--- title: Anthropic Commits to $518 Billion in Computing Power Ahead of Its IPO description: Anthropic's draft IPO prospectus shows $518 billion of compute commitments, mostly non-cancellable, as it targets a valuation above $2 trillion. author: Darie Nani (Editor-in-Chief) date: 2026-09-29T17:42:01.355Z updated: 2026-09-29T17:42:01.363Z canonical: https://www.sovereignmagazine.com/article/anthropic-ipo-518-billion-compute-commitments image: https://cdn.nanimediahouse.com/anthropic-ipo-logo-card-ivory-v1.webp categories: Artificial Intelligence, Markets content_type: News region: United States publication: Sovereign Magazine about: - type: Organization name: Anthropic --- Anthropic has committed to spending at least $518 billion on [computing infrastructure](https://www.sovereignmagazine.com/article/ai-capex-oil-gas-compute-futures-2026) over the next decade, and about 80% of that must be paid whether or not the company uses the capacity, according to a draft of its IPO prospectus [reviewed by Reuters](https://www.reuters.com/business/anthropics-518-billion-ai-buildout-hinges-largely-deals-that-cannot-be-canceled-2026-09-29/). The commitments are spread across six partners: Google, Amazon, Microsoft, Broadcom, Elon Musk's xAI and AMD. The maker of the Claude models brought in about $4.6 billion of revenue in 2025. Anthropic tells prospective investors that demand for advanced AI will be "limited principally by the availability of compute," and it has signed contracts running as long as 10 years to secure that compute. Anthropic filed the draft confidentially with the US Securities and Exchange Commission in June, and it has not been made public. Reuters and the Financial Times have both reviewed it. Anthropic declined to comment to Reuters. ## Broadcom, Google and Amazon Hold the Largest Compute Contracts Anthropic has committed at least $111.1 billion to Google and $110 billion to Amazon under contracts that run for seven to 10 years. It says the Amazon agreement carries terms similar to the Google one, so spending less than planned does not reduce what it owes either company. A further $31.4 billion is due to Microsoft between November 2026 and May 2033, and Anthropic can cancel that deal only if Microsoft commits a material breach and fails to fix it. The largest single item is about $161.2 billion in equipment lease obligations tied to Broadcom, the chipmaker, which neither side can cancel except in a default. The more flexible deals are with xAI, which could supply up to $84.5 billion of capacity on Nvidia chips through 2029, most of which Anthropic can cancel on 90 days' notice, and with AMD, which is expected to supply more than $20 billion of computing capacity and has agreed to buy up to $5 billion of Anthropic stock. Amazon, Google and Microsoft are each an investor in Anthropic as well as a customer, cloud provider, distributor and competitor. Anthropic says in the filing that those overlapping roles create incentives that "may not be fully aligned" with its own, and warns that its business could suffer if the compute it gets from third parties is "curtailed, repriced, or terminated." It is moving away from relying only on cloud providers, toward dedicated data centers and chips it leases directly. ## Revenue Grew Twelvefold to $4.6 Billion in 2025 Anthropic's revenue grew about twelvefold in 2025, to $4.59 billion from $386 million the year before, Reuters reported. Its operating loss widened to $8.06 billion from $2.98 billion. Operating expenses reached $12.65 billion, and $7.33 billion of that went on compute and infrastructure, about three times the 2024 figure. The net loss for the year was about $42 billion, but about $34 billion of that was a non-cash accounting charge reflecting a rise in the estimated value of financing that could later convert into Anthropic shares. Anthropic ended 2025 with $20.28 billion in cash, cash equivalents and short-term investments. Anthropic warns in the filing that two customers brought in nearly a quarter of its 2025 revenue, and that many of its largest customers have no long-term contracts and could reduce or stop spending. Neither of the two customers is named. If spending by its biggest customers fell, Anthropic would still owe Google, Amazon, Microsoft and Broadcom the sums it has committed. Anthropic's [revenue in the second quarter of 2026](https://www.sovereignmagazine.com/article/anthropic-65-billion-run-rate-ai-bubble-case) alone was $11.5 billion, more than double its revenue for the whole of 2025, CNBC reported in August. The company is on track for a second straight quarter of operating profit on an adjusted basis, the Financial Times reported. ## Anthropic's IPO Is Expected After the November Midterm Elections Anthropic is aiming for a valuation of more than $2 trillion, Reuters reported, more than double the roughly $965 billion it was valued at in May. That would be higher than SpaceX's $1.77 trillion valuation at its record-setting market debut in June. The listing is likely to come after the US midterm elections in November, Reuters reported, citing unnamed sources. Anthropic has not announced a date, exchange or ticker. OpenAI, its main rival, also filed confidentially in June, according to media reports. About 80 of the prospectus's 261 pages are given to risk factors, Reuters reported. Among them, Anthropic warns that advanced AI could pose "catastrophic or existential risks to humanity." Under the draft, Anthropic's seven co-founders, including chief executive Dario Amodei, hold 50.1% of the voting power through a new entity called Founder LLC. That follows [reports in August that Anthropic was preparing supervoting shares for its founders](https://www.sovereignmagazine.com/article/anthropic-supervoting-shares-founder-control). ## FAQ **Q: Is Anthropic going to IPO?** Yes. Anthropic filed a draft registration statement confidentially with the SEC in June, and Reuters has reported that the listing is likely to come after the US midterm elections in November. The company has not announced a date, exchange or ticker, and the prospectus has not been made public. **Q: How much is Anthropic valued at?** Anthropic was valued at about $965 billion in May 2026. For its IPO it is aiming for more than $2 trillion, according to Reuters, which would top SpaceX's record $1.77 trillion debut in June. **Q: Is Anthropic profitable?** Not on its 2025 figures. Anthropic reported an operating loss of $8.06 billion on revenue of $4.59 billion, and a net loss of about $42 billion that includes a $34 billion non-cash accounting charge. The Financial Times has reported that the company is on track for a second straight quarter of operating profit in 2026 on an adjusted basis, a measure that leaves out some costs.