The commitments span multiyear deals running as far out as 2045, including roughly $161.2 billion in five-year TPU equipment leases with Broadcom, at least $114.5 billion with Google through July 2033, at least $110 billion with Amazon through April 2036, at least $44.9 billion with Microsoft through May 2033, about $44.6 billion with Nscale and $41.3 billion with Lambda. Anthropic also agreed to spend up to $120.5 billion through 2029 with SpaceX’s SpaceXAI unit for Nvidia GPU capacity, with payments reaching about $3.1 billion a month once full capacity is delivered in December 2026 and either side able to cancel on 90 days’ notice after initial lock-ins end in early 2027. Because relying on leased capacity from cloud providers that also compete with Claude carries uncertain timing and terms, Anthropic warned it plans to initiate “substantial capital expenditures” to build its own infrastructure after spending just $482 million on capex in the first half, a shift that will “change the cash flow profile of our business.”

The future bill contrasts with rapid near-term efficiency gains as Anthropic prepares to list on Nasdaq under the ticker ANT at a potential valuation of $1.5 trillion to $2 trillion. First-half revenue rose 14-fold year over year to $16.3 billion while compute and infrastructure expenses of $8.9 billion fell to 55% of revenue from 201% a year earlier, helping generate $3.9 billion in operating cash flow, $3.4 billion in free cash flow and a $974 million second-quarter GAAP operating profit despite an $80.7 billion first-half net loss driven by $72.4 billion in noncash convertible-note fair-value charges. To help cover its obligations ahead of the IPO, Anthropic held $131.7 billion in cash and short-term investments as of June 30, expanded its revolving credit facility to $15 billion from $3.3 billion and secured up to $77 billion in partner note facilities from Broadcom, Google and Amazon, though about 80% of its first-half revenue came from pay-as-you-go consumption rather than long-term contracts.