Anthropic Adds $4.3B in Microsoft Compute Deals Ahead of $1.4T IPO, Lambda Contract Now Terminable

Anthropic has expanded its compute agreements with Microsoft by up to $4.3 billion, according to a new filing tied to the AI lab's upcoming initial public offering, as first reported by The Information. The disclosure underscores the enormous infrastructure commitments underpinning the company's bid to go public at a targeted valuation of $1.4 trillion.

The filing, released in early November, states that Anthropic carries an aggregate committed spend of approximately $895.4 billion, substantially all of which is related to compute and infrastructure. Within that total, hyperscale-committed spending includes $121.3 billion to lease compute from Google, $120.5 billion in capacity from SpaceX, $110 billion from Amazon, and $44.9 billion from Microsoft. With the newly added agreements, the Microsoft commitment is now valued at least at $47.2 billion and up to $49.2 billion, representing a potential $4.3 billion increase to Anthropic's cloud spend.

The filing also reveals that Anthropic's $34.9 billion contract with neocloud provider Lambda — part of a larger $41.3 billion commitment — is now terminable by either party. Under the August 2026 agreement, either party may terminate if Lambda does not secure the facility lease by a specific date. Lambda did not secure the facility lease by that date, and as a result, the August 2026 agreement is currently terminable by either party. Neither party has delivered notice of termination as of the date of the prospectus, and the company said it does not currently intend to terminate the agreement. Anthropic also holds contracts with Nscale, Akamai, and CoreWeave.

The scale of these commitments comes with financial strain. Anthropic reported a $567 million operating loss in the third quarter, compared with a $974 million operating profit in the prior quarter, which the company attributed primarily to such short-term compute deals. The filing also lays out expectations for the IPO, with Anthropic planning to offer its Class A common stock at between $70 and $78 per share, targeting a valuation of $1.4 trillion.

The disclosures highlight the intensifying capital and infrastructure race among leading AI developers, where multi-billion-dollar compute commitments are increasingly treated as strategic assets ahead of public listings. For Anthropic, the balance between securing vast cloud capacity and managing near-term profitability will be a central question for investors as the company moves toward its market debut.