Anthropic's AI spending plan includes binding commitments

Anthropic plans to commit at least $518 billion to artificial intelligence infrastructure over the next decade, according to a confidential IPO prospectus reviewed by Reuters. About 80% of commitments across six partners are non-cancelable or payable regardless of usage. The company expects to spend at least $111.1 billion with Alphabet’s Google, $110 billion with Amazon and $31.4 billion with Microsoft under seven- to 10-year long-term infrastructure agreements. Some terms require minimum payments even if spending falls short, including “pay the difference” clauses for Google and Amazon. The Microsoft commitment runs from November 2026 to May 2033 and is mostly non-cancelable except for certain uncured material breaches. Anthropic also disclosed $161.2 billion in Broadcom-related lease obligations and up to $84.5 billion tied to xAI and Nvidia capacity through 2029. It filed confidentially for an IPO with the SEC in June.