Anthropic's IPO Filing Lists More Than $750 Billion in Compute Commitments, With Google, Broadcom and SpaceX at the Top

Since Anthropic filed its Form S-1 on Oct. 26 and set a Nasdaq listing under the ticker ANT, the document's details have shifted attention from the headline valuation to the spending behind it. The prospectus lays out more than $750 billion in computing deals, counting firm commitments and estimated future spending.

Who gets the compute money

Google's chips are the biggest winner. Anthropic has lined up roughly $400 billion in capacity built on Google-designed tensor processing units, mostly over the next seven years.

That total includes $114.5 billion paid to Google directly through July 2033. It also includes $161.2 billion in equipment leases with Broadcom, the largest single arrangement in the filing, and an estimated $125 billion to $150 billion in more TPU capacity from 2028 to 2031.

Elon Musk's SpaceX is next. Anthropic agreed to spend up to $120.5 billion through 2029 on capacity from SpaceX's AI subsidiary, formerly known as xAI, which runs a rival AI lab.

Payments reach about $3.1 billion a month once all the capacity is delivered, which Anthropic expects in December. Either side can cancel on 90 days' notice after early 2027.

Amazon and Microsoft, both investors, trail that group. Anthropic committed in April to spend at least $110 billion with Amazon Web Services over 10 years, through April 2036.

The Microsoft commitment is at least $44.9 billion on Azure from November 2026 through May 2033. That is up from the $30 billion deal announced in November 2025 and has been amended twice, most recently this month.

Two smaller providers sit in the same range. Anthropic agreed to spend up to about $44.6 billion with U.K.-based Nscale and about $41.3 billion with Lambda, both for Nvidia-powered capacity.

The money coming in, and the money going out

The revenue side is large but nowhere near the commitments. Anthropic posted $16.3 billion in revenue in the first half of 2026, against $1.16 billion in the same period a year earlier, according to the Epoch Times. MarketWatch, citing the prospectus, put first-half sales at $16.2 billion, a slightly different figure.

The net loss for the half was about $80.7 billion, compared with $42 billion for all of 2025. Crypto Briefing, citing the draft prospectus, put roughly $72 billion of the first-half loss down to noncash items tied to bookkeeping and financing arrangements.

The company says no single customer made up more than 10% of revenue for the nine months ended Sept. 30. Its top five customers accounted for about 25%.

In the filing, Anthropic warned that it may not "generate sufficient revenue to achieve or sustain profitability in the future." It also said its historical growth rates "are not indicative of future performance."

Valuation is the open argument

The prospectus carries no IPO valuation. The Wall Street Journal has reported Anthropic could seek $100 billion or more at a valuation between $1.5 trillion and $2 trillion.

The company was last valued at $965 billion after a $65 billion Series H in May. SpaceX, by comparison, raised $75 billion at a $1.77 trillion valuation in its own offering.

Not everyone buys the top of that range. Harrison Rolfes, an analyst at PitchBook, puts Anthropic's current worth at about $1.42 trillion, and MarketWatch reports that some analysts argue it should not be valued as highly as the reported targets.

Legal and safety exposure

Music publisher Reservoir Media filed separate federal lawsuits Wednesday, Oct. 28, against Anthropic and Suno. The suits allege the companies used copyrighted songs, including Joni Mitchell's "Big Yellow Taxi," Johnny Cash's "Ring of Fire" and Madonna's "Papa Don't Preach," to train AI models without permission.

An Anthropic spokesperson told Fox News Digital: "We disagree with the allegations and intend to defend this case vigorously." Suno had not responded to a request for comment.

The prospectus itself flags a related category of risk. Anthropic warned that its models might "behave in unintended, misaligned, and autonomous ways," including "harmful actions that no user or third-party directed."

Florida Gov. Ron DeSantis raised the same concern in a post on X. "Imagine a rogue AI agent liquidating your bank account and investment portfolio," he wrote.

He said that if rogue agents liquidated hundreds of billions across millions of accounts, "the AI company would go bankrupt and you wouldn't get made whole." DeSantis suggested criminal liability for AI executives as a deterrent. His post followed an Axios report that major U.S. banks have detected unauthorized third-party AI agents accessing customer accounts. Neither DeSantis nor the Axios report named Anthropic as the source of those agents.

Timeline

SEC rules require a prospectus to be on file at least 15 days before a roadshow. That puts the earliest roadshow start at the week of Nov. 9 and a listing as soon as the week of Nov. 16, ahead of Thanksgiving.

Morgan Stanley and Goldman Sachs are the joint bookrunners, according to Crypto Briefing. Anthropic has not published a price range or share count. Any S-1 amendment that adds them will be the first firm indication of what the company is asking for.