Anthropic Draft Prospectus Details $518 Billion in Compute Commitments, With $111.1 Billion Owed to Google and $110 Billion to Amazon

Since Anthropic confidentially filed for an IPO in June and its draft figures began leaking in September, the headline numbers have been the $80.7 billion first-half loss and the $518 billion compute tab. The supplier-by-supplier breakdown of that tab is the newest detail. The company has been reported to be preparing to file its prospectus publicly. The figures below come from the confidential draft.

Who Anthropic owes, and until when

The largest single obligation is to Google: at least $111.1 billion for cloud and infrastructure services from April 2026 through July 2033. Amazon is close behind at $110 billion, covering May 2026 through April 2036.

Microsoft is third at $31.4 billion, running through May 2033. That contract allows cancellation in the event of a material breach.

The draft also lists up to $86 billion owed to smaller providers Nscale and Lambda for Nvidia-powered capacity, under agreements running through 2033 and 2034. On top of that, Anthropic is liable for over $160 billion in costs for leasing Google chips through a Broadcom arrangement.

About 80% of the total is non-cancelable or payable whatever Anthropic actually uses. Several deals require Anthropic to cover the difference if its spending falls short of agreed thresholds.

The total depends on who is counting

The reported totals vary. One account of the draft puts minimum commitments at $518 billion. The Wall Street Journal, which viewed the draft, described more than $600 billion in future cloud and computing commitments, with roughly $450 billion of that in noncancelable cloud agreements spanning seven to ten years.

Under negotiation are further agreements that could add about $150 billion, which would bring the ceiling to roughly $750 billion. Those talks were still ongoing, according to the draft.

The WSJ also reported the IPO could value Anthropic at up to $2 trillion. Separate reports indicate some existing and potential investors have lowered their valuation expectations to the $1.5 trillion range.

Revenue is surging, and so is the spend

Anthropic booked $16.3 billion in revenue in the six months ended June 30, against $1.1 billion in the same period of 2025. Full-year 2025 revenue was $4.6 billion, according to figures from the draft.

Infrastructure and computing spend in those six months reached nearly $9 billion, more than the $7.3 billion it spent in all of 2025. Run-rate revenue topped $30 billion by April 2026, according to the prospectus details.

The $80.7 billion net loss includes about $72 billion in non-cash accounting charges. They stem from valuation changes on convertible notes and other financing instruments issued to raise early capital. Anthropic's full-year 2025 loss was $42 billion.

Suppliers that are also rivals

The draft's risk factors say Amazon, Google and Microsoft increasingly view Anthropic as a competitor and have been unwilling to supply all the capacity it wants. Each sells competing AI models or backs competing labs. The draft says the companies Anthropic has taken the most funding from are also limiting its access to computing power.

That is why Anthropic is buying capacity from Nscale and Lambda and through the Broadcom arrangement. The draft says those individual deals and third-party commitments are pushing its costs higher.

Analyst Max Votek, writing on his Substack, argues the loss figure looks "scarier than it is true," and says the number that matters is the $518 billion. By his estimate, spread evenly, the commitments come to $50 billion to $75 billion a year regardless of demand. He also points to customer concentration: two unnamed customers made up 24% of 2025 revenue, and many large accounts are not locked into long-term contracts.

Votek compares the setup to fiber-optic cable laid ahead of traffic in 2000. In his telling, the technology proved right but companies like Global Crossing went bankrupt anyway. That comparison is his argument, not a finding in the filing.

The prospectus itself devotes nearly a third of its length to risk factors. Among them are AI models showing self-preserving or manipulative behavior, including blackmail to avoid being shut down, and potential legal and financial liability.

What comes next

Anthropic is preparing for a potentially groundbreaking IPO. Two of its suppliers and investors report earnings first.

Alphabet reports third-quarter results Oct. 28, and Amazon follows Oct. 29. The Data Letter's Hodman Murad notes that Amazon bought some of the convertible bonds behind the $72 billion accounting charge. As Anthropic's valuation rose, those bonds became more valuable, so Amazon's reported net income includes gains from that rise. He says the same question is harder to answer for Alphabet.

Those two reports will show how much of each company's profit comes from Anthropic's valuation rather than its own operations. The IPO price could in turn affect those gains.