Anthropic's Compute Commitments, as Filed in Its S-1

What the filing is, and what it leaves blank

Anthropic, PBC filed a registration statement on Form S-1 with the Securities and Exchange Commission on October 26, 2026. It is a preliminary prospectus: it says the information in it "is not complete and may be changed".¹ This post uses only the compute and infrastructure facts in it, quoted as filed, and nothing about the offering itself. Several figures are blank in this version, including every cell of the "Contractual Obligations" table in the liquidity section (operating leases, finance leases and purchase commitments by year) and the aggregate "committed spend" figure for commitments entered into as of and after September 30, 2026.¹ Where the filing leaves a number blank, no figure is given here.

Cloud and GPU-service agreements

Three of the largest arrangements are minimum commitments that apply "regardless of actual usage": at least $44.9 billion with Microsoft between November 2026 and May 2033, at least approximately $114.5 billion with Google between April 2026 and July 2033, and at least $110.0 billion with Amazon between May 2026 and April 2036.¹ For Google and Amazon, any shortfall in actual spend is paid as a true-up, subject to certain adjustments.¹ Separately, the filing says Anthropic committed to procure additional TPU compute, to be delivered between 2028 and 2031, with payment obligations set by the capacity made available and deployed; it estimates future payments of about $125.0 billion to $150.0 billion, and says that amount is not in the contractual-obligations table.¹

The remaining service agreements are for compute powered by NVIDIA GPUs. With SpaceXAI, formerly X.AI LLC, the filing describes agreements signed between May and October 2026 for up to $120.5 billion over terms extending into 2029, about $3.1 billion a month once all capacity is delivered, which Anthropic expects in December 2026; after initial non-cancelable periods ending in January and March 2027, either party can cancel on 90 days' notice.¹ With Nscale, signed in August 2026, the cap is approximately $44.6 billion over terms into 2033, with fees accruing only as capacity is delivered and accepted; with Lambda, signed between May and August 2026, approximately $41.3 billion over terms into 2034, about $34.9 billion of it in the August 2026 agreement.¹

Hardware: AMD and Broadcom

Under a July 2026 Hardware Supply Agreement with AMD, Anthropic committed to obtain an initial tranche of compute capacity in calendar year 2027 by buying AMD Helios rack-scale systems from approved manufacturers or accessing them through third-party providers, if certain conditions are met. The agreement sets no fixed dollar commitment; the filing says full procurement would be expected to exceed $20.0 billion, with potential additional capacity of up to about the same amount.¹ The Broadcom arrangements are five-year master equipment leases, accounted for as finance leases, under which Anthropic receives hardware for deployment in dedicated data centers operated by others; the rent over the life of the leases is approximately $161.2 billion excluding interest, and the leases provide TPU-based compute capacity, part of which began to come online in 2026, with more expected from 2027.¹

"Anthropic Direct": the filing's term for leasing chips

The filing says Anthropic is shifting from sourcing compute only through fixed-term cloud agreements to a hybrid model that also leases chips directly and hosts them in dedicated facilities operated on its behalf, which it calls Anthropic Direct. In its words, this lets it separate commitments for data center capacity from commitments for the compute infrastructure inside them, because data centers take longer to build but are a smaller share of total compute cost, and it says a significant portion of its total committed spend relates to Anthropic Direct.¹ It adds that substantially all of the commitments beyond 2030 are expected to be incurred between 2031 and 2045, though the dollar amounts are blank in this version.¹

Two dated aggregates

The audited statements give a total for non-cancelable purchase commitments with a remaining term over one year of $54,559 million as of December 31, 2025, scheduled as in the chart above.¹ The unaudited June 30, 2026 figure for expected future fixed or minimum guaranteed commitments under these agreements is approximately $265.6 billion, with terms from one to 20 years.¹ The two figures are as of different dates and cover the agreements signed in between, so the difference between them is not a single quantity; the filing also says compute agreements that specify no fixed or minimum dollar amount are excluded from both and that payments under them are "expected to be significant".¹

Reading the numbers

Three cautions apply. First, the amounts are of different kinds: a minimum, a cap, an estimate and lease rent can't be added to one another, and the filing itself keeps estimated and non-fixed amounts out of its table.¹ Second, a commitment is not capacity: the filing's amounts are dollars, and this section gives no megawatts or chip counts to convert them. Third, many terms depend on deliveries by the counterparty, so the periods shown are contractual windows, not a schedule of when compute comes online. This is a description of a company filing, not a forecast and not investment information.