Anthropic PBC’s S-1 registration statement, filed with the SEC on October 26, 2026, outlines nearly $900 billion in future obligations for servers, compute infrastructure, data centers, buildings, leases and power. Approximately $417 billion represents minimum payments, while another $125 billion to $150 billion covers projected capacity costs from 2028 through 2031. Most commitments are largely non-cancelable and extend across terms of one to 20 years. Broadcom accounts for $161 billion, Google for $114.5 billion, Amazon for $110 billion and Microsoft for $45 billion, with SpaceX/xAI also listed as a key partner. Anthropic reported first-half 2026 revenue of $16.3 billion, up from $1.16 billion a year earlier, alongside an $80.7 billion net loss, most of which came from non-cash accounting charges. The company anticipates a Nasdaq listing under ANT, with an estimated valuation of $1.5 trillion to $2 trillion. The filing underscores Anthropic’s dependence on a small group of suppliers and partners, including companies pursuing competing AI businesses. David Trainer of New Constructs previously characterized the commitments as substantial hidden debt and said Anthropic must spend heavily on training, inference and energy.