Anthropic has committed between $542 billion and $567 billion to future computing capacity and infrastructure, and plans to build out its own data-center capacity through a program called Anthropic Direct. The figures appear in the 318-page IPO prospectus the company made public on October 26. Computing is essential to training and serving its models, but the scale of the commitments also exposes Anthropic to risks from shortages, delays and cost overruns that could affect liquidity and operating results.
Future computing commitments reach up to $567bn
Anthropic said developing, training, improving and deploying frontier models requires large and growing amounts of specialized computing capacity. It also faces intense competition for those resources from major technology companies around the world.
As of December 31, 2025, the company had signed computing agreements worth about $417 billion with multiple suppliers. Those arrangements are due to begin between 2026 and 2027 and run for terms of one to 20 years. Anthropic has also reserved an additional $125 billion to $150 billion in computing capacity scheduled to come online from 2028 through 2031. Together, the commitments total $542 billion to $567 billion.
Computing is currently Anthropic's largest operating expense. In the second quarter of 2026, the company spent $5.6 billion on computing against revenue of $11.6 billion, or roughly twice its computing bill. The prospectus says Anthropic is focused on improving that ratio. Revenue exceeding computing costs, however, does not mean it covers all of the company's operating expenses.
AWS, Google, Microsoft and SpaceX in the supply chain
Anthropic primarily obtains computing capacity from cloud providers including Amazon, Google and Microsoft. The prospectus also says the company entered into several agreements with SpaceX between May and October 2026, under which it plans to use up to $120.5 billion worth of computing capacity by 2029. The capacity will be powered by Nvidia GPUs owned by SpaceX.
To allocate workloads across suppliers and chips, Anthropic has developed its own computing orchestration system. It can route workloads across AWS Trainium, Google TPUs, Nvidia GPUs and AMD GPUs. The company said years of investment in the system help control costs and reduce reliance on any single supplier.
The relationships also involve competition. Amazon, Google and Microsoft all supply computing capacity to Anthropic while running their own AI businesses. The prospectus notes that the providers could prioritize their own needs or learn about Anthropic's operations and computing requirements through the relationship. At the same time, all three have made significant investments in Anthropic and use its model products, making the ties more complex than straightforward supplier arrangements.
Anthropic Direct expands data-center plans
Anthropic is pursuing Anthropic Direct to reduce its dependence on competitors. Under the plan, partners will secure land, power and facilities and operate data centers, while Anthropic leases the computing capacity it needs. The company expects the program to account for a growing share of its future computing investment.
Around September 30, 2026, Anthropic began entering into procurement commitments and lease agreements related to the plan. The prospectus lists $125.2 billion in rent over five-year lease terms, excluding interest. Broadcom was the largest infrastructure partner in 2026, with potential financing of $42 billion; Google accounted for $20 billion and Amazon for $15 billion. Broadcom shares rose 3% on the day the related news was announced.
These arrangements require substantial spending upfront, while returns may take longer to materialize. Anthropic warned in the prospectus that the projects could result in significant cash outflows and adversely affect liquidity, financial condition and operating results.
Power, chips and delivery timelines remain key constraints
Securing enough electricity on schedule is another major constraint for data centers. Anthropic expects its facilities to require substantial amounts of energy and has signed agreements related to power generation and infrastructure, but the prospectus does not specify the types of agreements or sources of energy. The company said connecting power to data centers could be delayed by permitting, legal disputes or supply-chain disruptions.
Shortages of chips and data-center equipment could also hinder execution. Anthropic said it may not realize the expected benefits if it cannot advance its data-center plans, faces significant delays or cost overruns, or finds that leased, deployed or constructed facilities do not meet changing requirements. The commitments highlight both the computing demands of Anthropic's model business and the extent to which funding, power access and infrastructure delivery are tied to its operating risk.