Analysis
Anthropic's S-1, filed ahead of its planned IPO, discloses compute and infrastructure commitments of between $542 billion and $567 billion, Fortune reported on October 26, 2026.
Pulse previously covered the S-1's headline revenue number -- $16.3 billion in first-half revenue, with a planned Nasdaq listing under ticker ANT -- but the filing's compute disclosures, detailed in follow-on reporting, show just how much of that business is already spoken for.
The $441 billion asterisk
A separate Fortune analysis of the filing found that Anthropic's seven largest compute contracts total $630 billion, of which roughly 70% by dollar value -- about $441 billion -- is non-cancellable. Anthropic has to pay for that reserved capacity whether or not it actually uses it, a structural commitment that doesn't show up as debt on a balance sheet but functions similarly.
Where the money is going
The filing breaks down Anthropic's infrastructure financing by partner:
- Broadcom -- up to $42 billion in potential 2026 financing, the single largest infrastructure partner commitment.
- Google -- $20 billion, part of Anthropic's multi-cloud compute strategy.
- Amazon -- $15 billion, alongside Anthropic's existing Trainium chip usage.
- SpaceX -- up to $120.5 billion through 2029 for compute running on Nvidia GPUs that SpaceX itself owns, signed between May and October 2026.
Separately, Anthropic signed $417 billion in compute deals on a single day, December 31, 2025, for capacity starting in 2026 or 2027 and running one to 20 years, plus another $125 billion to $150 billion for capacity starting between 2028 and 2031.
Why this matters for the IPO
Compute was Anthropic's largest operating expense at $5.6 billion in the second quarter of 2026, against $11.6 billion in quarterly revenue -- a little over two dollars of revenue for every dollar spent on compute. Anthropic's main suppliers, Amazon, Google, and Microsoft, are also disclosed in the filing as competitors who could "prioritize their own compute needs" over Anthropic's.
To manage that dependency, Anthropic is building its own data centers under an initiative called Anthropic Direct, where five-year lease payments already total $125.2 billion.
However, scale cuts both ways
A $567 billion commitment is a sign of confidence that demand for Anthropic's models will keep growing, but it's also a liability if growth slows: those non-cancellable contracts don't shrink if revenue does. Anthropic's own filing flags that upfront data center payments could cause "significant cash outflows," and the company reported a roughly $80 billion GAAP net loss for the first half of 2026, though Fortune noted that figure is driven mostly by non-cash changes in the value of convertible notes rather than operating losses.
What to watch
Whether Anthropic's roadshow, which the filing says begins within about two weeks of the S-1's October 26 filing date, prices the IPO closer to the $1.8 trillion or $2.0 trillion end of its target range -- the gap matters more for a company this levered to future compute spending than for a typical IPO.