Anthropic plans to spend more than $600 billion on computing power. That is according to draft S-1 documents reviewed by The Wall Street Journal as the company prepares for an initial public offering.
What the filings reportedly show
The new number is an upgrade. An earlier projection put Anthropic’s compute commitments at approximately $518 billion, spread over roughly a decade.
Of that earlier total, 80% was described as non-cancelable.
The commitments involve Amazon, Google, Microsoft, Broadcom and AMD, along with others.
The AMD deal stands out. The chipmaker is set to supply up to two gigawatts of its MI450 chips, with deliveries beginning in 2027.
That arrangement also includes a potential $5 billion equity investment tied to milestones.
Anthropic has also lined up data center capacity through contracts with SpaceX and other partners.
The revenue is growing fast. The bills are growing faster.
Anthropic’s 2025 numbers tell a story of explosive growth paired with eye-watering costs. Revenue came in near $4.6 billion, a twelvefold jump from the prior year.
Anthropic posted an operating loss of more than $8 billion for the same year.
The company spent $7.33 billion on compute and infrastructure in 2025 alone.
What this means
For prospective investors, the core tension is straightforward. Anthropic is growing revenue at a pace few companies have ever matched, but it is also signing up for spending commitments that dwarf its current sales.
Large non-cancelable commitments reduce flexibility. Operating losses of more than $8 billion in a single year add pressure. An IPO could bring in fresh capital, but public shareholders tend to ask harder questions about when the spending curve bends.
The AMD milestones are worth tracking. With MI450 deliveries slated to start in 2027 and a potential $5 billion equity investment riding on progress, that deal could serve as an early test of whether these massive plans translate into actual capacity on time.
The figures reported so far come from draft documents, and the final filing could revise them again. The jump from about $518 billion to more than $600 billion shows how quickly these estimates can move.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.