Amendment dates the compute commitments

The EDGAR index marks this Amendment No. 1 to Anthropic, PBC's Form S-1 as Accepted at 2026-11-02 09:24:24. The submissions record lists acceptanceDateTime as 2026-11-02T14:24:24.000Z. The accession number is 0001628280-26-068676, and the form is S-1/A. The same list shows an earlier Form S-1, accession 0001628280-26-067168, accepted at 2026-10-26T13:00:11.000Z. The November 2 amendment states that the contractual obligations in the table below, plus the short-term and subsequent commitments described afterward, and the leases not yet commenced, come to approximately $895.4 billion, substantially all of it related to compute and infrastructure. Approximately $447.5 billion of these commitments is expected to be incurred before December 31, 2030, and substantially all of the remainder is expected to be incurred between 2031 and 2045. Approximately $69.8 billion is due in the 12 months following September 30, 2026.

The $895.4 billion figure is not the September 30, 2026 table added up by itself. The table is in millions of dollars. As of that date, contractual obligations total $319,993 million, of which purchase commitments are $313,819 million. The note says those purchase commitments are primarily future minimum payments under cloud hosting and other third-party infrastructure agreements, and that the table reflects non-cancelable purchase commitments with a remaining term of more than one year. The amendment defines the larger total as that table plus short-term commitments, subsequent commitments, and leases not yet commenced.

Approximately $213.8 billion is set out on its own. The filing says this amount is the part of the aggregate contractual obligations that, before commencement, sits in arrangements with exercisable termination rights or contingent conditions, including a counterparty's ability to secure financing, facilities, or regulatory approvals. If the conditions are not met, the arrangement may be terminated. If a counterparty does not perform, for example by missing an agreed delivery date, the company can generally terminate all or part of the obligations. Under some agreements the alternative is a service credit or a change in timing, rather than termination. The $213.8 billion is that part of the total. The amendment does not describe the remainder as cash that is already unconditional and due at once.

The named arrangements do not share one set of exit terms. After amendments from May through October 2026, the Google cloud-hosting agreement commits the company to spend at least approximately $121.3 billion between April 2026 and July 2033, regardless of actual usage. A shortfall is paid to Google as a true-up, subject to adjustments and exceptions. That commitment is non-cancelable except for an uncured material breach by Google. The company also agreed to procure additional TPU compute with no fixed dollar amount, expected from 2028 through 2031, and estimates the future payments at approximately $125.0 billion to $150.0 billion. The filing says that estimate is not included in the contractual obligations table. Rent over the life of the equipment leases with Broadcom and the related financing entities is approximately $161.2 billion excluding interest. During the lease term either party is barred from canceling, except the lessor in a default, and the capacity is TPU compute. The SpaceX.AI arrangements call for spending up to $120.5 billion on terms extending into 2029. The Amazon agreement commits at least $110.0 billion between May 2026 and April 2036, regardless of actual usage, and is non-cancelable except for an uncured material breach by Amazon. The Microsoft agreement commits at least $44.9 billion between November 2026 and June 2033, and is non-cancelable except for an uncured material breach by Microsoft or, tranche by tranche, for tranches not yet delivered. The Nscale agreements run up to approximately $44.6 billion, and the Lambda agreements are approximately $41.3 billion. Fees under both start only once capacity is delivered and accepted. The amendment describes these arrangements separately. It does not add the amounts and then call the sum $895.4 billion.

The amendment says meeting these obligations to secure compute depends on significant revenue growth. The cover still estimates the initial public offering price per share as between $ and $, with the figures left blank. Reading $895.4 billion as an unconditional cash obligation that all falls due together goes past the amendment's own sentences. About $69.8 billion is due within 12 months. About $213.8 billion carries termination rights or conditions before commencement. The total also includes leases that have not commenced. The additional TPU compute, which has no fixed dollar amount, is only an estimate left out of the contractual obligations table.