Zerohedge Says Anthropic Disclosed $895.4 Billion of Committed Spend, Up From About $105 Billion at the End of 2025
Anthropic has $895.4BN of committed spend (per latest S-1). That’s up from about $105bn at the end of 2025, and the only hyperscaler with more is GOOGL ($1,059bn). META is at $866BN.
Context
Commitments this large tie Anthropic's future to compute suppliers for years and put it on the same scale as the biggest hyperscalers, which raises the stakes if demand slows.
Anthropic's amended IPO filing on Nov 2 says it has purchase commitments and lease agreements with an aggregate committed spend of about $895.4 billion, substantially all of it for compute and infrastructure. CNBC confirmed the figure. The comparisons with Google and Meta come from zerohedge's own analysis of off balance sheet liabilities.
Deep dive
Zerohedge (@zerohedge) wrote on Nov 2 that Anthropic has $895.4 billion of committed spend according to its latest S 1, up from about $105 billion at the end of 2025. It added that the only hyperscaler with more is Google at $1,059 billion, with Meta at $866 billion.
The headline number is confirmed by CNBC, which quotes the filing as saying Anthropic has entered into purchase commitments and lease agreements with an aggregate committed spend of about $895.4 billion, substantially all of which is related to compute and infrastructure. CNBC also reports that compute and infrastructure expenses rose $14.4 billion in the first nine months of the year, up 329%.
Zerohedge's chart breaks the total down. It shows $313.8 billion of purchase commitments, $451.2 billion of leases that have not yet started and $106.8 billion of commitments signed after Sept. 30, among other items. A hatched bar marks another $150 billion to $175 billion, which the chart attributes to additional Google TPU capacity and AMD Helios systems with no fixed dollar commitment, so it is not in the total. Zerohedge followed with charts comparing Anthropic's off balance sheet liabilities with hyperscalers and listing commitments by counterparty. The hyperscaler comparisons are zerohedge's own calculations and were not checked line by line here.
For context, the same filing shows Q3 revenue of about $17 billion, so the commitments are roughly 13 times a single quarter's sales.
What to expect next
Investors will study how much of the $895.4 billion is cancellable, when the leases start and which suppliers carry the most exposure. Watch for the road show to address how Anthropic plans to pay for these commitments if growth keeps slowing. Suppliers like Google, Amazon and AMD may also be asked how much of their own backlog depends on Anthropic.