Anthropic’s $518 billion AI buildout hinges largely on deals that cannot be canceled, filing shows
FILE PHOTO: An Anthropic logo is displayed at Moscone Center during the Dreamforce 2026 technology summit in San Francisco, California, US, September 17, 2026. REUTERS/Carlos Barria/File Photo
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NEW YORK, Sept 29 : Anthropic said it expects to spend at least $518 billion over a decade building AI infrastructure with six partners, according to a confidential IPO prospectus seen by Reuters — a plan that ranks among the largest AI buildout commitments on record.
The AI lab said in the prospectus that about 80 per cent of that sum is non-cancelable or requires payment regardless of usage. Anthropic is telling investors the commitments are necessary because access to computing power is becoming the key constraint on AI development, as future demand for advanced AI systems is likely to exceed available supply and will be “limited principally by the availability of compute.”
The company said it plans to spend at least $111.1 billion with Alphabet’s Google, $110 billion with Amazon and $31.4 billion with Microsoft under long-term infrastructure service obligations over the next seven to 10 years “regardless of usage.”
Anthropic is separately carrying about $161.2 billion of Broadcom-related equipment lease obligations that are largely non-cancelable, according to the prospectus. Anthropic filed for an IPO confidentially with the Securities and Exchange Commission in June but its paperwork has not been publicly disclosed.
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Anthropic did not immediately respond to a request for comment about the filing.
The company said it committed to pay Google between April 2026 and July 2033 and Amazon between May 2026 and April 2036.
“If our actual spend falls short, we must pay Google the difference,” the company said, adding that similar terms apply to its Amazon agreement.
It added its commitment with Microsoft of $31.4 billion between November 2026 and May 2033 “is non-cancelable except in the event of Microsoft’s uncured material breach.”
Anthropic also said the lease arrangements with Broadcom are non-cancelable by either party except in the case of a default.
ADDITIONAL PARTNERSHIPS WITH XAI, AMD
The company also disclosed agreements with Elon Musk’s xAI that could result in up to $84.5 billion of spending for Nvidia-based computing capacity through 2029 that are largely cancelable with a 90-day notice.
The filing also showed a deepening relationship with Advanced Micro Devices, which committed to buying up to $5 billion of Anthropic stock and to supply AI computing capacity expected to exceed $20 billion.
The overall figure is comparable in scale to OpenAI’s Stargate project, a $500 billion AI infrastructure plan whose costs are expected to be shared among OpenAI, SoftBank, Oracle and MGX.
SHIFT TO OWN INFRASTRUCTURE
Anthropic said it is increasingly building its own AI infrastructure, shifting from a cloud-only model toward dedicated data centers and directly leased chips.
It flagged a key risk in its dependence on Amazon, Google and Microsoft, which provide computing infrastructure and distribution while also developing rival AI models.
The company said the three tech giants occupy multiple roles at once as investors, customers, cloud providers, distributors and competitors, creating incentives that “may not be fully aligned” with Anthropic’s interests.
“If the compute we have access to from third parties is curtailed, repriced, or terminated … our business, financial condition, and results of operations could be adversely affected,” it said.
Source: Reuters
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