Anthropic IPO Filing: $895.4 Billion Compute Bill, $17.0B Q3 Revenue

Anthropic's IPO filing, an amended Form S-1 filed with the SEC on Nov. 2, 2026, discloses aggregate compute and infrastructure commitments of about $895.4 billion, alongside third-quarter revenue of $17.0 billion and a $567 million operating loss.

The filing says about $447.5 billion of the commitments is expected before Dec. 31, 2030, and substantially all of the rest between 2031 and 2045. About $69.8 billion falls due in the 12 months after Sept. 30. Yahoo Finance, which also read the filing, put the total at roughly seven times the company's cash and short-term investments.

This follows the preliminary filing that Voltgrid covered on Oct. 27, which left the commitment total blank. The $417 billion figure circulating from the Oct. 26 S-1 is a different measure: a subsequent-events note counting new and amended agreements since Dec. 31, 2025. The two numbers should not be set against each other as a like-for-like jump.

What the $895.4 billion is made of

The contractual obligations table shows $313.8 billion of purchase commitments, mostly cloud hosting and third-party infrastructure services. Leases signed but not yet started add about $451.2 billion, with terms from under one year to 20 years and a weighted average near 10 years. Agreements signed after Sept. 30 add about $100.2 billion, mainly data-center leases and hosting deals.

The named contracts are large. Anthropic committed to at least $121.3 billion with Google, at least $110.0 billion with Amazon and at least $44.9 billion with Microsoft. It agreed to spend up to $120.5 billion with SpaceXAI, up to about $44.6 billion with Nscale and about $41.3 billion with Lambda. Rent under its Broadcom equipment leases totals about $161.2 billion excluding interest, up from the $125.2 billion in the Oct. 26 filing. Broadcom's $63 billion lease financing sits inside that structure.

Some spending is outside the total. The filing excludes roughly $150 billion to $175 billion of arrangements with no fixed dollar commitment, including an estimated $125.0 billion to $150.0 billion of additional Google TPU compute for delivery in 2028 to 2031, and more than $20.0 billion if Anthropic takes the full initial AMD Helios rack-scale order.

Capacity and power: what the filing says

Anthropic describes a shift to what it calls Anthropic Direct: leasing chips and hosting them in dedicated facilities operated by others, so data-center capacity is committed early and accelerators later. It says a significant portion of the $895.4 billion relates to this model.

The filing gives no gigawatt or megawatt figure for these commitments, so the dollar total cannot be converted into power demand from the document. It does say electrical power is a significant constraint, that its data-center projects are mainly in the United States, and that power may come from utilities or behind-the-meter generation with long lead times. It also repeats a public pledge to cover electricity price increases to consumers caused by its data centers.

Against the obligations, Anthropic reports $146.6 billion of liquidity at Sept. 30: $95.6 billion of cash, $36.3 billion of short-term investments and $14.8 billion available under its credit facility. About $213.8 billion of the obligations is subject to termination rights or conditions before it starts, such as a counterparty securing financing or facilities. The Nscale agreements depend on Nscale using best efforts to obtain financing, and the August Lambda agreement can be ended if Lambda does not secure its facility lease. Voltgrid reported on Oct. 29 that NVIDIA was in talks on credit for Nscale's West Virginia site; nothing was signed.

Third-quarter results

Revenue was $17.0 billion for the quarter and $33.2 billion for the nine months. Anthropic attributes the swing from a $974 million operating profit in the second quarter to a $567 million loss mainly to $5.0 billion of compute bought under short-term commitments, which it says costs significantly more than multi-year capacity, and $2.0 billion of non-cash charges. Adjusted operating margin fell to 15% from 19%.

What is not confirmed yet

The filing leaves the offering price, share count and net proceeds blank, and the registration is not effective. How much of the $895.4 billion becomes powered capacity depends on counterparties financing and delivering sites on schedule; the filing makes parts of the commitments conditional on that. Anthropic has not filed power figures for its sites in this amendment.