Anthropic S-1 filing discloses: plans to spend up to $567 billion on compute, and to build its own data centers

Anthropic publicly released a 318-page IPO prospectus (S-1), disclosing future compute and infrastructure spending commitments totaling $542 billion to $567 billion, and plans to build its own data centers through the Anthropic Direct strategy. Among these, a compute agreement signed on December 31, 2025 amounts to $417 billion, starting between 2026 and 2027 with terms of 1 to 20 years, plus a commitment of $125 billion to $150 billion for additional capacity; compute is its largest operating expense, costing $5.6 billion in the second quarter of 2026, with revenue of $11.6 billion in the same period, and every $1 of compute spending brings in more than $2 of revenue. Currently compute comes from three cloud providers—Amazon, Google, and Microsoft—and it has signed a compute agreement with SpaceX worth up to $120.5 billion through 2029; the company has also built a proprietary orchestration layer that schedules workloads across AWS Trainium, Google TPU, Nvidia GPU, and AMD GPU.