Anthropic's amended S-1: $895.4B of commitments vs revenue

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.

Next check: Anthropic's next S-1 amendment

Method and sources

Figures marked "our calc" are our own arithmetic on the cited primary sources (company filings, earnings releases, public datasets). Every figure was checked against its source before publication.

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