Anthropic, the company behind the AI assistant Claude, has revealed the size of its bill for the compute race: about $895.4 billion in purchase and lease commitments, almost all of it related to compute and infrastructure. The figure appears in Amendment No. 1 to Form S-1, the company's initial public offering (IPO) document, filed on November 2, 2026 with the U.S. Securities and Exchange Commission (SEC).
The schedule through 2045
The amount covers commitments entered into as of and after September 30, 2026, and fills in a blank left in the first version of the document, filed on October 26. The original version stated the total without giving a number. The amendment breaks down the schedule: about $69.8 billion falls due in the 12 months after September 30, 2026, about $447.5 billion is expected before December 31, 2030, and most of the rest between 2031 and 2045.
It is important to understand what the number is not: it is not money already spent, nor a debt already due. Commitments are contracted amounts for future computing capacity, and the expense is recognized as that capacity is delivered. The company says it typically books capacity 12 to 18 months ahead. The filing also carries caveats: about $213.8 billion of the total relates to arrangements with termination rights or contingent conditions before they begin, and other arrangements without a fixed amount, estimated at $150 billion to $175 billion, are left out of the total.
Who gets paid
The formal contractual obligations table as of September 30 totals $320 billion, of which $313.8 billion are purchase commitments, $4.2 billion are operating leases and $2 billion are finance leases. The largest suppliers named include Broadcom, with about $161 billion in equipment leases, Google, with about $121 billion, SpaceX's AI unit, with up to $120.5 billion, and Amazon, with $110 billion.
Record revenue and an operating loss
The amendment also added third-quarter 2026 results, the document's first complete quarterly figures. Revenue reached $16.96 billion in the quarter, against $1.38 billion a year earlier, and $33.24 billion in the first nine months of the year. At the same time, the company swung back to an operating loss of $567 million in the quarter, after operating income of $974 million in the second quarter. According to the filing, as reported in coverage of the process, the swing was driven mainly by $5 billion of compute bought under short-term commitments, which costs more than multi-year capacity, and by $2 billion in non-cash charges tied to the company's donation matching program.
At the end of September, Anthropic held $131.8 billion in cash and short-term investments, according to coverage of the filing. In other words, total commitments are almost seven times that liquidity cushion, showing how heavily the company is betting on securing computing capacity for years to come. The filing still does not set the offering terms: share price, share count and proceeds remain blank, and the listing date was not confirmed in the document. The plan is to list Class A shares on Nasdaq under the ticker ANT.
For Geekiki readers, the message is direct: the race for cutting-edge AI has largely become a race for chips, energy and data centers, contracted years before they are used. The $895.4 billion figure measures that bet, but also its risk: if demand slows, part of these commitments could weigh on the company for two decades.
Image credit: Anthropic logo, via Wikimedia Commons.
Sources: Securities.io, Dealroom, RR TechPulse and Guide to Artificial Intelligence, on Anthropic's Amendment No. 1 to Form S-1, filed on November 2, 2026 with the SEC.
Transparency: this article was produced with the help of artificial intelligence, by cross-checking public posts on X and sources on the internet, and reviewed against the original sources cited above. The figures reported here come from the document Anthropic filed with the SEC and from coverage of that document; consult the original sources to confirm the details.
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