The total nobody had added up
The Information reported on 6 September that Anthropic has, since October, entered into agreements for at least 14.8 gigawatts of compute capacity, and that spending across those announced agreements could reach $517bn over the next decade. The figure covers leased cloud capacity, chip procurement and data centre leases, and it is an analysis of publicly announced deals rather than a disclosure by the company.
Anthropic has not published a combined total of its own. Each agreement was announced separately, which is why the aggregate is news.
The deals underneath the number
The run is easy to trace through the announcements. In April, Anthropic expanded its Amazon collaboration for up to five gigawatts of new capacity, committing more than $100bn to AWS technologies over the next decade alongside a $5bn Amazon investment and up to $20bn more to follow. The same month it expanded a partnership with Google and Broadcom for multiple gigawatts of next-generation TPU capacity from 2027, with the majority of it sited in the United States.
Then came a $5bn AMD arrangement in July, monthly SpaceX capacity worth about $1.25bn from May, a $10bn six-year deal with Volta for a Norwegian site in August, and, on 26 August, a $45bn six-year agreement with Nscale for Nvidia Vera Rubin chips in a West Virginia data centre, expected to start serving Anthropic’s products in late 2027.
What the company has said about its own revenue
Anthropic said in April that its run-rate revenue had passed $30bn, up from roughly $9bn at the end of 2025, and that more than 1,000 business customers were each spending over $1m on an annualised basis — a count it said had doubled in under two months. That is the number the commitments are being underwritten against.
CFO Krishna Rao described the Google and Broadcom deal as “a continuation of our disciplined approach to scaling infrastructure”, framing the capacity as a response to demand already observed rather than demand hoped for.
What to watch
Anthropic’s IPO has slipped to mid-October, with a $15bn credit line arranged first. A prospectus is the first document that would put a combined compute obligation in front of investors in the company’s own words rather than an analyst’s, alongside the revenue that has to service it. Whether the 14.8-gigawatt figure survives contact with that filing — and how much of the $517bn is contracted rather than optional — is the thing to check when it lands.
