Anthropic’s IPO filing reads like a ledger of who’s getting paid in the AI boom. The Seattle region’s tech giants are on the list, but they aren’t at the top.

The prospectus, filed Monday with the Securities and Exchange Commission, details more than $750 billion in computing deals, including firm commitments and estimated future spending, and offers clues about what its founders and biggest investors stand to gain ahead of the company’s planned Nasdaq listing under the ticker ANT.

Amazon and Microsoft have invested billions in Anthropic and won high-profile spending commitments from the Claude maker. But both trail Google, chipmaker Broadcom and Elon Musk’s SpaceX in their shares of Anthropic’s planned spending on computing power, the filing shows.

Following the compute money: Google’s chips are the biggest winner. Anthropic has lined up roughly $400 billion in computing capacity, mostly over the next seven years, based on Google-designed AI chips, known as tensor processing units or TPUs.

That total includes $114.5 billion to Google directly through July 2033, $161.2 billion in equipment leases with chipmaker Broadcom, and an estimated $125 billion to $150 billion in additional TPU capacity from 2028 to 2031.

Broadcom’s leases are the largest single arrangement in the filing. The five-year leases provide TPU-based hardware for data centers operated by other companies on Anthropic’s behalf.

Elon Musk’s SpaceX is next. Anthropic agreed to spend up to $120.5 billion through 2029 for computing capacity from SpaceX’s AI subsidiary, formerly known as xAI, which runs a rival AI lab.

The filing says payments will reach about $3.1 billion a month once all the capacity is delivered, which Anthropic expects in December. The agreements run into 2029, though either side can cancel on 90 days’ notice after early 2027.

Amazon is still a big winner. Anthropic committed in April to spend at least $110 billion with Amazon Web Services over 10 years, through April 2036, and AWS Trainium is one of four chip families that Anthropic uses to train and run its models.

Microsoft’s piece is smaller, which reflects its later start. The company was aligned closely with OpenAI for years before striking its own deal with Anthropic.

Anthropic has committed to spend at least $44.9 billion on Microsoft’s Azure cloud from November 2026 through May 2033, the filing shows. That’s up from the $30 billion Azure deal announced in November 2025. The deal has been amended twice since, most recently this month.

Claude is built into Microsoft 365, and former Microsoft CFO Chris Liddell joined Anthropic’s board in February.

Two smaller providers have deals in the same range as Microsoft’s. Anthropic agreed to spend up to about $44.6 billion with Nscale, a U.K.-based AI infrastructure company, and about $41.3 billion with GPU cloud provider Lambda, both for capacity powered by Nvidia chips, according to the filing.

Will Anthropic need it all? Most of the commitments can’t be canceled, and the deals with Microsoft, Google and Amazon require Anthropic to pay “regardless of actual usage,” according to the filing.

So far, the demand is there. Anthropic’s revenue hit $11.6 billion in the second quarter, up from $787 million a year earlier, and the company posted its first operating profit, $974 million. It still had a $66.3 billion net loss, mostly from accounting charges tied to its soaring valuation.

The company says it has “consistently operated in a compute-constrained environment where customer demand exceeds available compute.”

Its compute commitments assume that demand keeps growing. Anthropic spent less than $2 billion a month on compute and infrastructure in the second quarter. The SpaceX deal alone is expected to cost about $3.1 billion a month at full capacity.

Paper fortunes: Amazon’s biggest payoff is its stake, which it valued at $190.4 billion as of June 30 in its quarterly SEC filing. That includes convertible notes with $6.2 billion in principal that Amazon valued at $97.9 billion. The notes would convert into stock, subject to a 12% ownership cap that Amazon can waive.

Amazon is scheduled to report third-quarter results Thursday, its first earnings report since Anthropic’s filing. The Seattle-based company has updated the value of its Anthropic holdings in each of its quarterly filings this year, so a new number could come this week.

Google put $10 billion into Anthropic’s latest funding round and can invest up to $20 billion more under a March financing deal. The filing doesn’t give ownership percentages for Amazon, Google or Microsoft. It says only that the three companies have each made “significant equity investments” in Anthropic.

Anthropic’s seven co-founders hold roughly 230 million to 245 million shares each, worth about $14 billion apiece at the latest private funding price. The company also gave its own Public Benefit Fund about 847 million shares, or 5% of its fully diluted stock as of June 30, worth about $50 billion at that price.

Anthropic could begin formally marketing its IPO to investors as soon as the week of Nov. 9, Bloomberg reported, citing people familiar with the matter. It is aiming to go public the following week, according to the Wall Street Journal. The company expects the offering to match or beat the size of SpaceX’s IPO, according to Bloomberg. SpaceX raised $75 billion in June, the largest IPO on record.

T-Mobile is introducing new wireless plans that change how customers get perks and phone deals, giving them a set number of “Picks” to spend on a new phone or an expanded menu of extras that they can swap out every 90 days.

The company says it will be the only carrier that lets customers choose which benefits come with their plan. Instead of fixed bundles of extras plus a discount on a new phone for each line, customers get a single allowance to spend on options ranging from Netflix and ESPN to Xbox Game Pass, Google’s Gemini AI and Delta SkyMiles.

One catch is that phones and perks come out of the same pool of Picks, so a family that wants a new phone on every line may have little left to put toward extras.

The plans, called T-Mix, will be available in November. Existing customers can switch or keep their current plans, said Allan Samson, T-Mobile’s chief marketing officer.

The move comes as T-Mobile’s customer growth slows and new rivals emerge, including SpaceX, a current T-Mobile partner that is reportedly planning a wireless service of its own. T-Mobile’s stock is down about 26% this year, including a drop of nearly 8% on Friday after a report on SpaceX’s wireless plans.

The Bellevue, Wash.-based company has relied for years on “Un-carrier” moves — splashy changes that defy industry conventions — to capture consumer attention.

Samson described T-Mix as the latest of those moves, aimed at what the company’s research identified as a top customer complaint: paying for extras they don’t use. Picks are “essentially a form of currency,” he said. “You can use them for anything you want.”

A subscription hub: With the new plans, T-Mobile is adding a much larger menu of subscriptions in an attempt to turn its plans into a hub for streaming, music, gaming and AI services.

Along with longtime perks such as Netflix, Hulu and Apple TV, the new options include ESPN’s Unlimited streaming service, Xbox Game Pass, YouTube Premium, Apple Music and Google’s Gemini AI subscriptions.

The company says people spend far more on subscriptions than they realize. In T-Mobile’s research, customers estimated spending about $90 a month, Samson said. A separate study by C+R Research puts average spending at $219.

A big part of the idea is to consolidate that spending and let customers move among services more freely, picking up a streaming service for a new show, for example, or adding satellite coverage for a summer trip, then dropping it afterward.

Customers can make those changes every 90 days in the T-Life app. T-Mobile texts them when a 10-day change window opens, and their choices roll over if they do nothing. T-Mobile handles the switch between services in its plans, although the fine print notes that customers may need to initially cancel existing subscriptions on their own to avoid paying twice.

T-Mobile buys subscriptions below retail prices through deals it negotiates with streaming services and other partners. That lets T-Mobile include the services in its plans for less than it would cost customers to subscribe on their own.

Phones vs. perks: For consumers, one trade-off for the newfound flexibility is that phones and perks now draw from the same finite supply.

Customers who hold on to their phones or choose less-expensive models can put that value toward streaming and other extras, but a family that wants a new phone on every line may not have enough Picks to cover them.

Whether consumers end up getting more or less for their money depends largely on how many lines they have and how often they buy new phones. Smaller accounts that keep their phones are likely to come out ahead. Larger families that upgrade every line may pay more and get less, because T-Mobile is also dropping its long-standing free third line.

Samson estimated that accounts with one or two lines will pay $5 to $10 a month less than on T-Mobile’s current plans, while a five-line account might pay $10 to $15 more. Across all of its customers, he said, pricing is roughly the same.

T-Mobile says a family of three on its Loaded plan, which costs $200 a month ($2,400 a year) with AutoPay before taxes and fees, gets more than $4,320 a year in plan features and benefits, based on its own valuation.

The math behind the Picks: Customers choose from three plans, with base prices for customers on AutoPay, before taxes and fees:

• Standard: $55 a month for one line, with one Pick. It’s the basic plan, with limits on high-priority data and video quality.
• More: $75 a month, with two Picks, unlimited high-priority data and 4K video.
• Loaded: $95 a month, with three Picks and the largest allowances for hotspot use and international data.

Adding lines adds Picks, and Picks apply to the whole account, so one Netflix subscription covers the family. Unused Picks don’t accumulate from one quarter to the next.

Most extras cost one or two Picks. Ad-free Netflix costs three, and ESPN Unlimited costs four. Phones cost Picks, too: two for an iPhone and three for an iPhone Pro, Samson said, tied up for the three-year payment plan. A four-line account on the More plan gets seven Picks, not enough for a new iPhone on every line.

No price guarantee: The terms say T-Mobile may change the benefits and the number of Picks each one requires at any time, with changes taking effect the following quarter. Customers who change a partner benefit outside a change window may have to pay a fee. Once a year, customers will also be asked to reselect their benefits.

The launch comes less than a week after New York Attorney General Letitia James announced a settlement with T-Mobile over its 2017 “Price Guarantee” plans, which promised customers the carrier would “never change the price you pay.”

T-Mobile raised prices on those plans by about $5 a line in 2024. It agreed to offer refunds and other options that the attorney general’s office expects to provide more than $38 million in value, and to freeze prices for affected customers until at least 2029.

Asked about price protections, Samson said T-Mix plans don’t come with a guarantee. T-Mobile can control its network costs, he said, but not what partners such as Apple and Xbox charge, although it has multiyear deals in place.

“We didn’t want to be disingenuous,” he said, adding that partner prices are set for the next couple of years but “I can’t tell you what’s going to happen in 2030.”

The Un-carrier playbook: T-Mobile launched its Un-carrier campaign in 2013 by dropping two-year contracts. Samson said the company makes an Un-carrier move only when it sees a big customer pain point and believes it has something unique to offer.

T-Mobile has been testing T-Mix since Oct. 1 in 37 stores in Kansas City. Only about 70% of Picks were chosen in the store at the time of purchase, Samson said, in part because families wanted to go home and decide together, and some customers were saving Picks for phones coming out later.

Details of the plans leaked in recent weeks, first reported by The Mobile Report and later by PhoneArena.

Verizon lets customers add discounted streaming bundles to its plans for an extra monthly charge. Samson said the difference with T-Mix is that the benefits are included in the plan price.

Upholding the company’s tradition of jabbing at rivals, he described one competitor’s approach as “naked connectivity.” The other, he said, will “throw you a nice phone and then leave you alone. And every now and then, there’s a rate increase.”

The plans are also one of the first major consumer moves under CEO Srini Gopalan, who succeeded Mike Sievert in the role last November.

T-Mobile’s account growth has slowed this year. In the second quarter, it added a net 277,000 postpaid accounts (households and businesses that pay a monthly bill rather than prepaying for service). That was down 13% from 318,000 a year earlier.

The company reports third-quarter results Wednesday, two days after Verizon.

SpaceX is also reportedly seeking cell sites to build a rival wireless network, even though T-Mobile’s T-Satellite service runs on SpaceX’s Starlink.

Samson, who joined Sprint in 2016 and stayed on after its 2020 merger with T-Mobile, became CMO earlier this year. He previously ran the company’s broadband business and was CMO of T-Mobile for Business. He said T-Mix has been his pet project since taking his current role, starting with interviews with hundreds of consumers.

Samson said it’s too early to say how T-Mix will affect the business. “Ask me in six months once I have about six months under my wings nationwide,” he said, “and then we’ll have some actuals to report.”

Starfish Space’s first full-scale Otter satellite servicing vehicle went into orbit today, marking a major milestone for the Tukwila, Wash.-based startup.

The Otter spacecraft was among 130 payloads launched from Vandenberg Space Force Base in California aboard a SpaceX Falcon 9 rocket. Otter is roughly the size of a kitchen oven, with solar arrays that were folded up for launch.

Other payloads on the satellite rideshare mission, known as Transporter-18, included Cowboy Space’s first power-beaming satellite, a prototype for Google’s AI data-center constellation, and a NASA-funded probe that will track the energy released by galaxies and supernovas.

Today’s liftoff through surface-level fog — and the return of the Falcon 9’s first-stage booster to a nearby landing pad — proceeded like clockwork. A little more than an hour after launch, Otter separated from the rocket’s upper stage and powered up for orbital operations.

Once Otter is fully commissioned, it will rendezvous with and inspect a series of inoperable satellites for a $15 million NASA mission known as Small Spacecraft Propulsion and Inspection Capability, or SSPICY for short. The capabilities demonstrated by SSPICY could be used during future missions to check the health of active satellites, or dispose of defunct satellites.

SSPICY may not be the only mission that Otter takes on during its operating lifetime.

“Success in the mission is to actually go and provide this commercial inspection service on a number of these different spacecraft, and that will be a huge win in and of itself,” Starfish co-founder Trevor Bennett told GeekWire last week. “But we’re also bringing Otter along to provide servicing well beyond that, so we could go and inspect more spacecraft, or potentially do some additional docking past the initial mission.”

This inaugural Otter mission follows up on two orbital flight tests involving smaller-scale Otter Pup prototypes. The first test fell short of linking up with its target satellite but was able to demonstrate Starfish’s satellite-tracking system. The second Otter Pup went into orbit last year and is currently closing in on its target.

Starfish Space is already preparing for future Otter missions — including a satellite disposal job for the Pentagon’s Space Development Agency, two commercial satellite servicing missions in geostationary Earth orbit, and two servicing missions for the U.S. Space Force.

More about Transporter-18’s payloads:

• Cowboy Space’s Reason-1 satellite is designed to collect solar energy in space and transmit it to a ground receiver with a kilowatt-class laser, advancing technologies central to the company’s planned orbital data centers. Cowboy Space, formerly known as Aetherflux, is headquartered in California but is setting up a 291,035-square-foot manufacturing facility in Kent, Wash.
• Google’s Project Suncatcher M1 prototype, built by Planet Labs, will test the tensor processing units that Google plans to use for its orbital AI data-center constellation. The prototype is “designed to gather in-orbit data on how our TPUs handle the physical stress of spaceflight and the radiation and thermal extremes of space,” Google said in a blog post.
• Star Catcher’s Protostar satellite will be involved in an experiment to beam power from the main spacecraft to a smaller deployable satellite equipped with off-the-shelf solar panels. The Protostar mission is meant to blaze a trail for the orbital power grid that Star Catcher hopes to create.
• The SPRITE CubeSat is part of a $4 million mission funded by NASA and led by the University of Colorado that will study how stars and galaxies shaped the evolution of the early universe. The satellite is equipped with a far-ultraviolet imaging spectrograph. SPRITE stands for Supernova Remnants and Proxies for Reionization Testbed Experiment.

When machinists with decades of experience retire, everything they know about how metal behaves under a cutting tool — or anything else they learned through a career of scrapped parts and expensive mistakes — walks out the door with them.

A startup with roots in Seattle, started by two founders in their 20s, is building technology to capture that knowledge long before that point.

Neuramill, founded last year by CEO Nistha Mitra and COO Nick Khormaei, is developing what the company calls an intelligence layer for high-precision manufacturing.

The software reads a design file and figures out how the part should be made: which tools, which machines, and in what order. A machinist reviews and approves every plan before anything reaches the floor.

“This is a high-skill job, and nobody’s retaining this information,” Mitra said. When the machinists who know how to build complex jet engine parts retire, she said, that knowledge goes with them. “We help retain that for the future generation.”

Khormaei said the two founders spent much of the past year visiting machine shops to watch how the work gets done.

“The craft itself is so impressive,” he said. “They’re able to look at these drawings and models that come in and know exactly how to build it. It’s like they’re doing real-time physics simulation.”

Early customers and partners: The company says it has closed a six-figure contract with a major defense contractor, one of the companies known in the industry as primes. Neuramill declined to name the contractor.

Two of the machine shops using the software are Diamond Machine Works, a Seattle precision machining company founded in 1959, and VTN Manufacturing in San Jose, Calif. Satellite maker Astranis is a design partner.

Mitra said the company is not yet selling broadly, but has been paid by some of the early customers testing the software.

How they got here: Mitra, 26, has a computer science degree from the University of Maryland and spent three years at Oracle, most recently as an AI applied scientist in Seattle, working on multimodal models that reason across several kinds of data at once.

Khormaei, 24, holds bachelor’s and master’s degrees in electrical engineering from the University of Washington. He was a propulsion engineer at Boeing in Everett, where he worked on 777X fuel system electrical certification, and then spent part of last year at SpaceX as an integration and test engineer on Starlink manufacturing in Redmond.

He also grew up around machining. His father, Ron Khormaei, co-founded FINEX Cast Iron Cookware in Portland in 2012 and sold it to Lodge in 2019. Khormaei worked production there as a teenager.

Where the software fits in: Neuramill’s technology works at a stage that has stayed largely manual: after the design file arrives, and before a programmer opens the computer-aided manufacturing (CAM) software that translates decisions into machine instructions.

Rather than position the company against Siemens and Mastercam, Mitra said Neuramill plugs into those systems. The company recently joined Siemens’ Frontier Partner Program, which gives startups access to the company’s software tools.

“At this point we are very collaborative with these companies,” she said, adding that the established vendors are looking for new technology of their own.

Bay Area and Seattle: Both founders worked in the Seattle region before leaving for San Francisco, a move Mitra described to GeekWire in February. They are back every four or five weeks now, working out of Foundations, the Seattle founder hub.

“We love this ecosystem. It gave birth to Neuramill,” Mitra said. They keep coming back in part for the customers: “This is a booming ecosystem in space and in aerospace.”

Funding and team: Neuramill has raised an undisclosed amount from Ascend, Breakwater Ventures, Schema Ventures, Creative Destruction Lab, Acequia Capital and Correlation Ventures.

The team is six people plus a contractor: the two founders, a chief research scientist who worked with Mitra at Oracle, and three engineers, one of them a machinist.

What’s next: The long-term goal, Mitra said, is a “world model” for manufacturing: a system that can reason across geometry, materials and machine behavior at any level of complexity. Even then, she sees a role for the people on the shop floor.

“There is a beauty to the craft of manufacturing that we should really respect,” she said. “There are some places where humans should not be extracted out of an industry, and I think manufacturing is one of them.”