This week’s chart is built from one set of numbers: the reported breakdown of Anthropic’s compute commitments in its confidential draft IPO prospectus. Our news report on the draft covers the filing itself. Here we focus on the shape of the data and what a reader can and cannot conclude from it. The figures come from press accounts of a document that has not been published, so every bar below is reported, not verified.

The chart

Reported commitments by partner, in billions of US dollars. Each block is about $5 billion.

Broadcom-linked leases  161.2  ################################
Google                  111.1  ######################
Amazon                  110.0  ######################
xAI (up to)              84.5  #################
Microsoft                31.4  ######
AMD (capacity, >)        20.0  ####

The listed items add to roughly $518 billion when the AMD figure is counted at its stated floor of “more than $20 billion,” which matches the headline total of “at least $518 billion.” The reports do not spell out this sum, so treat our addition as a consistency check, not a quoted number.

How binding is each bar?

Not every dollar is equally firm. According to the reports:

  • About 80% of the total is non-cancelable or payable regardless of usage.
  • The xAI capacity, up to $84.5 billion through 2029, can mostly be cancelled with 90 days’ notice, which makes it the most flexible slice.
  • The Google commitment spans seven to ten years and reportedly includes a duty to pay any shortfall if spending falls short.
  • The AMD arrangement works in both directions: AMD would buy up to $5 billion of Anthropic stock and supply capacity.

A better chart would show a second bar for each partner, split into firm and cancellable portions, but the reports do not give that breakdown by partner, so we do not invent it.

Reading the chart without overreach

Totals are not annual spending

These are multi-year commitments over roughly a decade. Dividing $518 billion by ten gives a rough average, but the real schedule is probably uneven, and the reports do not provide one. For scale, the same coverage reports that 2025 compute and infrastructure spending was $7.33 billion, so the commitments imply a very steep ramp.

Commitments are not capacity delivered

A signed contract is a claim on future supply. Data centers, power and chips must still be built, and capacity depends on financing and power reaching the hardware. Delivery risk sits with the partners as much as with Anthropic.

Different kinds of deals

Cloud capacity, equipment leases and chip-linked arrangements are not identical products. Adding them gives a single number, but the obligations differ in flexibility, risk and what Anthropic receives.

How to make a trustworthy chart from data like this

  1. Show the source and its status. Label figures as reported and not independently verified.
  2. Use a zero baseline. Bars that start above zero exaggerate differences.
  3. Separate firm from flexible. If the data allows, encode cancellability.
  4. Avoid implied precision. Round if the underlying numbers are approximate.
  5. State what is excluded, such as the timing of payments.

What to watch next

  • A public S-1 that would let readers check each amount and its terms.
  • Disclosure of payment schedules by year.
  • Updates to partner commitments as capacity comes online.
  • How competitors’ commitments compare once their filings appear.
  • Signals on how much of the cancellable portion survives.

Key takeaways

  • The reported commitments total at least $518 billion, led by Broadcom-linked leases, Google and Amazon.
  • About 80% of the total is non-cancelable or payable regardless of usage.
  • The xAI slice is the most flexible, cancellable on 90 days’ notice.
  • Totals span about a decade and are not annual spending.
  • All figures come from reports on a non-public document.

Frequently asked questions

Where do the numbers come from?

From Reuters reporting on Anthropic’s confidential draft prospectus, as relayed by The Next Web and other outlets. Anthropic declined to comment.

Is this a chart of money already spent?

No. These are commitments over about ten years. Reported 2025 compute and infrastructure spending was $7.33 billion.

Why does the AMD bar look different?

The AMD deal is reciprocal: AMD would buy Anthropic stock and supply capacity, and the capacity is reported as exceeding $20 billion.