Anthropic is preparing to spend at least $518 billion over the next decade on cloud computing, data centers and other infrastructure as it expands its AI business.
A confidential IPO prospectus shows that a large share of this spending is already tied to long-term agreements. About 80% of Anthropic’s infrastructure commitments are either non-cancelable or require the company to make payments even if it does not use all of the computing capacity it has reserved.
The disclosures provide a detailed look at the enormous costs Anthropic expects to take on as it develops and operates increasingly powerful AI models.
Anthropic Locks In Billions in Long-Term Computing Deals
Anthropic has signed major infrastructure agreements with several technology companies, including Google, Amazon and Microsoft.
The company expects to spend at least $111.1 billion with Google, $110 billion with Amazon and $31.4 billion with Microsoft under long-term agreements, according to the prospectus.
These contracts generally run for several years and give Anthropic access to large amounts of computing capacity. However, many of the agreements also limit the company’s ability to walk away from the commitments.
The Google agreement runs from April 2026 through July 2033. Anthropic’s agreement with Amazon runs from May 2026 through April 2036, while its Microsoft agreement runs from November 2026 through May 2033.
The long contract periods mean Anthropic is committing a significant portion of its future spending before knowing exactly how much computing capacity it will need each year.
80% of Anthropic’s AI Infrastructure Commitments Are Hard to Cancel
The biggest concern for investors is not simply the size of the $518 billion figure. It is how much of that spending Anthropic is already obligated to make.
Reports say that roughly 80% of the commitments are non-cancelable or include minimum payment requirements. That means Anthropic could have to continue paying for infrastructure even if its actual demand for computing falls below expectations. For an AI company, this creates both an opportunity and a financial risk.
Having computing capacity secured years in advance can help Anthropic avoid shortages as demand for its Claude AI products increases. But if revenue growth slows or the economics of AI change, the company could still be responsible for large infrastructure bills.
Anthropic Adds Another $161.2 Billion in Broadcom Commitments
Anthropic’s commitments extend beyond cloud providers. The prospectus includes around $161.2 billion in equipment lease obligations related to Broadcom, with most of those commitments described as non-cancelable.
The deal reflects Anthropic’s move toward securing computing infrastructure more directly rather than depending entirely on standard cloud services. AI companies need huge amounts of computing power to train models and serve users. That requires specialized chips, servers, data centers and electricity.
Anthropic’s long-term agreements are an attempt to secure those resources as the company expects its computing needs to increase sharply.
Anthropic Expands Infrastructure Deals With xAI and AMD
Anthropic has signed additional agreements that could add tens of billions of dollars to its infrastructure spending. One agreement with Elon Musk’s xAI could involve as much as $84.5 billion in spending through 2029 for Nvidia-based computing capacity.
Unlike some of Anthropic’s other agreements, these arrangements are largely cancellable with 90 days’ notice. Anthropic is also expanding its relationship with AMD. AMD has agreed to buy up to $5 billion of Anthropic stock and provide computing capacity expected to exceed $20 billion.
These deals show how Anthropic is building relationships with multiple chip and infrastructure providers as it prepares for higher demand.
Anthropic Relies on Tech Giants That Also Compete in AI
Anthropic’s dependence on major technology companies creates another challenge. Amazon and Google are both investors in Anthropic and major providers of computing services to the company. Microsoft is also an important technology partner.
At the same time, these companies are developing their own AI models and products. Anthropic warned in its prospectus that the interests of its technology partners may not always match its own. The company also said that losing access to computing resources, or facing changes in the terms of those services, could affect its business.
This makes Anthropic’s infrastructure strategy different from simply buying computing power. The company is relying on some of the same companies that are competing for customers in the AI market.
Anthropic’s Revenue Growth Is Accompanied by Heavy Infrastructure Spending
The huge infrastructure commitments come as Anthropic prepares for a potential public listing. The company’s revenue has grown rapidly as demand for Claude has increased. Reuters reported that Anthropic generated about $4.6 billion in revenue in 2025, around 12 times its revenue from the previous year.
However, the company is also spending heavily to support that growth. Anthropic spent about $7.33 billion on computing and infrastructure in 2025, according to reporting based on its IPO documents.
The company’s future commitments are therefore many times larger than what it is currently spending each year. That does not mean Anthropic will necessarily spend the entire $518 billion immediately. Much of the figure represents commitments spread across several years under long-term contracts.
Still, the size of those agreements shows how much capital the company expects to require to compete in the AI market.
Anthropic’s Massive Spending Plan Reflects the AI Infrastructure Race
Anthropic’s plans highlight the growing cost of developing advanced AI systems. The competition between AI companies is no longer focused only on building better models. Companies also need access to enormous amounts of computing power to train models and operate them for millions of users.
That has led AI companies to sign increasingly large agreements with chipmakers, cloud providers and data center operators. Anthropic’s $518 billion commitment is similar in scale to the $500 billion Stargate project announced by OpenAI, SoftBank, Oracle and MGX.
For Anthropic, securing infrastructure years ahead of time could give the company more certainty as it expands Claude and develops future AI models. But the contracts also leave the company with substantial fixed obligations.
As Anthropic moves toward a possible IPO, investors will be watching how quickly its revenue grows compared with the enormous infrastructure costs required to support that growth.
