Anthropic has revealed for the first time how much money it plans to spend. In an amended filing for its stock market debut, submitted on November 2, it reports contractual spending commitments of roughly $895 billion. Almost the entire amount is earmarked for computing power and infrastructure. The original version from October 26 did not include this figure at all.
Artificial intelligence requires enormous quantities of specialized chips running in data centers, both for training and everyday operation. Anthropic largely does not own these chips, but leases them or purchases capacity from major technology companies. These contracts account for most of the amount mentioned.
A comparison with the company’s assets shows just how much money is involved. The planned spending is almost seven times greater than its cash and short-term investments, which total about $132 billion. Quarterly revenue is around $17 billion and is growing at a staggering pace, with third-quarter revenue twelve times higher than a year earlier. Over the same period, however, the company reported a net loss of more than $23 billion.
The bill will be paid through 2045
Most of the money will not be paid immediately. Over the next twelve months from the end of September, Anthropic is expected to pay just under $70 billion, roughly $450 billion by the end of 2030, with the remainder spread over the years 2031 through 2045. A large portion consists of leases that have not even begun yet. Such signed contracts are worth more than $450 billion. Purchases and leases that have not yet commenced together jumped from approximately $105 billion at the end of 2025 to roughly $765 billion, meaning the company expanded its plans severalfold in less than a year.
The list of suppliers includes the best-known names in the technology world. Chipmaker Broadcom is set to receive the most, with Anthropic having equipment lease agreements with it worth roughly $161 billion. It is expected to pay Google at least $121 billion, just under $7 billion more than stated in the October version of the filing. SpaceX’s artificial intelligence division could receive up to $120 billion, Amazon at least $110 billion by April 2036, and Microsoft approximately $45 billion. The smaller provider Nscale is set to collect almost the same amount, while Lambda is expected to receive roughly $41 billion. Broadcom’s CEO expects Anthropic to become its largest buyer of specialized chips in 2027. The same companies that financially support Anthropic are thus also dependent on its orders.
Some contracts can be canceled, while others are missing from the total
Not everything is set in stone. Commitments worth roughly $214 billion can be terminated or depend on certain conditions, such as whether the other party secures funding, completes construction of facilities on time, or obtains regulatory approval. The SpaceX agreements can be canceled by either party with ninety days’ notice once their fixed contractual periods end in January and March 2027.
The total also excludes contracts without a fixed price. Anthropic estimates these at $150 billion to $175 billion, including Google chips worth $125 billion to $150 billion between 2028 and 2031 and more than $20 billion from AMD. After adding them, 24/7 Wall St. arrived at a figure of more than one trillion dollars. The filing also contains a warning that cannot be overlooked. If the company failed to pay one supplier, creditors could demand immediate repayment of borrowed funds.
Expensive computing power is already eating into profits
Rising costs are already reflected in the latest results. Spending on computing power increased from approximately $5.6 billion to nearly $10 billion in the third quarter, while an operating profit of around $1 billion turned into a loss of more than half a billion dollars. Anthropic explains that it had to purchase $5 billion in short-term capacity at short notice, which is significantly more expensive than multiyear contracts.
The company acknowledges that its ability to pay its bills depends on whether it can significantly increase revenue. For the immediate future, it has roughly $147 billion in liquidity and up to $77 billion from strategic partners. However, cash flow from ordinary operations reached only about $6.6 billion during the first nine months of the year.
Anthropic plans to list on the Nasdaq under the ticker ANT, with trading set to begin one week before Thanksgiving. According to the Wall Street Journal, major investors are seeking a valuation of $1.5 trillion to $1.6 trillion for the company, less than the roughly $2 trillion previously mentioned.
Sources: bloomberg.com, finance.yahoo.com and nytimes.com
