Anthropic IPO compute commitments: contract terms
Reuters reported that about 80% of a $518 billion total for infrastructure linked to Anthropic came from agreements that could not be canceled or had to be paid even if the services were not used. A separate agreement for computing power using Nvidia technology and connected to xAI had different rules. Most of that agreement could be canceled with 90 days' notice. This means the reported computing agreements do not all have the same conditions.
The reported totals describe different amounts
Benzinga reported that Anthropic had made more than $600 billion in long-term agreements for computing power. Benzinga said these numbers came from a draft document prepared for a possible public stock offering, which The Wall Street Journal said it had reviewed. Reuters separately reported a $518 billion total for infrastructure. These are two different reported figures and should not be added together.
The figure of about $750 billion is not a confirmed total. It depends on Anthropic making up to $150 billion in extra agreements that were still being discussed. This is an amount that could be reached, not money Anthropic has already spent. Separately, reports said Anthropic spent nearly $9 billion on computing and infrastructure during the six months ending June 30, 2026. That compares with $2.3 billion during the first six months of 2025.
Payment periods and reported contract terms
The reported agreements with cloud computing companies have different lengths and rules for cancellation. Reuters reported the following payment periods and conditions:
| Counterparty or agreement | Reported period | Reported condition |
| Google Cloud | April 2026 to July 2033 | Anthropic reportedly must pay any shortfall if its spending falls below the commitment. |
| Amazon Web Services | May 2026 to April 2036 | Similar usage-independent payment terms were reported. |
| Microsoft Corp. | November 2026 to May 2033 | Non-cancelable except for an uncured material breach. |
| Nvidia-based capacity associated with xAI | Through 2029 | Largely cancellable with 90 days’ notice. |
Payments under the Microsoft agreement were scheduled to start in November 2026. Payments under the other cloud agreements started earlier in 2026. Reuters estimated that about 80% of the $518 billion total involved agreements that could not be canceled or required payment even when the computing power was not used. This estimate applies to the $518 billion total, not to every agreement shown in the table.
The separate agreement for computing power using Nvidia technology was reportedly worth up to $84.5 billion. Nvidia's role in providing computing power is different from its possible investment in Anthropic when the company offers shares to the public for the first time. NeoTeo reported on that possible investment separately.
Why the terms matter for capacity
Some agreements require Anthropic to pay for computing power even if it does not use all of it. The separate agreement connected to xAI for computing power using Nvidia technology is different because most of it can reportedly be canceled with 90 days' notice. This gives that agreement more flexibility. So the large reported totals include different kinds of promises to pay, each with its own rules.
Benzinga also reported that Anthropic wanted more computing power than some of its major cloud computing partners were willing to provide. This reported shortage of available computing power exists alongside agreements that may require Anthropic to pay even when it does not use all the computing power it has agreed to buy.