The real bill: $450 billion in cloud deals it mostly can't cancel — up to $750 billion if talks close

The draft filing puts Anthropic's mostly noncancelable cloud deals at about $450 billion, with plans that could reach $750 billion in compute spending — and it says the lab already struggles to secure enough capacity from AWS, Google and Microsoft, which increasingly treat it as a competitor.

Compute spending hit nearly $9 billion in the first half alone, up from $2.3 billion a year earlier — already more than the $7.3 billion Anthropic spent on infrastructure in all of 2025.