Anthropic's S-1 Spells Out Its Compute Contracts: At Least $114.5B With Google, $110B With Amazon and $44.9B With Microsoft, and Up to $120.5B With xAI
The S-1 states Anthropic's compute commitments: at least about $114.5B with Google, at least $110.0B with Amazon and at least $44.9B with Microsoft, and up to $120.5B with xAI, plus up to about $44.6B with Nscale and about $41.3B with Lambda. The terms mix minimums, ceilings and arrangements that can be cancelled on 90 days' notice, and the filing leaves its contractual-obligations table blank.
The S-1 replaces compute figures that had been relayed from news reports with contract terms, and the terms differ in kind: some are minimums that Anthropic must pay regardless of use, one is a ceiling, and one can be cancelled on 90 days' notice. Anthropic's filing, made public on October 26, describes agreements with Microsoft, Google, Amazon, xAI, AMD, Nscale and Lambda, and five-year equipment leases with Broadcom. The figures below are as the filing states them.
Minimums, ceilings and cancellable terms#
| Counterparty | What the S-1 says Anthropic committed to | Period | Cancellation, per the S-1 |
|---|---|---|---|
| At least approximately $114.5 billion, regardless of actual usage | April 2026 to July 2033 | Non-cancelable except for Google's uncured material breach; Anthropic pays any shortfall as a true-up | |
| Amazon | At least $110.0 billion, regardless of actual usage | May 2026 to April 2036 | Non-cancelable except for Amazon's uncured material breach; true-up for any shortfall |
| Microsoft | At least $44.9 billion, regardless of actual usage | November 2026 to May 2033 | Non-cancelable except for Microsoft's uncured material breach or, per tranche, for undelivered tranches |
| xAI (SpaceX.AI LLC in the filing) | Up to $120.5 billion | Terms extending into 2029 | Initial non-cancelable periods end in January and March 2027; after that either party can cancel on 90 days' written notice |
| Nscale | Up to approximately $44.6 billion | Terms extending into 2033 | Fees accrue only as capacity is delivered and accepted; non-cancelable except in limited circumstances |
| Lambda | Approximately $41.3 billion | Terms extending into 2034 | Fees accrue only as capacity is delivered and accepted; non-cancelable except in limited circumstances |
| AMD | No fixed dollar commitment; expenditures expected to exceed $20.0 billion if Anthropic procures the full initial capacity | Initial tranche in calendar 2027 | Non-cancelable by Anthropic except for AMD's uncured material breach |
The filing says Anthropic made its xAI agreements between May and October 2026 to access compute powered by NVIDIA GPUs. xAI is a wholly owned subsidiary of Space Exploration Technologies Corp., the filing says. Once all capacity has been delivered, which Anthropic expects in December 2026, the xAI arrangements come to approximately $3.1 billion a month, with different fees while capacity ramps up. The S-1 does not say how these agreements relate to the Colossus 1 capacity Anthropic announced in May.
Two further items sit outside the commitments table. Anthropic says it has also committed to procure additional TPU compute from TPU providers, including Google, delivered between 2028 and 2031, and estimates the aggregate future payments at approximately $125.0 billion to $150.0 billion. Those payments depend on the capacity made available, how it is deployed, pricing and deployment conditions. Separately, Anthropic has five-year master equipment leases with Broadcom, with rent over the life of the leases of approximately $161.2 billion excluding interest. The leases provide TPU-based compute capacity, some of which began to come online in 2026, with more expected from 2027. We cover the Broadcom financing separately.
How the filing compares with earlier reports#
Our October 21 report relayed a WSJ-draft account that listed $111 billion with Google Cloud, $110 billion with AWS, $31 billion with Microsoft and $86 billion for Nvidia GPUs through smaller clouds such as Nscale and Lambda. The S-1's minimums are higher for Google and Microsoft and the same for Amazon, and it lists Nscale and Lambda as separate arrangements.
Gizmodo compared the filing with earlier Reuters reports on the then-confidential prospectus. It says Reuters had put the xAI deal at up to $84.5 billion through 2029, against $120.5 billion in the filing, about $36 billion more. It also says Reuters had put the Google commitment at at least $111.1 billion and the Microsoft commitment at $31.4 billion, so the filing's figures are larger by $3.4 billion and $13.5 billion. The S-1 says the Microsoft agreement was amended in February and October 2026, and the Google agreement between May and August 2026. It does not say whether those amendments account for the differences.
What the filing says about carrying the commitments#
Anthropic lists, among its risk factors, that it has "incurred significant indebtedness in order to operate and grow our business, including to fund our substantial compute commitments," and that its ability to service that debt "may be constrained by our cash flows and liquidity." It also warns that if its actual compute needs differ materially from its projections, it "may be committed to excess compute that remains underutilized."
Limits#
- Figures are as the S-1 states them. The terms mix minimums, ceilings, approximate amounts and estimates, so we do not add them together.
- The filed contractual-obligations table has its dollar amounts blank. The relayed "$450 billion noncancelable" and "$750 billion potential" figures from the WSJ draft therefore cannot be checked against this filing.
- We compared earlier figures through Gizmodo's account of Reuters' reporting and our own earlier article; we did not open the earlier Reuters reports.
- We describe each arrangement from Anthropic's side, as the S-1 does; we have not seen the counterparties' own accounts of these terms.
Sources#
- SEC EDGAR: Anthropic, PBC Form S-1, Liquidity and Capital Resources (October 26, 2026)
- Anthropic: Anthropic files S-1 with the SEC for proposed initial public offering (October 26, 2026)
- Gizmodo: Anthropic's xAI deal is even bigger than we knew, IPO filing shows (October 26, 2026)
- Times of AI: Anthropic presses ahead with mid-November IPO (updated October 27, 2026)
- Times of AI: Anthropic takes full Colossus 1 capacity (May 6, 2026)