Anthropic expects to spend at least $518 billion over a decade building AI infrastructure with six partners, according to its confidential IPO prospectus reviewed by Reuters — a plan that ranks among the largest AI buildout commitments on record. About 80% of the sum is non-cancelable or payable regardless of usage.

The filing commits at least $111.1 billion to Google and $110 billion to Amazon under long-term service obligations over the next seven to ten years "regardless of usage," plus $31.4 billion to Microsoft and roughly $161.2 billion in largely non-cancelable Broadcom equipment leases. Only the xAI agreement, worth up to $84.5 billion, can be canceled on 90 days' notice.

The prospectus also reveals the numbers behind the planned November IPO: nearly $4.6 billion in 2025 revenue (a twelvefold jump), a $42 billion net loss including a ~$34 billion non-cash financing charge, $20.28 billion in cash and short-term investments, and a possible $2 trillion valuation. Anthropic says access to computing power is becoming the key constraint on AI development, with future demand "limited principally by the availability of compute."