S-1 Lands for Anthropic IPO

Anthropic PBC’s S-1 prospectus landed in inboxes, sparking worldwide speculation ahead of its planned November IPO.

Compute as Critical Input

Compute enables Anthropic’s frontier research and customer demand growth, per the S-1.

“Compute is the critical input that enables both our frontier research and our ability to serve growing customer demand”

Complex Compute Relationships

Anthropic has non-cancelable compute contracts with hyperscalers, chip providers, and neoclouds like SpaceX.AI.

Total Compute Contracts

Deals with hyperscalers, chip providers, and neoclouds total $807 billion and extend through 2036.

Hyperscaler Competition

Google and AWS are building AI tools while SpaceX operates its Grok platform.

Compute Forecasting Risk

Anthropic must forecast compute needs years ahead due to slow datacenter deployment.

“As a result, we must forecast our compute requirements well in advance of their deployment and commit capital accordingly, often with limited ability to adjust commitments if our needs change”

Datacenter Strategy Shift

Anthropic shifted from fixed-time compute agreements to a hybrid model with Anthropic Direct.

“Historically, we purchased compute under fixed-time agreements. As our compute requirements have scaled, we have transitioned to a hybrid model in which, in addition to purchasing compute as a cloud service, we also procure specialized AI accelerators directly and operate this hardware in dedicated data center facilities leased and operated on our behalf, to our specification. We refer to this additional source of compute as Anthropic Direct”

Microsoft Azure Deal

Anthropic will spend $44.9 billion on Azure resources from November 2026 to May 2033.

Google Compute Agreements

Anthropic has $114.5 billion for Google resources through July 2033 and $125-$150 billion for TPU compute.

Amazon Compute Commitment

Anthropic committed $110 billion for Amazon resources from May 2026 to April 2036.

SpaceX.AI Contract

SpaceX.AI provides $120.5 billion in NVIDIA compute through 2029 with non-cancelable periods ending in 2027.

Nscale Agreement

Nscale offers $44.6 billion in compute services through 2033.

Lambda Services

Lambda provides $41.3 billion in services through 2034.

AMD Agreement

Anthropic agreed to purchase AMD’s Helios rack systems for over $20 billion.

Broadcom Leases

Broadcom leases TPU hardware for $161.2 billion with capacity starting in 2027.

Compute Efficiency Gains

Anthropic improved compute efficiency 5.2X between Q1 2025 and Q2 2026.

Revenue Growth Impact

Efficiency gains led to 1,368% revenue growth year-over-year for Q2 2026.

Investor Skepticism

Investors are skeptical of Anthropic’s strategy due to complex debt arrangements with neoclouds.