Anthropic 修訂 IPO 申報文件披露長期算力承諾

Anthropic, PBC disclosed approximately $895.4 billion of purchase commitments and lease agreements in an amended Form S-1 filed November 2, 2026, saying substantially all relates to compute and infrastructure. The preliminary prospectus also adds third-quarter 2026 results as the company prepares an initial public offering of Class A common stock.

The total covers arrangements entered into as of and subsequent to September 30, 2026, including short-term commitments and leases not yet commenced. Anthropic expects about $447.5 billion to be incurred before December 31, 2030, substantially all of the remainder between 2031 and 2045, and approximately $69.8 billion to fall due in the 12 months after September 30. Approximately $213.8 billion is tied to arrangements with exercisable termination rights or contingent conditions before commencement, including financing, facilities or regulatory approvals.

Commitment Structure and Counterparties

The filing’s September 30 contractual-obligations table accounts for $319.993 billion: $4.224 billion of operating leases, $1.950 billion of finance leases and $313.819 billion of purchase commitments, principally future minimum payments under cloud hosting and other infrastructure agreements. Outside that table are approximately $17.4 billion of short-term commitments, $451.2 billion of estimated undiscounted obligations under executed leases not yet commenced, $100.2 billion of commitments entered after September 30 and $6.6 billion of subsequent short-term commitments.

Separate arrangements without fixed dollar commitments carry estimated payments of $150 billion to $175 billion, including $125 billion to $150 billion for additional Google TPU compute expected for delivery between 2028 and 2031. Those amounts are outside the contractual-obligations table and depend on capacity, delivery method, pricing and financing mechanics.

Named minimum commitments include at least $44.9 billion to Microsoft between November 2026 and June 2033, at least approximately $121.3 billion to Google between April 2026 and July 2033, and at least $110.0 billion to Amazon between May 2026 and April 2036. Each applies regardless of actual usage, subject to the stated terms. Google and Amazon’s agreements include true-up provisions if spending falls short and are non-cancelable except for the counterparty’s uncured material breach. Microsoft’s commitment is non-cancelable except for Microsoft’s uncured material breach or, on a per-tranche basis, undelivered tranches.

Five-year master equipment leases with Broadcom and financing entities provide for approximately $161.2 billion of rent excluding interest, generally payable quarterly as AI infrastructure equipment becomes ready for service. The leases are non-cancelable during the lease period except by the lessor upon default and provide access to TPU-based compute, part of which began coming online in 2026, with more expected starting in 2027.

Third-Quarter Performance and Liquidity

Anthropic reported third-quarter revenue of $16.956 billion, up from $1.382 billion a year earlier, which the filing describes as 1,127% year-over-year growth. Compute and infrastructure expense rose to $9.863 billion from $2.047 billion, a stated 382% increase, while total operating expenses reached $17.523 billion.

The company posted a $567 million operating loss for the quarter, following $974 million of operating income in the preceding quarter, and a $23.291 billion net loss that included $21.936 billion of expense from changes in the fair value of convertible notes, derivative liabilities and SAFEs. Anthropic attributed the operating loss primarily to $5.0 billion of higher-cost short-term compute and $2.0 billion of non-cash donation-matching charges. Adjusted Operating Income, which excludes stock-based compensation, non-cash charitable contributions and the Bartz settlement, was $2.463 billion with a 15% Adjusted Operating Margin, compared with $2.235 billion and 19% in the preceding quarter.

For the nine months ended September 30, revenue was $33.242 billion, operating loss was $1.260 billion and net loss was $104.039 billion, including $94.324 billion of fair-value change expense. Operating activities generated $6.569 billion of cash during that period, while financing activities provided $110.735 billion.

At September 30, Anthropic reported $146.6 billion of liquidity, comprising $95.6 billion of cash and cash equivalents, $36.3 billion of short-term investments and $14.8 billion available under its amended revolving credit facility. It also disclosed up to $77.0 billion of available note-purchase-agreement financing and up to $5.0 billion of equity commitments.

Anthropic Direct and Disclosed Risks

Anthropic Direct moves part of the company’s sourcing from fixed-term cloud agreements to directly leased chips hosted in dedicated facilities operated on its behalf. A significant portion of the disclosed commitment total relates to this model, and Anthropic expects that share to grow. The structure separates data-center capacity commitments from accelerator purchases, allowing capacity to be secured earlier while larger accelerator investments are deferred until requirements are more certain.

Anthropic said its available cash, investments, sales proceeds and credit-facility availability would support working capital, operating and finance lease payments, and capital expenditure requirements for at least the next 12 months. Longer-term funding is expected to depend on revenue growth, operating cash flow and access to additional capital. The company expects capital expenditures to increase significantly and significant net cash use in operating and investing activities for the foreseeable future as it expands dedicated compute and infrastructure.

Many agreements contain minimum-purchase or take-or-pay obligations regardless of utilization, while revenue is primarily consumption-based and much is not under long-term contract. The prospectus warns of possible underutilized capacity, cash outflows before revenue, defaults and cross-defaults.

The near-term safeguard is liquidity for at least 12 months; beyond that, the model depends on additional capital, delivery of dedicated capacity and conversion of that capacity into revenue.