Anthropic IPO filing lists $900.9 billion of compute and infrastructure commitments

Anthropic says it had committed to about $900.9 billion of purchases and leases as of and after 30 September 2026, nearly all of it for compute and infrastructure, in the second amendment to its Form S-1 IPO registration, filed with the US Securities and Exchange Commission on 10 November 2026. The total includes short-term commitments and leases yet to start.

Anthropic expects to incur about $451.6 billion of that total before 31 December 2030 and nearly all of the remainder from 2031 to 2045, with about $70.7 billion falling due within a year of 30 September 2026. It says about $186.2 billion sits in arrangements that carry exercisable termination rights or start only once conditions are met, such as the other party obtaining financing, facilities or approvals from regulators. If such conditions are not satisfied, the arrangement can be ended.

The $900.9 billion leaves out further compute and infrastructure deals that carry no fixed dollar commitment. Anthropic estimates payments under them at $150 billion to $175 billion, which it expects to pay over time once capacity is delivered. Its table of contractual obligations at 30 September 2026 totals $320.0 billion, of which $313.8 billion is purchase commitments, mainly minimum payments for hosting by cloud service providers and other outside infrastructure services.

Anthropic says it has moved to a hybrid model: besides buying cloud compute, it now obtains specialised accelerators itself and runs them in dedicated data centres that others lease and operate for it, built to its specification. It calls this source of compute Anthropic Direct, says a significant share of the $900.9 billion relates to it, and expects that share to grow. Its first data centre came into service in 2026.

The accelerators and related parts, CPUs and high-bandwidth memory among them, come through master equipment leases. Anthropic says these are five-year leases with Broadcom, parts of which have been assigned to financing entities, with rent over their life of about $161.2 billion before interest, paid quarterly and generally from the date the equipment can go into service. They give it TPU-based capacity, some of which came online in 2026, with more expected from 2027. Anthropic may also issue up to $42.0 billion of convertible notes to Broadcom or another financial partner designated under the agreement, solely to fund quarterly rent under one of these leases, the 2026 Lease Arrangement.

In some data centre arrangements, partners acquire the land, power and buildings while Anthropic leases capacity in them and hires specialist operators to run the facilities. The filing gives Fluidstack USA I Inc. as an example: under an agreement covering colocation and services, Fluidstack develops and operates data centres for Anthropic. Anthropic says it has also signed data centre leases itself and expects to do so more often, and that for some projects it has relied on financing sources or partners that guarantee lease obligations for capacity expected to house that partner's own chips or computing systems. Its data centre projects are mostly in the United States, and it says it is seeking more capacity abroad.

For power, Anthropic says it needs separate arrangements with utilities or, in some cases, the development of behind-the-meter generation that feeds a facility directly rather than through the wider grid. It says securing enough power, whether from the grid or behind the meter, usually takes a long lead time and heavy spending well before a facility opens.

Anthropic says it trains and serves Claude on four chip families: AWS Trainium, Google TPUs, NVIDIA GPUs and AMD GPUs. It credits its access to Trainium to its collaboration with Amazon; to TPUs to its partnerships with Google and Broadcom; to NVIDIA systems, including Grace Blackwell and Vera Rubin, to its partnership with NVIDIA plus arrangements with Microsoft, SpaceXAI (a SpaceX subsidiary), Nscale, Lambda and other cloud providers; and to AMD Instinct GPUs, including the MI450 Series in Helios rack-scale systems, to its relationship with AMD. Anthropic says it has consistently had less compute than its customers want.

In the quarter to 30 September 2026, Anthropic says, it took delivery of $5.0 billion of short-term compute, which it says is currently much dearer than compute secured through its multi-year deals.

The filing also says Google, NVIDIA, AMD, Broadcom, Micron, Microsoft and TSMC Partners, Ltd. have agreed to buy a combined $26.0 billion of Anthropic's Class N common stock through a private placement that depends on the IPO being completed, among other conditions.