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Anthropic’s IPO prospectus, reported by Reuters this week, contains the first consolidated view of the company’s infrastructure commitments. The total is $518 billion over the next decade, with roughly 80% structured as non-cancelable obligations or pay-regardless-of-usage arrangements. For infrastructure providers and data center operators, the figure matters because it converts AI demand forecasting from speculation into binding financial commitments.

The vendor breakdown

The largest single line item is $161.2 billion in equipment leases with Broadcom, described as largely non-cancelable, covering next-generation TPU capacity starting in 2027. Broadcom’s TPU relationship with Google and Anthropic has been building for years, but this is the first public figure for Anthropic’s committed slice.

Google comes in at $111.1 billion. Amazon at $110 billion, with Anthropic securing access to up to 5 GW of AWS capacity as part of that arrangement. Microsoft at $31.4 billion.

An additional $84.5 billion comes from an arrangement with xAI, giving Anthropic access to Nvidia-based computing capacity at the Colossus 1 facility through 2029. The terms specify all of Colossus 1’s compute capacity — more than 300 MW and more than 220,000 Nvidia GPUs.

The five commitments add to roughly $498 billion before other obligations bring the reported total to $518 billion.

What non-cancelable means in practice

Infrastructure analysts distinguish between the first two to three years of a named-site, dated commitment — which function as firm demand — and later portions of a decade-long agreement, which carry more optionality. The 80% non-cancelable figure suggests a significant portion of the $518 billion is concentrated in the near-to-medium term rather than backloaded.

For providers, this structure has direct financing implications. Equipment leases for advanced packaging, TPUs, and GPUs can be drawn forward against contracted revenue visibility. Power procurement and grid interconnection — already the longest-lead-time items in AI infrastructure buildout — can be tied to specific named commitments rather than probabilistic demand forecasts.

The supply chain bottleneck doesn’t move

What the prospectus doesn’t solve is the physical constraint: large transformers take three to five years to procure, gas turbines more than five. Grid interconnection queues, switchgear, and permitting compound the timeline. The Akamai deal — $11.6 billion over seven years, requiring roughly $5.5 billion in capex from Akamai to support the initial commitment — illustrates how quickly AI customer contracts translate into forced infrastructure investment.

At $518 billion and 80% non-cancelable, Anthropic is signaling that it expects its compute requirements to remain at current trajectory for a decade. Whether the power and cooling infrastructure can actually be built to match that demand is a separate question, and one the prospectus does not answer.

IPO context

Anthropic previously targeted a $2 trillion valuation for an October Nasdaq listing. The infrastructure commitment disclosure adds a layer of detail to what drives that valuation: the company has pre-committed to the physical substrate it believes it needs to remain at the frontier, and it has locked in those commitments in ways that make the demand visible to capital markets for years ahead.