❯ Anthropic signed 14.8GW of compute in eleven months, with spending that could reach $517B over a decade

the aggregateSince October, Anthropic has entered agreements for at least 14.8 gigawatts of compute capacity and may spend as much as $517 billion over the next decade, according to an analysis by The Information. It is the first time anyone has added its scattered cloud contracts into one comparable number.

the contractsBroken out, it is a spread of bets: an agreement with Amazon Web Services covering more than $100 billion over ten years and up to 5 gigawatts of new capacity, plus multibillion-dollar contracts with Fluidstack, Nscale, SpaceX and Lambda — five reserved-capacity deals since spring alone exceeding $275 billion — and a Google and Broadcom partnership locking in another 3.5 gigawatts. A year ago the company was caught short when Claude’s commercial demand outran its compute.

the denominatorThe timing matters: prospective IPO investors asked Anthropic last week to disclose revenue per gigawatt of compute, and 14.8 gigawatts is that denominator. The prospectus goes public as soon as late September, at which point dividing one number by the other gives the market its first read on a frontier lab’s capital efficiency.

what the number isThe $517 billion is not money spent; it is a decade of contractual commitments, much of it contingent on campuses being energized. Anyone pricing Anthropic has to separate contracted capacity from energized capacity — the first is a moat on paper, the second is the only capacity that can be invoiced. What to watch is how those two lines are broken out in the prospectus; the cleaner the split, the more $517 billion reads as a liability rather than a moat.

▪ SIGNAL14.8 gigawatts signed and some fraction actually energized — the gap between those two numbers is the hardest page in Anthropic’s prospectus.