WORLDTECHAnthropic's S-1 lists nearly $900 billion in future commitments
The AI lab behind the Claude model has disclosed, in an S-1 registration statement filed with the SEC, future commitments that could total nearly $900 billion. The figure, reported by Crypto Briefing, points to a heavy reliance on a small group of large technology providers as the company prepares a Nasdaq listing.
How the commitments are structured
The filing sets out payment obligations for servers, data centers, buildings and power, with terms stretching from one to 20 years. Most of them are largely non-cancelable, so the payments are due whatever happens to demand for AI.
The total is built in layers. Roughly $417 billion represents firm minimum payments for compute infrastructure, data centers and leases. Above that, the filing projects another $125 to $150 billion in capacity costs for 2028 through 2031, but these are described as expected costs rather than locked-in minimums.
Concentration among a few partners
The largest named counterparties are Broadcom at $161 billion, Google at $114.5 billion, Amazon at $110 billion and Microsoft at $45 billion, each under different terms. SpaceX/xAI also appears among the key partners. Those four named commitments together come to well over $400 billion.
The filing itself flags the concentration, acknowledging that Anthropic relies heavily on a small number of providers to keep growing. It describes its approach to these deals as "bold but sane" and concedes that its commitments might be seen within the industry as irresponsibly large.
Revenue growth alongside a large loss
Anthropic reported revenue of $16.3 billion for the first half of 2026, against $1.16 billion for the same period a year earlier, an increase of roughly 1,300 percent. Over the same six months it posted a net loss of $80.7 billion.
According to the filing, most of that loss stems from non-cash accounting charges, expenses recorded without money leaving the company in that period.
Planned Nasdaq listing
Anthropic expects to list on Nasdaq under the ticker ANT. Its potential valuation has been estimated at between $1.5 trillion and $2 trillion, supported by heavy investment from major technology players. The report characterises the deal structures among these companies as an unusual web of relationships.
Open questions
- How much of the projected 2028 to 2031 capacity cost will become binding?
- Could a shortfall in revenue make the non-cancelable payments hard to meet?