Anthropic's Amended S-1 Shows $895.4bn in Compute Commitments

Anthropic has disclosed $895.4 billion in aggregate purchase commitments and lease agreements, "substantially all of which is related to compute and infrastructure," in an amended Form S-1 filing with the SEC. The figure more than doubles the $417 billion compute commitment listed previously, and it lands ahead of an imminent public listing.

What did the latest quarter deliver?

The filing adds Q3 results. Revenue reached $17 billion, up roughly 1,127 percent year over year. The trajectory is cooling, though. Quarter-to-quarter growth came in at 47 percent, down from 144 percent in Q2 and 132 percent in Q1.

The company also reported a net loss of $23.29 billion for the third quarter. Compute and infrastructure expenses climbed to $14.4 billion for the nine months ended September 30, up 329 percent from last year.

Who supplies the compute?

The prospectus breaks down the lease commitments by counterparty. The list shows how concentrated Anthropic's supplier base has become:

• $121.3 billion to lease compute from Google
• $120.5 billion from SpaceX
• $110 billion from Amazon
• $44.9 billion from Microsoft

The contracts with Google, Amazon, and Microsoft are mostly non-cancelable outside of uncured material breaches. Anthropic must pay regardless of actual usage. The SpaceX deal differs. It can be canceled with 90 days' notice starting next March.

Beyond the hyperscalers, Anthropic signed a $44.6 billion deal with neocloud Nscale running until 2033, and $41.3 billion with Lambda until 2034. Both carry conditions. Nscale must try to obtain qualifying financing for its Nvidia GPUs. Lambda has to secure its facility lease in a timely manner.

The company also entered a $50 billion deal with Fluidstack, plus contracts with TeraWulf and Hut 8.

Two earlier arrangements went unmentioned. The filing does not reference Anthropic's $11.6 billion cloud deal with Akamai, nor its compute agreement with CoreWeave.

How much compute is behind the money?

The New York Times reports Anthropic expects more than 3.5 gigawatts of compute this year, with a similar amount due in 2027. That capacity footprint explains why committed spend now approaches a trillion dollars.

More is coming outside the headline number. On top of the Google lease, Anthropic plans to procure additional TPU compute through one of three routes: a Google Cloud deal, a direct purchase from Google with five-year financing, or a partner arrangement. That compute is expected between 2028 and 2031. It could cost $125 billion to $150 billion, and it sits outside the $895.4 billion calculation already disclosed.

What about the chip supplier relationship?

The prospectus reiterates a hardware supply agreement with AMD. Under it, the chip designer is on track to buy $5 billion in Anthropic shares. The purchases happen in stages, tied to AMD GPU delivery and deployment milestones.

What does this change for investors?

The filing gives the market its clearest picture yet of Anthropic's cost structure before the listing. Revenue is scaling fast but decelerating on a quarterly basis, while the company has locked itself into nearly $900 billion of mostly non-cancelable obligations that must be paid regardless of usage. The gap between $17 billion in quarterly revenue and $23.29 billion in quarterly net loss frames the bet: Anthropic is pre-paying for capacity on the assumption that demand catches up. The AMD equity arrangement adds a second layer, aligning a key chip supplier with the company's valuation rather than a simple purchase contract.