Anthropic to spend at least $518B on AI infrastructure over a decade — 80% of it can't be canceled
Anthropic's confidential IPO prospectus, reviewed by Reuters, outlines a $518 billion decade-long infrastructure buildout — with about 80% of the commitments non-cancelable or payable regardless of usage.
What happened
Anthropic expects to spend at least $518 billion over a decade building AI infrastructure with six partners, according to a confidential IPO prospectus reviewed by Reuters. About 80% of that sum is non-cancelable or requires payment regardless of usage. Anthropic filed for an IPO confidentially with the SEC in June; the paperwork has not been publicly disclosed.
Where the money goes
Long-term infrastructure service obligations over the next seven to 10 years "regardless of usage": at least $111.1 billion with Google (committed April 2026–July 2033; "if our actual spend falls short, we must pay Google the difference," with similar terms for Amazon), $110 billion with Amazon (May 2026–April 2036), and $31.4 billion with Microsoft (November 2026–May 2033, non-cancelable except in the event of Microsoft's uncured material breach). Separately, about $161.2 billion of Broadcom-related equipment lease obligations that are largely non-cancelable by either party. Anthropic also disclosed agreements with xAI that could result in up to $84.5 billion of spending on Nvidia-based computing capacity through 2029 (largely cancelable with a 90-day notice), and AMD committed to buying up to $5 billion of Anthropic stock and supplying AI computing capacity expected to exceed $20 billion.
Why it matters
The figure ranks among the largest AI buildout commitments on record — comparable in scale to OpenAI's Stargate project, a $500 billion plan. Anthropic is shifting from a cloud-only model toward dedicated data centers and directly leased chips, saying compute availability will be "limited principally by the availability of compute." The filing also flags dependence risk: Google, Amazon, and Microsoft act as investors, customers, cloud providers, distributors, and competitors at once, creating incentives that "may not be fully aligned" with Anthropic's interests.
Verified Sep 30
Verified against Reuters and TrendForce reporting on September 30, 2026.