# Anthropic's amended S-1: $895.4B of commitments vs revenue
Latent Equity · published Nov 3, 2026 · AI capital ledger
Post: https://x.com/Latent_Equity/status/2117733956586213565

Anthropic's updated IPO filing puts a number on its compute bill: about $895.4B of commitments, as of and after Sept. 30, mostly for computing power and data centers. $447.5B comes due before 2031, and $69.8B in the 12 months after Sept. 30.

Revenue grew fast: Q3 was $16,956M, up from $11,555M in Q2 (filed revenue, not a run-rate). Q3 times four, that's $67.8B a year, about the same as the next 12 months of commitments. The full $895.4B is 25.4x the last 12 months of revenue (our calc).

For the clouds, Anthropic's deals could represent up to 19.0% of $AMZN's backlog (signed future revenue), 21.4% of $GOOGL's and 6.6% of $MSFT's. The filing doesn't say they sit in backlog.

General research, the same for every reader. Not investment advice.