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Rohan Paul@rohanpaul_ai
Anthropic has committed $895.4B to computing and infrastructure, with $447.5B due before 2031.
$161 B in Broadcom equipment leases, $121 B with Google, up to $120B with SpaceX and $110B with Amazon.
With Amazon and Microsoft backlogged, Anthropic signed up GPU renters like Lambda and former crypto miners like TeraWulf, which already control land and power.
To cut delays further, it buys Nvidia, AMD and Broadcom chips and cooling gear itself, so site operators can install equipment faster.
Only $213.8B can be cancelled or hinges on conditions like partners securing financing, so most must be paid even if demand slows.
It already warns it may need money sooner than expected, so staying at the frontier hinges on revenue outrunning those payments.
Anthropic published an updated IPO filing today with its third-quarter results for the first time.
> Anthropic went from a $974M operating profit in the second quarter to a $567M operating loss in the third.
The main causes were $5 B of short-term compute, which costs much more than its long-term contracts, and a $2 B noncash charge for matching employee charitable donations.
> Anthropic swung from a $974M second-quarter operating profit to a $567M loss. Compute rose to 58% of revenue, including $5.0B of pricier short-term capacity, and donation matching added $2B of noncash charges.
> Adjusted operating income still rose to $2.5B from $2.2B, but the adjusted margin fell to 15% from 19%. Anthropic expects to use more short-term compute in the near term, which will squeeze margins further.
> The total compute commitment, left blank in the original, is now $895B.
Of that, $447B is expected before the end of 2030, $70B is due within 12 months, and $214B carries termination rights or contingent conditions.
> Leases signed but not yet started make up $451B of the $895B total, and $100B was signed after September 30. Another $150B to $175B in deals without fixed dollar amounts sits outside the total.
> Google’s minimum commitment rose to $121B through July 2033, up from $115B in the October 26 filing, after amendments signed through October.
> Operating cash flow was positive at $7B for the 9 months. Liquidity reached $147B on September 30: $96B cash, $36B short-term investments and $15B of available credit.
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