accounting for the net proceeds of the proposed IPO and concurrent private placement. The figure places the liquidity disclosed in the prospectus alongside the total scale of the commitments the company reported.
The proposed IPO filing includes an offering of 825 million Class A shares at an estimated price range of $70.00 to $78.00 per share. But the November 10 prospectus said the registration statement would not become effective until a subsequent amendment expressly stated so, or following a decision by the Securities and Exchange Commission. This wording does not set a deadline for the registration to become effective. At the close of trading on November 12, Microsoft shares closed at $523, and Alphabet shares closed at $298.7, according to EL7 data. These prices reflect the close of the specified session, and the available text does not attribute any share-price movement to the disclosure.