On this page
What did Anthropic's IPO filing disclose?
Anthropic's amended IPO filing, lodged with the US Securities and Exchange Commission on 2 November 2026, disclosed about $895.4bn of purchase commitments and leases, almost all for compute and infrastructure, alongside third-quarter revenue of $16.96bn. A further amendment on 10 November lifted the total to $900.9bn. No pricing had been reported by 14 November.
The company's S-1/A of 2 November says that "as of and subsequent to September 30, 2026" it had agreed an aggregate committed spend of approximately $895.4bn, "substantially all of which is related to compute and infrastructure". It added the quarter to the original S-1 filed on 26 October, which PPC Land reports left the aggregate total out.
This article is news and analysis, not investment advice.
How big is the $895bn, and when does it fall due?
The filing splits the commitment by timing. Figures below are from the 2 November amendment.
| Item | Amount |
|---|---|
| Aggregate committed spend | about $895.4bn |
| Expected before 31 December 2030 | about $447.5bn |
| Due in the 12 months after 30 September 2026 | about $69.8bn |
| Remainder | mostly 2031 to 2045 |
| Subject to termination rights or contingent conditions | about $213.8bn |
24/7 Wall St and Unite.AI report the same totals. The long tail matters: roughly half the money is not due until the 2030s.
Which partners are behind the commitments?
The filing names several suppliers. These minimums come from the SEC document and are matched by Unite.AI and 24/7 Wall St.
- Google: at least about $121.3bn between April 2026 and July 2033. If actual spend falls short, the filing says Anthropic must pay Google the difference.
- Amazon: at least $110.0bn between May 2026 and April 2036, with the same shortfall mechanism.
- Microsoft: at least $44.9bn between November 2026 and June 2033 in the 2 November version.
- Broadcom and financing entities: about $161.2bn of rent over the life of equipment leases, excluding interest.
Reports differ on other partner-level numbers, including SpaceX's AI unit, Nscale and Lambda. We have left those out because we could not confirm them on the filing or in two independent outlets.
What is Anthropic's Q3 revenue?
The 2 November filing shows revenue of $16.956bn for the three months to 30 September 2026. That compares with $11.555bn in the second quarter and $1.382bn a year earlier.
Costs rose faster. Compute and infrastructure expense was $9.863bn in the quarter, and the company swung from an operating profit of $974m in the second quarter to an operating loss of $567m. PPC Land reports that the filing attributes the loss mainly to about $5.0bn of short-term compute that costs more than capacity bought under multi-year deals, plus a non-cash donation-matching charge of about $1.96bn.
How does it compare with the $518bn reported in September?
On 29 September 2026, Reuters, via Business Day, reported from a then-confidential prospectus that Anthropic expected to spend at least $518bn over a decade with six partners, and that about 80% was non-cancellable or payable regardless of usage. It said Broadcom's roughly $161.2bn of lease obligations was separate from that figure.
The two numbers are not like for like. The public filing counts leases not yet started and short-term commitments, and runs to 2045. It does not state an "80% non-cancellable" figure, so we have not repeated that as a fact about the new total. What it does give is the amount subject to termination rights or contingent conditions.
What changed in the 10 November amendment?
Anthropic filed a second amendment on 10 November 2026. The SEC document puts aggregate committed spend at about $900.9bn, with about $451.6bn expected before the end of 2030. The amount subject to termination rights or contingent conditions falls to about $186.2bn. The Microsoft commitment is now described as at least $47.2bn and up to $49.2bn.
The same amendment estimates net proceeds from the share offering and a concurrent private placement at about $84.6bn.
Where is the IPO now?
Anthropic's roadshow announcement of 10 November says the offering is 825,000,000 Class A shares, of which the company is selling 801,351,354 and existing holders 23,648,646, at an expected price of $70 to $78 a share. It has applied to list on the Nasdaq Global Select Market under the symbol "ANT". The registration statement was not yet effective, and the announcement gives no pricing or trading date.
RTTNews says AMD, Broadcom, Google, Micron Technology, Microsoft, NVIDIA and TSMC Partners agreed to buy $26bn of Class N stock at the IPO price. Renaissance Capital expects pricing in the week of 16 November. A Wall Street Journal report, relayed by investingLive, said the company was aiming to begin trading on a Thursday or Friday that week. We found no report of final pricing as of 14 November, so treat the dates as expectations, not confirmed.
For earlier context, see our coverage of TSMC's board approving up to $1bn in stakes in Anthropic and OpenAI.
Analysis: what the filing tells us
This section is our own reading, not a claim from the filing.
- Revenue is growing, but commitments dwarf it. On the 12-month revenue of about $35.3bn that PPC Land calculates, the $895.4bn total is around 25 times larger.
- The filing itself flags the risk. It describes these as substantial fixed obligations that require payment regardless of utilisation.
- Chip and cloud suppliers are on both sides. Several of the firms Anthropic owes money to are also buying stock in the private placement. That ties their fortunes to Anthropic's growth.
- Markets are jittery. The listing follows a wobbly week for AI shares; see our report on the AI chip sell-off that hit Nvidia and the Nasdaq. Another deal that shows the scale of AI infrastructure spending is the Marvell and Lumentum all-stock bid.
Sources
- SEC: Anthropic S-1/A filed 2 November 2026
- SEC: Anthropic S-1/A filed 10 November 2026
- SEC: Anthropic S-1 filed 26 October 2026 (filing index)
- Anthropic: roadshow launch, 10 November 2026
- Unite.AI: Anthropic details long-term compute commitments in amended IPO filing
- 24/7 Wall St: Anthropic's spending commitments are soaring towards $1 trillion
- PPC Land: Anthropic swings to $567m Q3 operating loss
- Business Day (Reuters): Anthropic plans $518bn AI infrastructure spend, 80% non-cancellable
- RTTNews: Anthropic sets IPO price range at $70 to $78
- Renaissance Capital: Anthropic sets terms for $61 billion IPO
- investingLive: WSJ on Anthropic's Nasdaq debut timing
FAQ
Frequently asked questions
The 2 November 2026 amendment says about $895.4bn, almost all for compute and infrastructure. The 10 November amendment raised the figure to about $900.9bn.
No. The 2 November filing says about $213.8bn relates to arrangements subject to termination rights or contingent conditions, and the 10 November version says about $186.2bn. The rest is not subject to those conditions, though some agreements allow termination if a counterparty fails to deliver. The roughly 80% non-cancellable figure was a Reuters report on an earlier draft.
The filing shows $16.956bn for the three months to 30 September 2026, up from $11.555bn in the second quarter. The company recorded an operating loss of $567m.
No date is confirmed in the company's announcement or filings. Renaissance Capital expects pricing in the week of 16 November 2026, and the shares are expected to trade on the Nasdaq as ANT. As of 14 November we found no report of final pricing.
Spotted an error? Tell us. Read how we report and correct stories in our editorial policy.
Written by
Mainstream Tech
Newsroom
News and analysis on technology, AI, business, politics and international affairs, from our newsroom in London.
More from Mainstream
