Anthropic, PBC made its registration statement for an initial public offering public on Oct. 26, 2026. The filing gives the most detailed account yet of how much data center and compute capacity the AI developer has contracted for. According to CNBC, the company plans to list on Nasdaq under the ticker "ANT". It filed confidentially in June, and Goldman Sachs and Morgan Stanley are the lead underwriters.
For the data center industry, the key passages are in the financial-statement notes and the risk factors. The notes list hundreds of billions of dollars in lease and purchase commitments for compute equipment, data centers and cloud capacity. The risk factors say Anthropic is pursuing its own dedicated on-premise data center infrastructure, which third-party partners would source and lease to it.
Published totals of the commitments vary. This article quotes the figures as the S-1 notes state them.
What the filing's notes actually say
The subsequent-events note describes three groups of agreements.
- About $417 billion signed after Dec. 31, 2025. The S-1 says the company entered new and amended lease and commercial agreements to secure compute and infrastructure. Their aggregate future minimum payments total approximately $417 billion. Most of the agreements are leases for compute equipment and data centers or purchase commitments with cloud providers. They begin in 2026 and 2027, with terms from under one year to 20 years.
- An estimated $125 billion to $150 billion for capacity delivered in 2028 through 2031. The filing says expanded agreements cover this later capacity. Because certain commercial terms are not yet finalized, the company gives a range rather than a fixed minimum.
- About $245 billion signed after June 30, 2026, plus about $21 billion of short-term agreements. The S-1 presents these in addition to the transactions above, says some arrangements are subject to contractual conditions being met, and says the longer-term agreements begin between 2026 and 2036, with terms from over one year to 20 years.
The filing also discloses that in April 2026 the company deposited $2.5 billion into an escrow account in connection with a compute and infrastructure lease agreement.
Why the published totals differ
Fortune puts Anthropic's commitments at $542 billion to $567 billion. That range equals the S-1's $417 billion figure plus the $125 billion to $150 billion estimate for 2028-2031 capacity. The filing separately lists about $245 billion in minimum payments, plus roughly $21 billion in short-term deals, signed after June 30, 2026. Fortune's range, as reported, does not mention those later agreements.
Fortune also wrote that the $417 billion deal was signed "on Dec. 31, 2025." The S-1 note says the agreements were entered into after that date. This article follows the filing.
A move toward dedicated facilities
In its risk factors, Anthropic says it is "pursuing initiatives to develop our own dedicated on-premise data center infrastructure." It describes doing this through long-term leases and partnerships with third parties that procure the real estate, power and data center facilities, while Anthropic leases capacity in them. Fortune calls the strategy "Anthropic Direct" and reports that Anthropic began entering into purchase commitments and leases for it around Sept. 30, 2026.
The S-1 names one large arrangement, the "2026 Lease Arrangement." It says rent over a five-year equipment lease totals about $125.2 billion, excluding interest. The filing describes the lease as an equipment lease with Broadcom entered into in March 2026, and says a March 2026 note purchase agreement with Broadcom finances obligations under it. Fortune separately reports that Broadcom is Anthropic's largest infrastructure partner in 2026, at $42 billion in potential financing, followed by Google at $20 billion and Amazon at $15 billion.
Fortune also reports that Anthropic signed compute deals with SpaceX between May and October 2026 worth up to $120.5 billion through 2029. CNBC's live coverage includes a section on how much compute Anthropic will need and on billions of dollars in commitments with Microsoft. DataCenterFeed did not review that section's full text.
Power and grid exposure
Fortune reports that Anthropic expects "substantial energy demands." It says the company has signed power generation and infrastructure agreements but did not specify the type of deals or power source. Fortune also reports that the filing names delays in connecting power to data centers as a risk, citing permitting, legal challenges and supply-chain disruptions. Fortune's coverage does not identify specific campus sites, megawatt figures or utility counterparties, and DataCenterFeed did not find them in the S-1 passages it reviewed.
The financial backdrop
Compute is Anthropic's largest operating expense, according to Fortune. Fortune puts it at $5.6 billion in the second quarter of 2026, against $11.6 billion in revenue. CNBC reports a first-half 2026 loss of $80.7 billion.
CNBC also notes the market context for the filing. It reports that the neocloud providers CoreWeave and Nebius have lost more than 30% of their value in October as credit risk rises across the data center space. This article makes no assessment of the offering or of any company's securities.
What the numbers mean for the buildout
The filing shows that one AI developer has contracted for hundreds of billions of dollars in capacity. Most of the $417 billion group is leases and cloud purchase commitments, with terms of up to 20 years. The S-1 says the earliest agreements begin in 2026-2027, and the later group runs through 2036. The 2028-2031 tranche is still an estimate because certain commercial terms have not been finalized.
The move toward dedicated facilities could also change the mix of counterparties. Under the approach the S-1 describes, some capacity would come from partner-built sites leased to Anthropic, alongside the capacity it buys from cloud providers. Fortune reports that Anthropic expects the Direct initiative to represent a growing share of its compute investments over time.
What Happens Next
The S-1 is now public. CNBC reports that Anthropic plans to list on Nasdaq under the ticker "ANT," with Goldman Sachs and Morgan Stanley leading the underwriting. The S-1 text reviewed leaves the offering price range blank, and the sources reviewed do not give a pricing date or a first trading date. In its notes, the filing says certain commercial terms for the 2028-2031 capacity have not yet been finalized, and that the first group of leases and purchase commitments begins in 2026 and 2027.
