On September 29, 2026, Anthropic’s confidential draft IPO prospectus was reported to put the company’s planned cloud, computing and infrastructure obligations at at least $518 billion over about a decade.
What the reported total covers
The figure describes planned obligations across cloud, computing and infrastructure. It is an aggregate estimate in a confidential draft prospectus, rather than a single contract announced by Anthropic.
The reported breakdown assigns $110 billion to Amazon, with payments scheduled from May 2026 through April 2036. The figure appears alongside other reported obligations in the draft-derived total.
The reported terms are not all alike
About 80% of the reported obligations were described as either non-cancelable or payable regardless of usage. These are distinct contractual conditions: the combined figure does not mean every obligation has the same cancellation terms.
Anthropic’s separate public AWS agreement
In an announcement on April 20, 2026, Anthropic said it had committed more than $100 billion over ten years for AWS technologies and secured access to up to 5 GW of new capacity.
That public announcement and the draft-derived $110 billion Amazon figure are separate descriptions. The public agreement states a commitment of more than $100 billion for AWS technologies; the reported draft breakdown gives an Amazon amount and a payment period.
Financial commitments and operating capacity
A financial commitment describes an obligation; operating computing capacity depends on infrastructure being built, equipped and powered. Long-term commitments can address demand for future capacity, while counterparty, construction, power, equipment and scheduling risks remain relevant to whether that capacity becomes operational.
