DemandS-1/A filed November 2, 2026
Anthropic’s revenue and compute commitments
Anthropic’s revenue was $17.0 billion in the quarter ended September 30, 2026, up 47% from the June quarter, and it spent $9.9 billion on compute and infrastructure. It owns $3.1 billion of property and equipment but had $320 billion of contractual obligations at September 30, 2026, almost all of it computing bought from others.
Sources, method and freshnessS-1/A filed November 2, 2026
Anthropic, PBC registration statement on Form S-1/A, filed with the SEC on November 2, 2026 (document): the quarterly statements of operations, the quarterly Adjusted Operating Income reconciliation, the cash flow statement, the balance sheet and the contractual obligations table. The quarterly figures are unaudited. The contracts are quoted from the prospectus; each sentence is checked against the latest filing every run.
Cite as The Capex Report, Anthropic’s revenue and compute commitments, S-1/A filed November 2, 2026.
Revenue and the compute bill, by quarter
| Quarter | Revenue | Change on quarter | Added | Compute and infrastructure | Share of revenue | Operating income | Adjusted operating income |
|---|---|---|---|---|---|---|---|
| Mar 2025 | 376 | — | — | 944 | 251% | (935) | (830) |
| Jun 2025 | 787 | +109.3% | +411 | 1,390 | 177% | (1,200) | (1,019) |
| Sep 2025 | 1,382 | +75.6% | +595 | 2,047 | 148% | (3,089) | (1,284) |
| Dec 2025 | 2,040 | +47.6% | +658 | 2,945 | 144% | (2,836) | (1,721) |
| Mar 2026 | 4,731 | +131.9% | +2,691 | 3,387 | 72% | (1,667) | (617) |
| Jun 2026 | 11,555 | +144.2% | +6,824 | 5,558 | 48% | 974 | 2,235 |
| Sep 2026 | 16,956 | +46.7% | +5,401 | 9,863 | 58% | (567) | 2,463 |
The filing reports Run-Rate Revenue as of October 31, 2026, but leaves the amount blank in this version. Run-rate is consumption fees over the trailing 28 days times 13, plus monthly subscription fees times 12.
Millions of dollars, unaudited. Adjusted operating income is the company’s measure: operating income before stock-based compensation, donated shares and the 2025 Bartz copyright settlement.
What it owns, what it rents, how it pays
Millions of dollars| Period | Operating cash flow | Equipment bought | Lease prepayments | Raised from investors |
|---|---|---|---|---|
| 2023 | (1,627) | (2) | 0 | 2,195 |
| 2024 | (5,692) | (15) | 0 | 7,238 |
| 2025 | (2,637) | (131) | (54) | 19,998 |
| 9 months to September 2025 | (2,024) | (111) | (51) | 18,598 |
| 9 months to September 2026 | 6,569 | (925) | (1,955) | 110,432 |
| Date | Cash and equivalents | Short-term investments | Property and equipment, net | Total assets | Convertible notes |
|---|---|---|---|---|---|
| December 31, 2024 | 3,141 | 0 | 19 | 7,752 | 14,116 |
| December 31, 2025 | 17,388 | 2,889 | 146 | 24,661 | 41,677 |
| September 30, 2026 | 95,562 | 36,283 | 3,061 | 154,320 | 130,502 |
Cash flow amounts as filed: spending is negative. Equipment bought is purchases of property and equipment; lease prepayments are paid ahead for leased equipment; raised from investors is preferred stock and convertible notes sold for cash. The nine-month periods are unaudited.
The compute contracts
As the filing states them| Counterparty | What | Amount | Can Anthropic cancel? | Terms |
|---|---|---|---|---|
| Broadcom | TPU equipment, five-year finance leasesSeveral leases, one in 2026 | About $161.2BFive-year leases | No; a non-cancelable lease | Rent excluding interest, from when equipment is ready for service; non-cancelable |
| Additional TPUs, delivered 2028 to 2031March 2026 | About $125–150BDelivered 2028 to 2031 | No fixed amount yet | No fixed dollar commitment; the company’s estimate | |
| Cloud hosting, TPUsMarch 2026 | At least $121.3BJuly 2033 | No; a minimum owed whatever it uses | Minimum spend, April 2026 to July 2033; non-cancelable | |
| SpaceX AI (formerly xAI) | NVIDIA GPUs as a serviceMay to October 2026 | Up to $120.5BInto 2029 | Yes, on 90 days’ notice once the initial terms end in early 2027 | Up to, into 2029; cancelable on 90 days’ notice after early 2027 |
| Amazon | Cloud computingApril 2026 | At least $110.0BApril 2036 | No; a minimum owed whatever it uses | Minimum spend, May 2026 to April 2036; non-cancelable |
| Microsoft | Cloud computingNovember 2025 | At least $44.9BJune 2033 | No; a minimum owed whatever it uses | Minimum spend, November 2026 to June 2033; non-cancelable |
| Nscale | NVIDIA GPUs as a serviceAugust 2026 | Up to $44.6BInto 2033 | No; it pays as capacity is delivered, and the contract can end if the provider misses delivery, financing or facility conditions | Up to, into 2033; fees accrue as capacity is accepted |
| Lambda | NVIDIA GPUs as a serviceMay to August 2026 | About $41.3BInto 2034 | No; it pays as capacity is delivered, and the contract can end if the provider misses delivery, financing or facility conditions | Into 2034; fees accrue as capacity is accepted |
| AMD | Helios rack-scale systems, from 2027July 2026 | More than $20.0BNo fixed term | No fixed amount yet | No fixed dollar commitment; the company’s estimate for the initial tranche |
The sentences these amounts are read from
- Broadcom: “Our rent payments over the life of these leases are equal to an aggregate of approximately $161.2 billion excluding interest”
- Google: “We estimate the aggregate future payments for such additional compute to be approximately $125.0 billion to $150.0 billion”
- Google: “we committed to spend at least approximately $121.3 billion between April 2026 and July 2033”
- SpaceX AI (formerly xAI): “we agreed to spend an aggregate of up to $120.5 billion over terms extending into 2029”
- Amazon: “we committed to spend an aggregate of at least $110.0 billion between May 2026 and April 2036”
- Microsoft: “we committed to spend an aggregate of at least $44.9 billion between November 2026 and June 2033”
- Nscale: “we agreed to spend an aggregate of up to approximately $44.6 billion over terms extending into 2033”
- Lambda: “we agreed to spend an aggregate of approximately $41.3 billion over terms extending into 2034”
- AMD: “we expect aggregate expenditures to exceed $20.0 billion over the term of the agreement”
The amounts overlap and are not added up: some are minimums, some ceilings and two are the company’s estimates for contracts with no fixed dollar amount. Whether Anthropic can cancel is our reading of the terms the filing describes. The Google, Amazon and Microsoft contracts are minimums owed whatever Anthropic uses. Of the GPU-cloud contracts, only SpaceX AI’s can be cancelled on notice; Nscale’s and Lambda’s are non-cancelable by Anthropic but can end if the provider misses delivery, financing or facility conditions, which is a risk on the provider’s side.
Contractual obligations by year
Millions of dollars, at September 30, 2026| Obligation | Total | 2026, rest of year | 2027 | 2028 | 2029 | 2030 | Thereafter |
|---|---|---|---|---|---|---|---|
| Purchase commitments | 313,819 | 5,053 | 28,424 | 43,473 | 46,901 | 44,214 | 145,754 |
| Operating leases | 4,224 | 57 | 303 | 462 | 445 | 466 | 2,491 |
| Finance leases | 1,950 | 121 | 438 | 422 | 406 | 390 | 173 |
| Total | 319,993 | 5,231 | 29,165 | 44,357 | 47,752 | 45,070 | 148,418 |
The company puts everything it has signed, including short-term commitments, leases not yet begun and contracts signed after the quarter, at about $895.4 billion of committed spend. About $69.8 billion of the table is due in the twelve months after September 30, 2026. Purchase commitments are mostly cloud hosting and other computing services.
Obligations the table leaves out
As the filing states them| Obligation | Amount | Note |
|---|---|---|
| Leases signed but not yet begun | About $451.2B | Mostly expected to begin between 2026 and 2028, weighted-average term about 10 years |
| Arrangements with no fixed dollar amount | About $150–175B | The company’s estimate; payable as capacity is delivered |
| Commitments signed after September 30 | About $100.2B | Mostly data-center leases and cloud hosting |
| Short-term commitments | About $17.4B | Cancelable within a year or with a year or less to run |
Each line is quoted from the filing and overlaps others; the lines are not a total.
Filings read
The confidential drafts submitted from June 2026 are not read. The quarter ended September 30, 2026 first appeared in the filing of November 2, 2026.
Questions this page answers
- Where do these figures come from?
- Anthropic’s registration statement for its initial public offering, filed with the SEC. The latest version is the S-1/A filed November 2, 2026. The tables are read from the document each day the pipeline runs, so a new amendment replaces them.
- Why is Anthropic’s capital spending so small?
- Anthropic rents almost all of its computing. Cloud hosting from Google, Amazon and Microsoft, and GPU capacity from SpaceX AI, Nscale and Lambda, are bought as services and appear as compute and infrastructure expense, not as purchases of property and equipment. The equipment it leases from Broadcom is a finance lease, which reaches the balance sheet only once the equipment is ready for service.
- Can the contracts be added up?
- No. Some contracts are inside the contractual obligations table and some are not, the leases signed but not yet begun include equipment also described under the contracts, and several amounts are ceilings or the company’s own estimates. Each figure is shown as the filing states it.
- Is the September quarter final?
- It is unaudited, like every quarter in the quarterly table. The annual figures for 2023 to 2025 are audited. A later amendment or the first 10-Q can restate it; each quarter on this page records the filing it first appeared in.