Anthropic’s confidential prospectus reportedly lists $518B in decade-long commitments

Anthropic’s confidential prospectus reportedly puts its infrastructure commitments at at least $518 billion over a decade, with six partners. About 80% of the total is described as non-cancelable or payable regardless of usage—a long-term obligation whose terms vary by agreement.

The reported commitments span a decade

The $518 billion figure covers infrastructure commitments over ten years, not a single year of spending. The reported prospectus describes about 80% of the total as non-cancelable or payable regardless of how much capacity Anthropic uses. That is an aggregate description; individual agreements have different conditions.

Google, Amazon and Microsoft have distinct terms

The reported infrastructure-service agreements differ in size, duration and payment conditions. Google and Amazon have shortfall terms, while Microsoft’s commitment has a separate exception tied to an uncured material breach.

Other reported arrangements involve leases, computing capacity and stock

The reported prospectus also describes about $161.2 billion in Broadcom-related equipment lease obligations, largely non-cancelable with exceptions tied to default. These are equipment leases, a distinct type of obligation from infrastructure-service payments.

Separate agreements with xAI could involve up to $84.5 billion for Nvidia-based computing capacity through 2029. Those agreements are described as largely cancelable with 90 days’ notice; Nvidia is the technology in the capacity arrangement, not the named counterparty.

AMD is reported to have committed to buy up to $5 billion of Anthropic stock and to supply computing capacity expected to exceed $20 billion. The stock purchase and capacity supply are separate parts of the relationship.

The reported 2025 figures distinguish operating and net losses

The confidential prospectus reportedly lists about $4.6 billion in 2025 revenue, an $8.06 billion operating loss, about $42 billion in net losses, and $7.33 billion in compute and infrastructure expenses.

An approximately $34 billion accounting charge was included in the reported net loss. It was tied to financing that could convert into shares; the operating-loss figure is a separate measure. Two customers together accounted for about a quarter of 2025 revenue, according to the reported figures.

Infrastructure strategy and the proposed IPO

The prospectus reportedly describes Anthropic shifting from a cloud-only approach toward dedicated data centers and directly leased chips. It also flags reliance on external computing providers: if that access is curtailed, repriced or terminated, the company’s business, financial condition and results could be affected. Amazon, Google and Microsoft can each have several roles in relation to Anthropic, including as investors, customers, providers, distributors and competitors.

Anthropic announced on June 1, 2026, that it had confidentially submitted a draft Form S-1 to the U.S. Securities and Exchange Commission for a proposed IPO. The company said the offering depended on SEC review, market conditions and other factors; its announcement said the share count and offering price had not been set at that time.