Startups

Anthropic's IPO filing shows about $417 billion in new and amended compute deals, with more still being finalized

The S-1 shows about $417 billion in new and amended deals made after Dec. 31, 2025, mostly for compute and data centers, plus an estimated $125 billion to $150 billion more. Fortune puts the combined total at $542 billion to $567 billion.

By Robert Harrison · Oct 27, 2026, 1:45 AM EDT

Why it matters: Anthropic committed at least $110.0B to Amazon, about $114.5B to Google and at least $44.9B to Microsoft regardless of usage, and says TSMC delays would hurt its business.

For information only, not investment advice. Prices delayed.

Tickers: AMZN, GOOGL, MSFT, TSM

Anthropic's IPO filing, made public Oct. 26, reads like a purchase order for computing power. After Dec. 31, 2025, it says, Anthropic signed new and amended deals, mostly for compute and data centers, with about $417 billion in future minimum payments. It separately estimates $125 billion to $150 billion more for capacity to be delivered between 2028 and 2031 whose terms aren't final.

Add $417 billion to each end of that range and you get the $542 billion to $567 billion total that Fortune reports. That total is Fortune's sum. The filing's own line for aggregate committed spend is still a blank in this preliminary version.

The cloud giants sit on the other side of many of these deals. Anthropic committed to spend at least $110.0 billion with Amazon ($AMZN) through April 2036, at least about $114.5 billion with Alphabet's Google ($GOOGL) through July 2033 and at least $44.9 billion with Microsoft ($MSFT) through May 2033, regardless of usage. The filing is blunt about it: "These commitments represent substantial fixed obligations."

For scale, Fortune reports compute was Anthropic's biggest operating expense in the second quarter of 2026: $5.6 billion, against $11.6 billion in revenue.

Then there's the chokepoint under all of it. The filing says shortfalls at TSMC ($TSM) have at times kept Anthropic from getting enough chips on time, and warns: "Accordingly, any restrictions or delays on the supply of advanced chips out of Taiwan or TSMC would adversely affect our business, financial condition, and results of operations."

Tags: ipo · ai · big-tech · semiconductors