Key points
- Anthropic signed or amended $245 billion in computing deals after June 30
- Anthropic's January-to-June deals carry $417 billion in minimum payments
- Anthropic's data center contracts put fuel and power costs on its bill
Anthropic signed or amended computing and data center deals with about $245 billion in minimum payments after June 30, according to its IPO filing. It also signed short-term contracts with about $21 billion in payments it can't cancel.
The filing also describes an earlier stretch of dealmaking. Agreements Anthropic signed or amended between January 1 and June 1 carry about $417 billion in minimum payments. Separately, the filing estimates $125 billion to $150 billion for more computing on tensor processing units, the AI chips Google designs, from Google and other providers. That capacity is due from 2028 through 2031 on terms that aren't final yet.
The Elec, citing an analysis by Data Center Dynamics, added the $417 billion and the estimate together for $542 billion to $567 billion. The filing itself gives the two figures separately. It describes the chip payments as depending on how much capacity arrives and how it's priced, and it says they aren't in its table of contractual commitments. It's silent on whether any of that capacity is also inside the $417 billion, so we've kept the two numbers separate.
I went through the S-1 on Monday for the income statement, but the commitments are further back. They're in the notes to the financial statements. By June 30, the commitments in those notes were already above the $517 billion that The Information estimated in September.
The filing has a sentence for Anthropic's total committed spend as of and after September 30, and it's still blank where the dollar amount goes. That sentence says nearly all of the money not spent by the end of 2030 is expected to go out between 2031 and 2045.
How fast did the commitments grow?
The notes give two snapshots of how quickly this grew. At the end of 2025, Anthropic owed at least $54.6 billion under cloud and hosting contracts running longer than a year. It had also signed $50.2 billion of leases for computing equipment and data centers that were set to start later. By June 30, 2026, those figures were $265.6 billion and $321.4 billion.
That's about $105 billion at the end of December and $587 billion six months later, by our calculations. Both figures count minimum payments and signed leases. They leave out agreements with no fixed dollar minimum, where the filing says payments are "expected to be significant."
The $587 billion and the $417 billion overlap, so they can't be added together. The $417 billion covers deals signed through June 1, the date Anthropic's 2025 financial statements were ready, and those deals largely show up in the June 30 figures, too. The June 30 figures include contracts signed before 2026, too.
The $245 billion comes from a later note covering events through October 26. Those deals start between 2026 and 2036. The filing is silent on whether amended contracts count in full or only for the amount added, so we've left the $245 billion out of the June 30 totals.
Who is Anthropic paying?
The filing names its largest arrangements and puts a dollar figure on each one. Some amounts are minimums, some are caps, and one is an estimate, so the rows work better side by side than added together.
| Provider | Amount in the S-1 | Period |
|---|---|---|
| Broadcom (AVGO) equipment leases | About $161.2 billion in rent, excluding interest | Five-year leases |
| SpaceXAI, part of SpaceX (SPCX) | Up to $120.5 billion | Into 2029 |
| Google, part of Alphabet (GOOGL) | At least about $114.5 billion | April 2026 to July 2033 |
| Amazon (AMZN) | At least $110.0 billion | May 2026 to April 2036 |
| Microsoft (MSFT) | At least $44.9 billion | November 2026 to May 2033 |
| Nscale | Up to about $44.6 billion | Into 2033 |
| Lambda | About $41.3 billion | Into 2034 |
| Advanced Micro Devices (AMD) | More than $20.0 billion if the first tranche is fully bought | First tranche in 2027 |
The Broadcom leases give Anthropic tensor processing unit hardware, and it's housed in data centers that other companies run for it. Under the lease it signed in March 2026, Anthropic can borrow up to $42.0 billion through convertible notes to help pay the rent, a setup we covered in our look at the Broadcom financing.
They're locked in to very different degrees. Google and Amazon generally get paid the difference if Anthropic spends less than its minimum. The SpaceXAI deals can be canceled by either side on 90 days' notice once their first fixed periods end in January and March 2027. Nscale and Lambda only get paid as they deliver computing that Anthropic accepts.
Why is this a power story too?
Some of these commitments also leave Anthropic responsible for power and fuel costs. The company says certain of its planned data centers will use electricity generated on site using natural gas, and it's the one paying for the fuel. Some of its power and data center agreements last 20 years, with prices that rise each year. They require Anthropic to pay for the computing whether it uses it or not, and to cover what the filing calls "uncapped fuel cost pass-throughs" for the full term.
Anthropic has also stepped into the power contracts directly. In March, it guaranteed up to $500 million of a data center provider's obligations under a power purchase contract. It's also signed agreements with data center developers that include helping them buy equipment that takes a long time to arrive. As of June 30, Anthropic could owe up to $0.8 billion under those if certain events occur. The filing lists high-voltage transformers, switchgear, turbines, and generators as equipment with long delivery waits. It also repeats a promise Anthropic made before the filing. The company says it has "publicly committed to covering the cost of electricity price increases to consumers caused by our data centers."
How does that compare with what Anthropic spends today?
Anthropic spent $8.9 billion on computing and infrastructure in the first half of 2026, up from $2.3 billion a year earlier. The second quarter alone was $5.6 billion. It had $112.4 billion in cash and $19.3 billion in short-term investments on June 30, and it put $2.5 billion into an escrow account in April for one of its leases.
The filing says it expects more of its spending to come as large payments made before the computing is running, and that it plans to "expand our own data center footprint."
What will the next version of the filing add?
Blanks like these usually get filled in as an IPO gets closer. Anthropic's include the total committed spend as of September 30, how much of it comes due before the end of 2030, and how much is due in the next 12 months. The filing says the total will cover commitments Anthropic has made "as of and subsequent to September 30, 2026," including short-term contracts and leases that haven't started. That could make it the first single number that includes the deals signed after June 30.
