Reuters kept reading the confidential IPO prospectus. The $42 billion net loss and 80 pages of risk factors were Monday’s story. Tuesday brought the contracts behind them, and those are the real news: at least $518 billion over ten years, spread across six partners. About 80 percent of that is non-cancelable, or payable whether or not Anthropic actually uses the capacity.
Who gets what
At least $111.1 billion goes to Google, $110 billion to Amazon and $31.4 billion to Microsoft, each as a long-term infrastructure obligation running seven to ten years and explicitly “regardless of usage”. The Google commitment covers April 2026 to July 2033, the Amazon one May 2026 to April 2036. The prospectus puts it plainly: “If our actual spend falls short, we must pay Google the difference.” Similar terms apply to Amazon. The Microsoft piece can only be cancelled if Microsoft commits an uncured material breach.
On top of that sit roughly $161.2 billion in equipment lease obligations tied to Broadcom, also largely non-cancelable except on default. At the end of 2025, non-cancelable hosting and compute commitments stood at $54.6 billion; by early 2026 total long-term commitments passed $417 billion, covering 3.5 gigawatts of dedicated capacity.
The case Anthropic makes to investors: growth won’t be capped by demand but by how much compute exists. So it locks the compute in.
47 percent of revenue flows through rivals’ marketplaces
Reuters’ second piece turns the picture around. 47 percent of 2025 revenue, about $2.16 billion, reached Anthropic through Amazon’s and Google’s cloud marketplaces. Those two supply the compute, collect the customer bills, hold stakes in the company and build competing models of their own. Roughly $351 million went back to them as distribution fees, which by Reuters’ arithmetic is about 16 cents on every marketplace dollar. It books under “sales, marketing, and partnerships”.
Of nearly $4.6 billion in total revenue, about $3.8 billion was consumption-based and $789 million subscriptions. Anthropic expects consumption to stay the substantial majority for the foreseeable future. Close to two-thirds of sales came from the US. Two customers each account for 12 percent.
In the prospectus the arrangement reads first as a strength: going through Amazon, Google and Microsoft buys market penetration “we believe would be difficult for any single organization to directly replicate”. Two pages on, the same three are named as investors, customers, cloud providers, distributors and competitors at once, with incentives that “may not be fully aligned” with Anthropic’s.
xAI and AMD join the list
Two names are new. Agreements with Elon Musk’s xAI could run to $84.5 billion for Nvidia-based capacity through 2029. That piece is largely cancelable on 90 days’ notice, which makes it the most movable item in the whole package. AMD has committed to buying up to $5 billion of Anthropic stock and to supplying compute capacity expected to exceed $20 billion.
Alongside this, Anthropic is building more itself: away from a cloud-only model, towards its own data centres and directly leased chips.
Who actually holds whom here
$518 billion is Stargate-sized, except that OpenAI splits those costs with SoftBank, Oracle and MGX. Here one company carries it, and that company booked just under $4.6 billion in 2025.
The number to sit with isn’t the total, it’s the cancellation terms. Where Anthropic pays without drawing down, a misread of demand turns straight into burned cash. And the partners holding those commitments sell the same compute to Anthropic’s competitors and to themselves. Ninety days’ notice, as with xAI, gives you a negotiating position. Seven years non-cancelable gives you a schedule.