Key points
- About 80% of Anthropic's $518 billion commitments are locked in
- Four partners account for about $414 billion in commitments
- Most SpaceXAI commitments allow cancellation with 90 days' notice
Anthropic expects to spend at least $518 billion over a decade on AI infrastructure with six partners, and about 80% of that can't be canceled or must be paid regardless of usage, Reuters reported on Tuesday, citing the company's confidential IPO prospectus.
We reported the $518 billion total on Monday. Reuters' latest report breaks down the commitments by partner and explains when Anthropic can cancel. The prospectus remains confidential.
Who gets paid, and on what terms
| Partner | Commitment | Period | Can Anthropic cancel? |
|---|---|---|---|
| Broadcom-related equipment leases (AVGO) | About $161.2 billion | Not reported | No, except on a default |
| Google (GOOGL) | At least $111.1 billion | April 2026 to July 2033 | No, a shortfall must be paid |
| Amazon (AMZN) | $110 billion | May 2026 to April 2036 | No, similar terms to Google |
| SpaceXAI (SPCX) | Up to $84.5 billion | Through 2029 | Largely, with 90 days' notice |
| Microsoft (MSFT) | $31.4 billion | November 2026 to May 2033 | No, except on Microsoft's uncured breach |
| AMD (AMD) | Expected to exceed $20 billion | Not reported | Not reported |
All figures are from the Reuters report. The Broadcom-related, Google, Amazon, and Microsoft commitments total about $414 billion, or roughly 80% of the $518 billion headline figure, by our arithmetic. Google's commitment is a minimum, so the total could be higher.
The Google deal shows how the minimums work. "If our actual spend falls short, we must pay Google the difference," Anthropic said in the prospectus, according to Reuters, adding that similar terms apply to Amazon. The Broadcom-related leases are non-cancelable by either party except in the case of a default.
SpaceXAI's exit clause and AMD's investment
The agreements with Elon Musk's xAI, now part of SpaceXAI, could lead to up to $84.5 billion of spending on computing capacity built on Nvidia chips through 2029. They are largely cancelable with 90 days' notice, according to the report.
AMD committed to buy up to $5 billion of Anthropic stock and to supply computing capacity expected to exceed $20 billion. That makes AMD both an investor and a supplier, a pattern we traced in our map of the circular AI trade.
Anthropic's case for the capacity
Anthropic told investors that future demand for advanced AI will be "limited principally by the availability of compute," and that the company is shifting from renting cloud capacity toward dedicated data centers and directly leased chips.
The prospectus also flags the risk in that setup. Amazon, Google, and Microsoft are investors, customers, cloud providers, distributors, and competitors at once, creating incentives that "may not be fully aligned" with Anthropic's interests. "If the compute we have access to from third parties is curtailed, repriced, or terminated ... our business, financial condition, and results of operations could be adversely affected," the company said.
Earlier this month, we estimated that Anthropic's compute contracts could reach $517 billion, most of them not public. Anthropic didn't immediately respond to Reuters' request for comment.
