Leaked Anthropic Filing Lays Bare a Money Loop as a $518 Billion Bill Heads Towards Public Markets

Anthropic spent $7.33 billion on compute and infrastructure in 2025 against $4.6 billion in revenue, according to a confidential prospectus reviewed by Reuters, while committing to pay at least $518 billion for future capacity as it prepares for a potential stock market listing.

The Claude maker is locking in hundreds of billions of dollars of long-term deals with its biggest backers and cloud suppliers.

The filing lays out at least $518 billion of infrastructure commitments over roughly a decade. About 80% of the total is non-cancellable or payable regardless of usage, according to Reuters. The commitments include $111.1 billion with Google, $110 billion with Amazon and $31.4 billion with Microsoft.

Anthropic also has $161.2 billion in largely non-cancellable equipment lease obligations linked to Broadcom. The same companies sit across multiple sides of Anthropic's business.

The filing identifies Amazon, Google and Microsoft as investors, customers, cloud providers, distributors and competitors. Anthropic also warns that the relationships can create incentives that are not fully aligned with its own.

The Partners Also Supply the Compute

Anthropic needs vast amounts of computing power to train and operate Claude. Its largest cloud relationships lock in that capacity while giving the suppliers a direct commercial stake in Anthropic's growth.

Under its Google agreement, Anthropic is committed to payments through July 2033 and can be required to cover a shortfall if its actual spending falls below contractual minimums. Its Amazon agreement runs through April 2036 and contains similar minimum-spending provisions.

The Amazon deal covers more than $100 billion over 10 years and up to 5 gigawatts of computing capacity. Microsoft has a $31.4 billion commitment running through May 2033, according to the filing.

Anthropic's other arrangements carry different terms. It has an agreement with xAI for up to $84.5 billion of Nvidia-based capacity through 2029 that is largely cancellable on 90 days' notice.

Its AMD partnership covers more than $20 billion in computing capacity and includes an investment of up to $5 billion by AMD.

Losses Sit Beneath the Spending

Anthropic's infrastructure buildout sits against a large loss and a much smaller cash balance than its future commitments.

The company reported an operating loss of $8.06 billion in 2025 and a GAAP net loss of about $42 billion, including roughly $34 billion from a non-cash financing and fair-value charge, according to the prospectus reviewed by Reuters.

Anthropic had $20.28 billion in cash and short-term investments at the end of 2025. Reuters reported that Anthropic's annualised revenue run rate had exceeded $65 billion by the end of July. Earlier Reuters reporting said the company was projecting revenue of roughly $190 billion to $200 billion in 2028.

The Bill Moves Into the IPO Debate

Anthropic confidentially submitted a draft S-1 registration statement to the US Securities and Exchange Commission in June. The company said the proposed IPO would depend on market conditions and other factors, and that the number of shares and offering price had not been determined.

Reuters reported that the potential listing could value Anthropic at more than $2 trillion. Investor Michael Burry wrote on X on 29 September, 'For the benefit of humanity, the markets should tank hard and prevent the OpenAI and Anthropic IPOs.'

The filing puts the scale of the potential exposure alongside the listing plans: $518 billion in future infrastructure commitments, most of them non-cancellable or payable regardless of usage, against $20.28 billion in cash and short-term investments at the end of 2025.