Anthropic revealed US$ 895.4 billion in contractual commitments related mainly to computing and artificial intelligence infrastructure. The amount appears in an update to the initial public offering prospectus filed with the U.S. Securities and Exchange Commission (SEC) this Monday (2), along with the financial results for the third quarter of 2026.
The developer of Claude reported quarterly revenue of US$ 16.96 billion, a 47% increase compared with US$ 11.56 billion in the previous quarter. The expansion, however, occurs alongside long-term obligations to secure the computing capacity needed to train and operate its models.
Of the total committed, approximately US$ 69.8 billion have payments due in the 12 months following September 30, 2026. Other figures show the extent of the contracts: about US$ 447.5 billion are to be disbursed by the end of 2030, while virtually all of the remainder is distributed between 2031 and 2045.
These amounts cover contracts for acquiring computing capacity, infrastructure services and leases, including facilities that have not yet begun operating. Therefore, they do not represent debt that is fully due at present or expenses already incurred.
Some of the commitments depend on contractual conditions and financing
An important caveat in the prospectus involves US$ 213.8 billion of the announced amount. According to the documentation, this portion corresponds to agreements subject to exercisable termination rights or to conditions that must be met before performance begins.
These conditions include suppliers' ability to obtain financing, secure facilities and obtain regulatory approvals. If certain requirements are not met, the respective contracts may be terminated.
This does not mean that the US$ 213.8 billion is automatically subject to cancellation, but it shows that not all obligations have the same degree of enforceability. Within the US$ 69.8 billion scheduled for the next 12 months, approximately US$ 4.3 billion belongs to agreements with these characteristics.
The prospectus also presents minimum long-term commitments with major suppliers. Among them are at least US$ 121.3 billion in services contracted with Google and US$ 110 billion with Amazon, in agreements that establish payment obligations regardless of actual use, subject to contractual exceptions.
In addition, Anthropic estimates another US$ 150 billion to US$ 175 billion in future payments associated with agreements without a defined fixed value. These estimates are not part of the announced US$ 895.4 billion, because they depend on factors such as capacity made available, delivery schedule and commercial terms.
The company also warns that some suppliers depend on external financing to acquire chips and develop facilities. If these funds become unavailable or more expensive, the contracted capacity may experience delays, reductions, adjustments or even fail to be delivered.
On the financial side, Anthropic reduced its net loss from US$ 66.3 billion to US$ 23.29 billion between the second and third quarters. The net result includes accounting effects from the revaluation of convertible financial instruments, not fully corresponding to operating disbursements.
Operating performance, however, went from a profit of US$ 974 million to a loss of US$ 567 million. The company attributed the deterioration mainly to additional short-term computing costs and accounting expenses with no immediate effect on cash.
Anthropic intends to finance its investments with operating revenues and fundraising. The update filed with the SEC is part of preparations for its initial public offering, which has not yet been completed.
