Anthropic's IPO prospectus shows that much of the money invested in the Claude maker is set to flow straight back to the companies that invested it.
The document, reviewed by Reuters ahead of its release, lists commitments totalling $518 billion on cloud, computing and infrastructure in the coming years.
About 80% of that sum is non-cancellable or payable regardless of whether Anthropic uses the capacity, Reuters reported.
Where the money goes
Anthropic plans to spend at least $111.1 billion with Google, $110 billion with Amazon and $31.4 billion with Microsoft over the next seven to 10 years, according to the filing.
Google's commitments run through 2033, while Amazon's stretch to 2036, CryptoSlate reported.
Anthropic also carries about $161.2 billion in Broadcom-related equipment leases, which InvestmentNews said neither side can cancel except in the event of a default.
Broadcom, the chip designer, helps Google build its tensor processing units (TPUs), the custom AI chips Anthropic rents.
Deals with Elon Musk's xAI could add up to $84.5 billion of spending on Nvidia-based capacity through 2029, though the Globe and Mail reported these can largely be cancelled on 90 days' notice.
The circle
The striking feature is how many of Anthropic's suppliers are also its shareholders.
Amazon began investing in 2023 and put in around $8 billion across several instalments, Fortune reported.
Google committed up to $40 billion more in April, with $10 billion paid immediately and the rest tied to milestones, according to Fortune.
Nvidia and Microsoft agreed in November 2025 to invest up to $10 billion and $5 billion respectively, in a deal built around Anthropic buying Azure capacity, The Register reported.
AMD has agreed to buy up to $5 billion of Anthropic stock and to supply computing capacity expected to exceed $20 billion, InvestmentNews said.
Reuters has also reported talks to bring Nvidia in as an anchor investor in the listing.
Critics call this circular financing: investors fund a customer that then spends the money on their own chips and cloud services.
Why Anthropic says it needs it
Anthropic told investors the commitments are necessary because access to computing power is becoming the main constraint on AI development, the Globe and Mail reported.
It warned that its business could suffer if third-party compute were curtailed, repriced or terminated, according to InvestmentNews.
Thin gruel
Revenue rose 1,088% in 2025 to $4.6 billion, while the operating loss widened to $8.06 billion from $2.98 billion, Fortune reported.
The near-$42 billion net loss included a roughly $34 billion accounting charge linked to financing that could convert into shares, Reuters said, rather than cash spent running the business.
Compute and infrastructure cost $7.33 billion last year, more than half of total operating expenses of $12.65 billion, according to Reuters.
Anthropic had $20.28 billion in cash and short-term investments at the end of December, the prospectus shows.
Its two largest customers each accounted for roughly 12% of 2025 revenue, and many customers are not locked into long-term contracts, The Wealth Advisor reported.
What it means for chipmakers
Analysts said Anthropic's plans are likely to support Nvidia, Google TPU and AMD-based infrastructure, Proactive reported, and argued AI infrastructure funding should stay strong for the foreseeable future.
Anthropic is reportedly targeting a valuation above $2 trillion in a listing that could come after the US midterm elections in November, according to Reuters.
That would be more than double its estimated $965 billion valuation in May.
