Anthropic eyes USD 518 billion AI buildout; backed by about 80% non-cancellable deals-Report
By R Anil Kumar
Bengaluru, Sep 29, 2026. Anthropic expects to spend at least USD 518 billion over the next decade to secure AI computing infrastructure from six partners, with about 80 per cent of the commitments either non-cancellable or payable regardless of usage, according to a report.
The AI startup said it plans to spend at least USD 111.1 billion with Google, USD 110 billion with Amazon and USD 31.4 billion with Microsoft under long-term infrastructure service obligations over the next seven to 10 years “regardless of usage,” as per the report.
“Anthropic said it expects to spend at least USD 518 billion over a decade building AI infrastructure with six partners, with about 80 per cent of that sum non-cancelable or requires payment regardless of usage,” it said.
The company is telling investors the commitments are necessary because access to computing power is becoming the key constraint on AI development, as future demand for advanced AI systems is likely to exceed available supply and will be “limited principally by the availability of compute.”
“Anthropic is separately carrying about USD 161.2 billion of Broadcom-related equipment lease obligations that are largely non-cancellable,” according to Reports.
Anthropic confidentially filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC) in June, although the filing has not been made public.
The company has also committed to make payments to Google between April 2026 and July 2033, and to Amazon between May 2026 and April 2036.
“If our actual spend falls short, we must pay Google the difference,” it said, adding that similar terms apply to its Amazon agreement, it reported.
The company also disclosed agreements with Elon Musk’s xAI that could lead to spending of up to USD 84.5 billion on Nvidia-based computing capacity through 2029. However, most of these commitments can be cancelled with 90 days’ notice, the report said.
Apart from this, the filing also highlighted Anthropic’s expanding partnership with Advanced Micro Devices (AMD), which has committed to purchasing up to USD 5 billion of Anthropic shares and supplying AI computing capacity expected to exceed USD 20 billion.
The company is increasingly building its own AI infrastructure, shifting from a cloud-only model toward dedicated data centers and directly leased chips.
It flagged a key risk in its dependence on Amazon, Google and Microsoft, which provide computing infrastructure and distribution while also developing rival AI models.
“If the compute we have access to from third parties is curtailed, repriced, or terminated … our business, financial condition, and results of operations could be adversely affected,” it said, as reported.
