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Whoβs getting Anthropicβs compute spending? IPO filing shows where the tech giants really stand
Anthropicβs IPO filing reads like a ledger of whoβs getting paid in the AI boom. The Seattle regionβs tech giants are on the list, but they arenβt 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 companyβs 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 Muskβs SpaceX in their shares of Anthropicβs planned spending on computing power, the filing shows.
Following the compute money: Googleβs 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.
Broadcomβs 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 Anthropicβs behalf.
Elon Muskβs SpaceX is next. Anthropic agreed to spend up to $120.5 billion through 2029 for computing capacity from SpaceXβs 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 daysβ 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.
Microsoftβs 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 Microsoftβs Azure cloud from November 2026 through May 2033, the filing shows. Thatβs 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 Anthropicβs board in February.
Two smaller providers have deals in the same range as Microsoftβs. 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 canβt be canceled, and the deals with Microsoft, Google and Amazon require Anthropic to pay βregardless of actual usage,β according to the filing.
So far, the demand is there. Anthropicβs 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 βconsistently operated in a compute-constrained environment where customer demand exceeds available compute.β
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: Amazonβs 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 Anthropicβs 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 Anthropicβs latest funding round and can invest up to $20 billion more under a March financing deal. The filing doesnβt give ownership percentages for Amazon, Google or Microsoft. It says only that the three companies have each made βsignificant equity investmentsβ in Anthropic.
Anthropicβs 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 SpaceXβs IPO, according to Bloomberg. SpaceX raised $75 billion in June, the largest IPO on record.
