Anthropic Has Over $600 Billion in Compute Contracts — And It's Not Enough - Amazon.com (NASDAQ:AMZN),…
Anthropic PBC has agreed to pay for more than $600 billion worth of computing power over many years. But the company's draft IPO filing says it still cannot get as much computing power as it wants.
The numbers appeared in a draft filing reviewed by The Wall Street Journal. The draft prospectus lists planned payments of $111 billion to Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG), $110 billion to Amazon.com (NASDAQ:AMZN), and $31 billion to Microsoft Corp. (NASDAQ:MSFT). Anthropic may have to pay these amounts even if it does not use all the computing power covered by the agreements.
Large cloud-computing companies are only part of the picture. Anthropic could pay up to $86 billion to rent computing power using Nvidia chips from Nscale and Lambda. These agreements run through 2033 and 2034, respectively. Both companies use chips made by Nvidia Corp. (NASDAQ:NVDA).
The total value of Anthropic's long-term computing agreements could exceed $600 billion once its obligations under a Google chip-leasing deal are included. That deal involves Broadcom Inc. (NASDAQ:AVGO), which is connected to more than $160 billion worth of Google chips being leased.
Where the Filing Admits the Gap
The prospectus explains the problem in its section about business risks. Anthropic warned that it is still uncertain whether it can get enough computing power. The company said it had asked some major cloud partners for more capacity than they were willing to provide, partly because they increasingly see Anthropic as a competitor.
In simple terms, the companies receiving Anthropic's largest payments are also limiting how much computing power they provide. Google, Amazon and Microsoft each sell their own competing AI models or support other AI companies that compete with Anthropic.
Anthropic is also discussing more agreements that could increase its total commitments by as much as $150 billion. If the deals go ahead, the total could reach about $750 billion.
Spending Already Running Hot
Strong demand for AI helps explain why Anthropic needs so much computing power. The company earned about $16.3 billion in revenue during the six months ending June 30, up from $1.1 billion in the same period a year earlier. At the same time, its spending on computing power and infrastructure rose to nearly $9 billion, compared with $2.3 billion in the first half of 2025.
Anthropic spent more on computing and infrastructure in those six months than the $7.3 billion it spent on these costs during all of 2025.
The company's reported losses look very large. Of its $80.7 billion loss in the first half of the year, $72 billion came from accounting charges linked to changes in the value of convertible notes and other financial products it had issued to raise money.
An Overlooked AI Catalyst
Anthropic's draft S-1 filing appeared on a day when many other major announcements were also drawing attention. Space Exploration Technologies Corp. (NASDAQ:SPCX) received most of the attention with its quarterly report. Its superintelligence business reported $7.6 billion in revenue, driven by cloud services and the rollout of computing infrastructure.
Anthropic's disclosure may have an even bigger effect on the wider AI market. A customer that has already committed $600 billion and is openly asking for more sends a strong signal that demand for chips, data centers and cloud-computing capacity could continue for years. Google, Amazon, Microsoft, Nvidia and Broadcom are all companies that could benefit from this demand.
Investors should learn more soon. These disclosures come as Anthropic prepares for a possible major IPO, which could value the company at as much as $2 trillion.
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