Anthropic filed a registration statement for a Nasdaq initial public offering that discloses about $417 billion in future payments to compute providers. The Form S-1, filed with the U.S. Securities and Exchange Commission on Oct. 26, covers data centers, the computing equipment inside them and cloud services. The filing also reveals a new strategy, Anthropic Direct, under which partners secure the real estate, power and facilities and Anthropic leases the compute.
Wide shot of the Howard Street office building leased by Anthropic in downtown San Francisco.
Anthropic, PBC intends to list Class A shares on the Nasdaq Global Select Market under the symbol ANT, the company said. The number of shares to be offered and the price range have not been determined.
Anthropic Direct moves part of the company's buying from cloud contracts to leases. Partners secure the real estate, power and facilities and manage the data centers; Anthropic leases the computing capacity inside. Rent on the five-year lease totals $125.2 billion, excluding interest, Fortune reported from the 318-page prospectus. Broadcom is the largest infrastructure partner for 2026, with $42 billion in potential financing, ahead of Google at $20 billion and Amazon at $15 billion.
Amazon Web Services, Google and Microsoft Azure supply most of Anthropic's existing capacity, and each is also a competitor and an investor in the company. The filing discloses SpaceX agreements reached between May and October 2026 for up to $120.5 billion in compute through 2029 on Nvidia GPUs SpaceX owns. Baxtel lists Anthropic's Colossus 1 site in Memphis at 300 MW, leased in full from SpaceX.
"Our ability to develop, train, improve, and deploy frontier models depends on our access to enormous and increasing quantities of specialized compute," the filing states. Anthropic also warns that delays or cost overruns on its data center initiatives could hurt its business, financial condition and results of operations.
Compute is Anthropic's largest operating expense. Fortune put the second-quarter figure at $5.6 billion against $11.6 billion in revenue. CNBC reported the filing shows an $80.7 billion net loss for the first half of 2026.
Anthropic's October capacity deals include a lease at EverWind's Point Tupper campus in Nova Scotia. The company is also in talks for more space at Nscale's Monarch campus in West Virginia. Baxtel tracks more than 5,400 data center facilities across the United States, operated by 821 providers, with Amazon AWS the largest at 408 sites. The offering cannot proceed until the SEC declares the registration statement effective.
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