> ## Content Index > Fetch the complete content index at: https://www.sotkn.com/llms.txt > Use this file to discover other available public pages before exploring further. # Anthropic's IPO filing locks in $276B for three clouds - URL: https://www.sotkn.com/wire/anthropic-s1-276b-amazon-google-microsoft-wire/ - Published: 2026-11-02T23:41:11.000Z - Updated: 2026-11-02T23:41:11.000Z - Description: Anthropic's amended IPO filing commits at least $121.3 billion to Google, $110.0 billion to Amazon and $44.9 billion to Microsoft, owed whether or not it uses the capacity. That is a firm floor under cloud backlogs, but the money only moves as capacity is handed over. - Author: Sean - Tags: #desk-wire `WIRE` · `HYPERSCALERS` · Filed 2 Nov 2026 (US) **Anthropic** has told investors exactly how much it has promised the three big clouds. Its amended IPO filing, lodged with the US Securities and Exchange Commission on 2 November, lists minimum spending of **$121.3 billion** with Google, **$110.0 billion** with Amazon and **$44.9 billion** with Microsoft, owed whether or not it uses the capacity. Together that is **$276.2 billion**, about 31% of the **$895.4 billion** of compute and infrastructure Anthropic has signed for. On the [Hyperscalers layer](https://www.sotkn.com/stack/hyperscalers/), this is the floor under the clouds' backlogs. The catch is that the clouds still have to deliver the capacity before the money arrives, and Microsoft's deal says so in writing. ## What happened Google **At least $121.3 billion, April 2026 to July 2033, with a true-up if Anthropic spends less** A hosting deal signed in March 2026 and amended through October. On top sits more TPU compute for 2028 to 2031, estimated at $125 billion to $150 billion and left out of the obligations table Amazon **At least $110.0 billion, May 2026 to April 2036, also with a true-up** Signed in April 2026\. Non-cancellable unless Amazon commits an uncured material breach Microsoft **At least $44.9 billion, November 2026 to June 2033, starting this month** Signed in November 2025\. Non-cancellable except for Microsoft's breach or, tranche by tranche, for capacity Microsoft has not delivered The payer **Q3 revenue $17.0 billion; compute and infrastructure cost $9.9 billion** $69.8 billion of all commitments falls due in the 12 months after 30 September. Cash and short-term investments were $131.9 billion ## Why cash cares A cloud backlog is a promise from a customer. Most of it can shrink if the customer slows down. These three cannot, at least not easily. Google and Amazon get a true-up: if Anthropic spends less than the minimum, it pays the difference. That makes this some of the most bankable revenue the clouds hold for building AI capacity. Spread evenly across each contract, on our arithmetic, Google's minimum is worth about **$16.5 billion a year**, Amazon's about **$11.0 billion** and Microsoft's about **$6.7 billion**. That is roughly **$34 billion a year** to the three clouds together. Amazon's $110 billion alone equals about **19%** of the roughly $578 billion AWS backlog that Amazon reported at 30 September, which we covered in [Amazon's unstarted leases hit $165B](https://www.sotkn.com/catalyst/amazon-unstarted-leases-165b-aws-backlog-578b/). The payer can carry it for now. Anthropic's third-quarter revenue was **$16.96 billion**, up about 47% on the second quarter. Its compute and infrastructure bill was **$9.86 billion**, up about 77%, or about 58 cents of every revenue dollar. The **$69.8 billion** due in the next 12 months is about 1.03 times its third-quarter revenue run at a yearly pace. Against that it holds $95.6 billion of cash, $36.3 billion of short-term investments and $14.8 billion of undrawn credit, about **$146.7 billion**, or 2.1 times the year's dues, before any IPO money. ![Anthropic's minimum spending commitments to Google, Amazon and Microsoft, compared with its other compute deals and third-quarter results](https://storage.ghost.io/c/cd/10/cd10e222-131f-4ba4-b4a9-ca4214e8c12d/content/images/2026/11/anthropic-cloud-minimums-print.png) **Figure: $276 billion of the $895 billion is owed to three clouds.** Minimum commitments and contract periods from Anthropic's amended Form S-1, with the yearly averages and percentages on our arithmetic. ## The step that is still open Delivery. A minimum commitment is money the clouds can count on, not money they have. It turns into revenue only as each block of capacity is built, powered and handed over. Microsoft's contract makes that explicit: Anthropic can cancel any tranche Microsoft has not delivered. Microsoft already told investors in late October that some third-party GPU capacity it rents is arriving later than planned, which we covered in [Microsoft capex misses $50B as rented GPU capacity runs late](https://www.sotkn.com/wire/microsoft-capex-misses-50b-rented-gpus-late-wire/). The rest of the filing shows where the pressure sits. The neocloud deals pay only on delivery: Lambda's roughly $41.3 billion and Nscale's up to about $44.6 billion accrue fees only as capacity is delivered and accepted, and Nscale has to use its best efforts to line up financing first, the problem we traced in [Nvidia may co-sign Nscale's Anthropic data center debt](https://www.sotkn.com/wire/nvidia-nscale-anthropic-data-center-debt-guarantee-wire/). The clouds' minimums are firmer, but they still run through the same halls, power hook-ups and chip deliveries. ## The second-order read **Who gets paid.** Google first, with the largest minimum and a further $125 billion to $150 billion of TPU work pencilled in for 2028 to 2031\. Then Amazon, whose deal runs to 2036, the longest of the three. Behind them, the builders, power suppliers and chip makers that turn those minimums into running halls. **Who waits.** Microsoft, whose money only starts this month and can be cut tranche by tranche if its capacity is late. The neoclouds wait longer still: no delivery, no fee. **Who pays.** Anthropic, about $34 billion a year to three clouds on average, with or without usage. From December it also expects to pay SpaceX's AI unit about $3.1 billion a month, roughly $37 billion a year, though that deal can be cancelled on 90 days' notice after early 2027. **Stuck step.** Handover. The contracts are signed and the floor is set. The cash moves only when the capacity is live. ## Three cautions This is a preliminary prospectus. Numbers and terms can change before the IPO prices, and some fields, such as the latest run-rate revenue, are still blank. The yearly figures assume each minimum is spent evenly across its contract. The filing gives totals and date ranges, not yearly schedules, and spending in practice is likely to ramp up over time. Comparing Amazon's minimum with AWS's backlog is a size check, not a claim about how Amazon books it. Amazon does not name Anthropic's share of its backlog. ## What to watch - **The IPO pricing**: how much new cash Anthropic raises against $69.8 billion of dues in the next 12 months. - **Microsoft's first tranches**: any sign in its December-quarter results that capacity for Anthropic is on time, or that tranches have slipped. - **The TPU follow-on**: whether the $125 billion to $150 billion of 2028 to 2031 Google compute becomes a fixed commitment, and through which route. - **The SpaceX deal**: full delivery is due in December, and the first chance to cancel comes in January 2027. *Read: [the Hyperscalers layer](https://www.sotkn.com/stack/hyperscalers/) and [contracted power explained](https://www.sotkn.com/explained/contracted-power-explained/)* --- **Get the Wire.** A free brief every day, here and in your inbox. **[Subscribe free →](https://www.sotkn.com/#/portal/signup)** Not investment advice. Do your own research. The $276.2 billion total, the 31% share, the yearly averages, the 19% backlog comparison, the 47% and 77% growth rates, the 58 cents, the 1.03 times, the $146.7 billion and the 2.1 times are our arithmetic. ## References 1. [Anthropic, PBC, Amendment No. 1 to Form S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026068676/anthropicpbc-sx1ax1.htm?ref=sotkn.com), 2 Nov 2026\. Commitments to Google, Amazon, Microsoft, SpaceXAI, Nscale and Lambda; quarterly results; cash. 2. [Amazon.com, Inc., Form 10-Q for the quarter ended 30 September 2026](https://www.sec.gov/Archives/edgar/data/1018724/000101872426000040/amzn-20260930.htm?ref=sotkn.com), 30 Oct 2026\. AWS backlog. 3. [Unite.AI, "Anthropic Details Long-Term Compute Commitments in Amended IPO Filing"](https://www.unite.ai/anthropic-details-long-term-compute-commitments-in-amended-ipo-filing/?ref=sotkn.com), 2 Nov 2026\. Summary of the commitment terms.