On November 10, Anthropic filed a second amendment to its Form S-1 registration statement with the U.S. Securities and Exchange Commission, disclosing roughly $10 billion in additional Microsoft and Google cloud-compute commitments agreed over the past month — and that a $34.9 billion Lambda compute agreement can now be terminated because the other side missed a deadline. The filing landed the same day the company launched its IPO roadshow. Compute is Anthropic's largest long-term liability — and the core asset public investors are being asked to underwrite.
Under the previous amendment of November 2, Anthropic's minimum spending commitment to Google was about $121.3 billion, covering April 2026 to July 2033; at least $44.9 billion to Microsoft, covering November 2026 to June 2033; and at least $110.0 billion to Amazon, with total compute and infrastructure commitments of about $895.4 billion, of which roughly $447.5 billion is expected to fall due before the end of 2030. The second amendment adds about $10 billion more across Microsoft and Google. These commitments are largely payable whether or not the capacity is used, and can be ended only in narrow circumstances such as the counterparty's uncured material breach.
The $34.9 billion Lambda deal: missed deadline means either side can walk away
The Lambda line deserves the closest look. Anthropic signed a roughly $34.9 billion compute agreement with Lambda in August 2026, part of about $41.3 billion in total commitments to the company, tied to Hut 8's Beacon Point data center in Nueces County, Texas, targeting about 350 megawatts. Lambda missed its delivery deadline, so either company can now terminate the August agreement. Anthropic has said it does not plan to terminate the deal at this point — but it now holds a card it can play at any time.
For investors, this amendment makes the math of Anthropic's listing clearer: the company needs Microsoft, Google, and Amazon compute to power Claude's growth, while locking a decade of spending into contracts. The price range is set at $70 to $78 per share, the stock is to list on Nasdaq under the ticker ANT, and orders have already come in at several times the shares on offer. The market will now watch the subscription result — and whether this compute bill eventually squeezes the company's margins.
