Anthropic's S-1 lists compute commitments it must generally pay whatever its revenue

The S-1 says Anthropic's compute commitments "are substantial and generally must be satisfied regardless of our revenue or utilization."

Our compute commitments are substantial and generally must be satisfied regardless of our revenue or utilization

The S-1 says that under a November 2025 agreement with Microsoft, amended in February and October 2026, Anthropic committed to spend at least $44.9 billion between November 2026 and May 2033, regardless of actual usage.

In November 2025, we entered into an agreement with Microsoft, which was subsequently amended in February and October 2026, pursuant to which we committed to spend an aggregate of at least $44.9 billion between November 2026 and May 2033, regardless of actual usage.

The S-1 says that under a March 2026 agreement with Google, amended between May and August 2026, Anthropic committed to spend at least approximately $114.5 billion between April 2026 and July 2033, regardless of actual usage.

In March 2026, we entered into an agreement with Google, which was subsequently amended between May and August 2026, and pursuant to which we committed to spend at least approximately $114.5 billion between April 2026 and July 2033, regardless of actual usage.

The S-1 says Anthropic estimates aggregate future payments of approximately $125.0 billion to $150.0 billion for additional TPU compute from TPU providers including Google, to be delivered between 2028 and 2031, and that this is not included in the contractual commitments table.

We estimate the aggregate future payments for such additional compute to be approximately $125.0 billion to $150.0 billion, which are not included in the contractual commitments table above.

The S-1 says that under an April 2026 agreement with Amazon, Anthropic committed to spend at least $110.0 billion between May 2026 and April 2036, regardless of actual usage.

In April 2026, we entered into an agreement with Amazon, pursuant to which we committed to spend an aggregate of at least $110.0 billion between May 2026 and April 2036, regardless of actual usage.

The S-1 says that between May and October 2026 Anthropic entered into agreements with SpaceX.AI LLC (formerly X.AI LLC) to access compute powered by NVIDIA GPUs, under which it agreed to spend an aggregate of up to $120.5 billion over terms extending into 2029.

Under the SpaceXAI Arrangements, we agreed to spend an aggregate of up to $120.5 billion over terms extending into 2029

The S-1 says the SpaceXAI arrangements amount to approximately $3.1 billion per month once all capacity has been delivered, which Anthropic expects in December 2026, and that after initial non-cancelable periods ending in January 2027 and March 2027 each agreement may be cancelled by either party on 90 days' written notice.

consisting of approximately $3.1 billion in the aggregate per month once all capacity has been delivered, which we expect in December 2026 ... Following initial non- cancelable periods ending in January 2027 and March 2027 under the respective agreements, each agreement may be cancelled by either party upon 90 days advance written notice.

The S-1 says that in August 2026 Anthropic agreed with subsidiaries of Nscale to spend up to approximately $44.6 billion over terms extending into 2033 for compute powered by NVIDIA GPUs.

Under the Nscale Services Agreements, we agreed to spend an aggregate of up to approximately $44.6 billion over terms extending into 2033, with fees accruing only as capacity is delivered to and accepted by us.

The S-1 says the Lambda Agreements, entered into in May, June and August 2026, commit Anthropic to spend approximately $41.3 billion over terms extending into 2034 for compute powered by NVIDIA GPUs.

Under the Lambda Agreements, we agreed to spend an aggregate of approximately $41.3 billion over terms extending into 2034, with fees accruing only as capacity is delivered to and accepted by us.

The S-1 says that under its Hardware Supply Agreement with AMD, Anthropic committed to obtain an initial tranche of capacity in calendar year 2027 using AMD-based Helios rack-scale systems, provided conditions on deployment proposals are met; the agreement sets no fixed dollar commitment, and Anthropic expects expenditures to exceed $20.0 billion if it procures the full initial capacity.

we committed to obtain an initial tranche of compute capacity in calendar year 2027 by purchasing AMD-based Helios rack-scale systems ... provided certain conditions related to deployment proposals are met. The agreement does not specify a fixed dollar commitment. If we procure the full amount of this initial committed capacity, we expect aggregate expenditures to exceed $20.0 billion

The S-1 says Anthropic has entered into five-year master equipment leases with Broadcom, accounted for as finance leases, with rent over the life of the leases of approximately $161.2 billion excluding interest.

We have entered into five-year master equipment leases with Broadcom ... These Lease Arrangements are accounted for as finance leases. Our rent payments over the life of these leases are equal to an aggregate of approximately $161.2 billion excluding interest

The S-1 says the Broadcom leases provide access to TPU-based compute capacity, a portion of which began to come online in 2026, with additional capacity expected from 2027.

The Lease Arrangements provide us with access to TPU-based compute capacity, a portion of which began to come online in 2026, with additional capacity expected to come online starting in 2027.

The S-1 says: "The training of Claude models has required, and we expect will continue to require, substantial compute."

Our ability to develop, train, improve, and deploy frontier models depends on our access to enormous and increasing quantities of specialized compute. The training of Claude models has required, and we expect will continue to require, substantial compute.