Anthropic is locked into more than $518 billion of cloud, compute and infrastructure spending over 10 years with six partners, and about 80% of the total is non-cancelable or payable regardless of usage, its IPO filing shows. The commitments include $252 billion in non-cancelable compute obligations across Microsoft, Google and Amazon, and $161.2 billion in Broadcom TPU leases that are largely non-cancelable.

The company also agreed to pay SpaceX up to $84.5 billion through 2029 for Nvidia-based compute, nearly double the roughly $45 billion cap SpaceX disclosed in May, The Information reported. Most of the SpaceX spending can be canceled with 90 days' notice, unlike the bulk of the buildout.

The obligations are more than 100 times Anthropic's 2025 revenue of $4.59 billion and roughly 25 times the $20.28 billion in cash, cash equivalents and short-term investments it held at year-end. The company posted an $8.06 billion operating loss in 2025, and its $41.97 billion net loss included about $34 billion in non-cash charges tied to the rising value of financing that could convert into shares. Its two largest customers accounted for 24% of revenue, and Anthropic warned that many of its largest clients are not locked into long-term contracts and could reduce or stop spending, even as it cannot cancel most of its own compute bill. Google and Amazon, both major investors in Anthropic, supply much of the infrastructure behind Claude. The IPO could value the company above $2 trillion.