Anthropic’s IPO filing is the first public look at what a frontier lab’s capacity contracts actually cost. The revenue got the headlines. The commitments note is the part an operator should read.
- About $265.6 billion of fixed or minimum guaranteed compute commitments at June 30, 2026, against $54.6 billion of non-cancelable purchase commitments six months earlier.
- Another $417 billion of future minimum payments on leases and cloud deals signed or amended after December 2025, starting 2026 to 2027.
- Certain dedicated power and data center deals run 20 years with annual escalators, take-or-pay compute payments and uncapped fuel cost pass-throughs.
- Up to $42 billion of convertible notes issued solely to finance rent, $2.5 billion in escrow and a $500 million guaranty on a provider’s power contract.
One bucket carries no figure at all. Some agreements specify no fixed or minimum commitment, and the filing says only that payments under them are expected to be significant.
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