Anthropic's total compute infrastructure commitments may exceed $542 billion

Anthropic’s S-1 registration statement filed with the US Securities and Exchange Commission.

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As of the end of 2025, Anthropic had minimum future payment obligations totaling $417 billion for computing infrastructure. Including estimated payments of $125 billion to $150 billion under additional computing capacity agreements covering 2028 to 2031, the total could reach $542 billion to $567 billion.

According to an Oct. 26 local time report by Data Center Dynamics (DCD), which analyzed Anthropic’s S-1 registration statement related to its initial public offering (IPO), the company had $417 billion in minimum future payment obligations as of December 2025. These obligations cover computing equipment, data center leases and purchase commitments with certain cloud providers. The agreements commence in 2026 and 2027, with terms ranging from less than one year to as long as 20 years.

Anthropic also expanded certain existing agreements to secure additional computing and infrastructure capacity for delivery between 2028 and 2031. Future payments under these agreements, whose commercial terms have yet to be finalized, are estimated at $125 billion to $150 billion. The amount represents additional contractual commitments separate from the $417 billion in minimum future payment obligations.

Separately, Anthropic disclosed approximately $265.6 billion in future commitments under computing agreements specifying fixed or minimum guaranteed payments. The contracts have terms ranging from one to 20 years. This amount is disclosed as a separate item in the S-1 filing. The filing does not establish whether the contracts covered by the $417 billion and $265.6 billion figures are entirely distinct.

Specific infrastructure arrangements disclosed include 20-year leases for data centers that have yet to be constructed, an agreement allowing the issuance of up to $42 billion in convertible promissory notes to meet computing resource lease obligations, and a $500 million power purchase agreement (PPA) included in a contract with a data center provider. Anthropic deposited $2.5 billion into an escrow account in April 2026 in connection with computing and infrastructure lease agreements.

Anthropic currently uses infrastructure provided by major cloud service companies, including Google, Amazon Web Services (AWS), Microsoft, SpaceXAI, Fluidstack, Nscale, Akamai and Lambda.

According to the S-1 filing, Anthropic spent approximately $8.9 billion on computing and infrastructure in the first half of 2026, up sharply from approximately $2.3 billion a year earlier. Despite rising computing costs, revenue efficiency improved. Anthropic said revenue for the three months ended June 30, 2026, rose 1,368% from a year earlier, while computing and infrastructure costs increased by 300%.

The company recorded a net loss of $80.7 billion during the same period, although $72.4 billion of that amount reflected a one-time accounting expense arising from changes in the fair value of convertible financial instruments and other items. Its operating loss narrowed to $693 million in the first half of 2026 from $2.1 billion a year earlier, while debt totaled $6.2 billion.

Anthropic reportedly achieved adjusted profitability in the third quarter. According to Reuters and Bloomberg, the company told investors during pre-IPO presentations that third-quarter revenue increased 45% sequentially to $16.8 billion and that it had achieved profitability on an adjusted basis.

Anthropic plans to list on the Nasdaq under the ticker symbol ANT, with the debut expected in mid-November following the US midterm elections. Bloomberg reported that trading could begin before Thanksgiving on Nov. 26.