{"cik":"0002130357","slug":"anthropic","name":"Anthropic","source":{"form":"S-1","filed":"2026-10-26","accn":"0001628280-26-067168","url":"https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm"},"readme":"Every number on the Anthropic IPO page, with the S-1 sentence or table row it comes from. tests/ipoDeep.test.ts checks that each quote appears in the S-1 and that each value appears in its quote. Table values are in millions of dollars; negative numbers are the S-1's numbers in parentheses; 0 is the S-1's dash.","statements":{"annual":{"unit":"USD millions","periods":["2023","2024","2025","H1 2025","H1 2026"],"labels":["2023","2024","2025","First half of 2025","First half of 2026"],"rows":[{"key":"revenue","label":"Revenue","values":[41,386,4585,1163,16286],"quote":"Revenue $41 $386 $4,585 $1,163 $16,286"},{"key":"compute","label":"Compute and infrastructure","values":[433,2522,7326,2334,8945],"quote":"Compute and infrastructure 433 2,522 7,326 2,334 8,945"},{"key":"personnel","label":"Personnel","values":[95,454,1839,538,3152],"quote":"Personnel(1) 95 454 1,839 538 3,152"},{"key":"bartz","label":"Bartz settlement","values":[0,0,1500,0,0],"quote":"Bartz settlement — — 1,500 — —"},{"key":"sales","label":"Sales, marketing, and partnerships","values":[2,43,568,120,3168],"quote":"Sales, marketing, and partnerships 2 43 568 120 3,168"},{"key":"other","label":"Other operating and administrative","values":[62,347,1412,306,1714],"quote":"Other operating and administrative 62 347 1,412 306 1,714"},{"key":"opex","label":"Total operating expenses","values":[592,3366,12645,3298,16979],"quote":"Total operating expenses 592 3,366 12,645 3,298 16,979"},{"key":"operatingIncome","label":"Operating loss","values":[-551,-2980,-8060,-2135,-693],"quote":"Operating loss (551) (2,980) (8,060) (2,135) (693)"},{"key":"interest","label":"Interest income","values":[69,106,431,115,1111],"quote":"Interest income 69 106 431 115 1,111"},{"key":"fairValue","label":"Change in fair value of convertible notes, derivative liabilities, and SAFEs","values":[-1045,-5434,-34308,-10942,-72388],"quote":"Change in fair value of convertible notes, derivative liabilities, and SAFEs (1,045) (5,434) (34,308) (10,942) (72,388)"},{"key":"otherIncome","label":"Other income (expense), net","values":[-2,0,-8,0,-8757],"quote":"Other income (expense), net (2) — (8) — (8,757)"},{"key":"tax","label":"Provision for income taxes","values":[2,1,20,7,21],"quote":"Provision for income taxes 2 1 20 7 21 Net loss(2)"},{"key":"netIncome","label":"Net loss","values":[-1531,-8309,-41965,-12969,-80748],"quote":"Net loss(2) $(1,531) $(8,309) $(41,965) $(12,969) $(80,748)"},{"key":"fairValueAddBack","label":"Cash flow statement: change in fair value added back to net loss","values":[1045,5434,34308,10942,72388],"quote":"Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Stock-based compensation expense 29 192 1,158 279 2,185 Depreciation and amortization 3 21 40 14 97 Change in fair value of convertible notes, derivative liabilities, and SAFEs 1,045 5,434 34,308 10,942 72,388"},{"key":"otherInstrumentsAddBack","label":"Cash flow statement: other financial instruments added back to net loss","values":[0,0,0,0,8720],"quote":"Recognition and change in fair value of other financial instruments — — — — 8,720"},{"key":"operatingCashFlow","label":"Net cash provided by (used in) operating activities","values":[-1627,-5692,-2637,-1513,3929],"quote":"Operating activities $(1,627) $(5,692) $(2,637) $(1,513) $3,929"},{"key":"adjustedOperatingIncome","label":"Adjusted Operating Income (Loss), non-GAAP","values":[-522,-2788,-4854,-1849,1618],"quote":"Adjusted Operating Income (Loss) $(522) $(2,788) $(4,854) $(1,849) $1,618"}]},"quarterly":{"unit":"USD millions","periods":["Q1 2025","Q2 2025","Q3 2025","Q4 2025","Q1 2026","Q2 2026"],"labels":["Three months to 31 Mar 2025","Three months to 30 Jun 2025","Three months to 30 Sep 2025","Three months to 31 Dec 2025","Three months to 31 Mar 2026","Three months to 30 Jun 2026"],"rows":[{"key":"revenue","label":"Revenue","values":[376,787,1382,2040,4731,11555],"quote":"Revenue $376 $787 $1,382 $2,040 $4,731 $11,555"},{"key":"compute","label":"Compute and infrastructure","values":[944,1390,2047,2945,3387,5558],"quote":"Compute and infrastructure 944 1,390 2,047 2,945 3,387 5,558"},{"key":"personnel","label":"Personnel","values":[218,320,489,812,1295,1857],"quote":"Personnel(1) 218 320 489 812 1,295 1,857"},{"key":"bartz","label":"Bartz settlement","values":[0,0,1500,0,0,0],"quote":"Bartz settlement — — 1,500 — — —"},{"key":"sales","label":"Sales, marketing, and partnerships","values":[24,96,202,246,1033,2135],"quote":"Sales, marketing, and partnerships 24 96 202 246 1,033 2,135"},{"key":"other","label":"Other operating and administrative","values":[125,181,233,873,683,1031],"quote":"Other operating and administrative 125 181 233 873 683 1,031"},{"key":"opex","label":"Total operating expenses","values":[1311,1987,4471,4876,6398,10581],"quote":"Total operating expenses 1,311 1,987 4,471 4,876 6,398 10,581"},{"key":"operatingIncome","label":"Operating income (loss)","values":[-935,-1200,-3089,-2836,-1667,974],"quote":"Operating income (loss) (935) (1,200) (3,089) (2,836) (1,667) 974"},{"key":"interest","label":"Interest income","values":[51,64,124,192,349,762],"quote":"Interest income 51 64 124 192 349 762"},{"key":"fairValue","label":"Change in fair value of convertible notes, derivative liabilities, and SAFEs","values":[-5701,-5241,-9165,-14201,-12791,-59597],"quote":"Change in fair value of convertible notes, derivative liabilities, and SAFEs (5,701) (5,241) (9,165) (14,201) (12,791) (59,597)"},{"key":"otherIncome","label":"Other income (expense), net","values":[0,0,-3,-5,-309,-8448],"quote":"Other income (expense), net — — (3) (5) (309) (8,448)"},{"key":"tax","label":"Provision for income taxes","values":[7,0,5,8,21,0],"quote":"Provision for income taxes 7 — 5 8 21 —"},{"key":"netIncome","label":"Net loss","values":[-6592,-6377,-12138,-16858,-14439,-66309],"quote":"Net loss $(6,592) $(6,377) $(12,138) $(16,858) $(14,439) $(66,309)"}]}},"facts":{"filed":{"value":"2026-10-26","text":"October 26, 2026","quote":"As filed with the Securities and Exchange Commission on October 26, 2026."},"listing":{"value":"Nasdaq Global Select Market","text":"Nasdaq Global Select Market under the symbol “ANT.”","quote":"We have applied to list our Class A common stock on the Nasdaq Global Select Market under the symbol “ANT.”"},"priceRange":{"value":null,"text":"between $ and $ .","quote":"It is currently estimated that the initial public offering price per share will be between $ and $ ."},"sharesOffered":{"value":null,"text":"We are selling shares of Class A common stock","quote":"We are selling shares of Class A common stock and the selling stockholders identified in this prospectus are selling an additional shares of Class A common stock."},"netProceeds":{"value":null,"text":"will be approximately $ ,","quote":"We estimate that the net proceeds to us from the sale of shares of our Class A common stock in this offering will be approximately $ , based upon the assumed initial public offering price of $ per share"},"useOfProceeds":{"value":null,"text":"for general corporate purposes","quote":"We intend to use the net proceeds from this offering for general corporate purposes, including working capital, operating expenses, and capital expenditures, including investments in compute and infrastructure, as well as hiring and retention of highly skilled personnel."},"useOfProceedsTax":{"value":null,"text":"tax withholding and remittance obligations","quote":"We also intend to use a portion of the net proceeds to satisfy our anticipated tax withholding and remittance obligations related to the settlement of certain of our outstanding restricted stock units (“RSUs”)."},"registered":{"value":null,"text":"Proposed trading symbol “ANT”","quote":"Proposed trading symbol “ANT”"},"revenueGrowthQ2":{"value":1368,"text":"1,368%","quote":"Our compute efficiency is demonstrated by revenue that grew 1,368% year over year for the three months ended June 30, 2026 compared to compute and infrastructure expenses that grew 300% during the same period."},"computeGrowthQ2":{"value":300,"text":"300%","quote":"Our compute efficiency is demonstrated by revenue that grew 1,368% year over year for the three months ended June 30, 2026 compared to compute and infrastructure expenses that grew 300% during the same period."},"revenueQ2Words":{"value":11600000000,"text":"$11.6 billion","quote":"Revenue increased sequentially in each of the quarters presented, from $376 million for the three months ended March 31, 2025 to $11.6 billion for the three months ended June 30, 2026."},"revenueGrowthH1":{"value":1300,"text":"1,300%","quote":"Revenue for the six months ended June 30, 2026 increased by $15.1 billion, or 1,300%, compared to the six months ended June 30, 2025."},"computeShareFrom":{"value":251,"text":"251%","quote":"Compute and infrastructure expenses as a percentage of revenue decreased from 251% to 48% over the same period, as revenue growth outpaced the growth of our committed compute cost base."},"computeShareTo":{"value":48,"text":"48%","quote":"Compute and infrastructure expenses as a percentage of revenue decreased from 251% to 48% over the same period, as revenue growth outpaced the growth of our committed compute cost base."},"computeAdvance":{"value":null,"text":"12 to 18 months in advance","quote":"Because we typically procure compute 12 to 18 months in advance of availability, these expenses are generally fixed in the near term and increased as committed compute became available to us rather than in response to in-period demand."},"revenuePerCompute":{"value":null,"text":"Revenue per dollar of compute has expanded meaningfully","quote":"Revenue per dollar of compute has expanded meaningfully, even as we have accelerated research and product velocity and expanded our internal Claude usage."},"shortTermCompute":{"value":null,"text":"compress our operating margin","quote":"We expect our use of short-term compute to increase in the near term and to in turn compress our operating margin and Adjusted Operating Margin as a result."},"operatingIncomeQ2Words":{"value":1000000000,"text":"$1.0 billion","quote":"and we generated operating income of $1.0 billion for the three months ended June 30, 2026, as revenue growth outpaced the growth in total operating expenses."},"consumptionShareH1":{"value":80,"text":"80%","quote":"Consumption-based revenue increased from $288 million, or 75% of total revenue, for the year ended December 31, 2024, to $3.8 billion, or 83% of total revenue, for the year ended December 31, 2025, to $13.1 billion, or 80% of total revenue, for the six months ended June 30, 2026."},"consumptionH1":{"value":13100000000,"text":"$13.1 billion","quote":"Consumption-based revenue increased from $288 million, or 75% of total revenue, for the year ended December 31, 2024, to $3.8 billion, or 83% of total revenue, for the year ended December 31, 2025, to $13.1 billion, or 80% of total revenue, for the six months ended June 30, 2026."},"subscriptionH1":{"value":3200000000,"text":"$3.2 billion","quote":"Subscription-based revenue increased from $98 million, or 25% of total revenue, to $789 million, or 17% of total revenue, to $3.2 billion, or 20% of total revenue, over the same periods."},"cspMarketplaceShareH1":{"value":48,"text":"48%","quote":"During the six months ended June 30, 2025 and 2026 (unaudited), revenue generated from sales through CSP marketplaces to customers represented approximately 44% and 48% of total revenue, respectively."},"customers100k":{"value":11900,"text":"11,900","quote":"We had more than 11,900 customers with $100,000 or more of revenue on a TTM basis as of September 30, 2026, up from more than 950 as of September 30, 2025."},"customers100kYearAgo":{"value":950,"text":"950","quote":"We had more than 11,900 customers with $100,000 or more of revenue on a TTM basis as of September 30, 2026, up from more than 950 as of September 30, 2025."},"customers100k2023":{"value":20,"text":"approximately 20","quote":"The number of customers with $100,000 or more of revenue on a TTM basis grew from approximately 20 as of December 31, 2023, to approximately 200 as of December 31, 2024, to approximately 1,500 as of December 31, 2025, and to more than 11,900 as of September 30, 2026."},"customers100k2024":{"value":200,"text":"approximately 200","quote":"The number of customers with $100,000 or more of revenue on a TTM basis grew from approximately 20 as of December 31, 2023, to approximately 200 as of December 31, 2024, to approximately 1,500 as of December 31, 2025, and to more than 11,900 as of September 30, 2026."},"customers100k2025":{"value":1500,"text":"approximately 1,500","quote":"The number of customers with $100,000 or more of revenue on a TTM basis grew from approximately 20 as of December 31, 2023, to approximately 200 as of December 31, 2024, to approximately 1,500 as of December 31, 2025, and to more than 11,900 as of September 30, 2026."},"customers1m":{"value":1900,"text":"1,900","quote":"As of September 30, 2026, we had more than 1,900 customers with $1 million or more of revenue on a TTM basis and approximately 250 customers with $10 million or more of revenue on a TTM basis."},"customers10m":{"value":250,"text":"approximately 250","quote":"As of September 30, 2026, we had more than 1,900 customers with $1 million or more of revenue on a TTM basis and approximately 250 customers with $10 million or more of revenue on a TTM basis."},"netRevenueRetention":{"value":900,"text":"approximately 900%","quote":"The value that Claude delivers to customers has helped drive our Net Revenue Retention of approximately 900% as of September 30, 2026."},"topFiveShare":{"value":25,"text":"approximately 25%","quote":"While no single customer represented more than 10% of our revenue for the nine months ended September 30, 2026, our top five customers represented approximately 25% of our revenue for the nine months ended September 30, 2026."},"smallCustomers":{"value":40000000,"text":"approximately 40 million customers","quote":"The remaining % of total revenue for the trailing twelve months ended September 30, 2026 was generated by approximately 40 million customers, each with less than $100,000 of revenue on a TTM basis."},"employees":{"value":5300,"text":"approximately 5,300","quote":"As of September 30, 2026, we had approximately 5,300 employees worldwide, a majority of whom work in research, engineering, and product development functions."},"revenuePerEmployee":{"value":6600000,"text":"over $6.6 million","quote":"From September 30, 2025 to September 30, 2026, TTM revenue increased approximately 1,200% while headcount increased approximately 170%, driving TTM revenue per employee from $1.4 million to over $6.6 million"},"runRateDefinition":{"value":null,"text":"multiplied by 13","quote":"“Run-Rate Revenue” is an operating metric that refers to the estimated annualized value of our revenue-generating activity as of a measurement date, calculated as the sum of (i) our consumption-based fees during the trailing 28-day period ended on the measurement date, multiplied by 13, and (ii) our aggregate monthly subscription fees as of the measurement date, multiplied by 12."},"runRateValue":{"value":null,"text":"our Run-Rate Revenue was $ as of October 31, 2026.","quote":"Additionally, our Run-Rate Revenue was $ as of October 31, 2026."},"revenueQ3":{"value":null,"text":"to $ for the three months ended September 30, 2026","quote":"as demonstrated by revenue growing from $0 at commercial launch in the first quarter of 2023 to $ for the three months ended September 30, 2026."},"fairValueH1":{"value":72400000000,"text":"$72.4 billion","quote":"which were $1.0 billion, $5.4 billion, and $34.3 billion for the years ended December 31, 2023, 2024, and 2025, respectively, and $10.9 billion and $72.4 billion for the six months ended June 30, 2025 and 2026, respectively. These changes were primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation during each of the respective periods."},"fairValueSeriesH":{"value":null,"text":"Series H financing","quote":"The expense was largest in the three months ended June 30, 2026, reflecting the increase in our enterprise valuation in connection with our Series H financing."},"otherExpenseNpa":{"value":8400000000,"text":"$(8.4) billion","quote":"Other income (expense), net of $(309) million and $(8.4) billion for the three months ended March 31, 2026 and June 30, 2026, respectively, was primarily driven by the initial fair value recognition and subsequent change in fair value of the assets and liabilities recognized under the note purchase agreements."},"accumulatedDeficit":{"value":132900000000,"text":"$132.9 billion","quote":"We have generated losses from our operations, as reflected in our accumulated deficit of $132.9 billion, which includes $113.2 billion related to changes in the fair value of our convertible notes driven by increases in our enterprise valuation and derivative liabilities since 2023, including $72.4 billion during the six months ended June 30, 2026."},"accumulatedFairValue":{"value":113200000000,"text":"$113.2 billion","quote":"We have generated losses from our operations, as reflected in our accumulated deficit of $132.9 billion, which includes $113.2 billion related to changes in the fair value of our convertible notes driven by increases in our enterprise valuation and derivative liabilities since 2023, including $72.4 billion during the six months ended June 30, 2026."},"amazonNotes":{"value":6203,"unit":"USD millions","text":"$6,203","quote":"Total $6,203 1,840,444,962"},"amazonNotes2023Price":{"value":2.0928,"text":"$2.0928","quote":"Amazon Amazon 2023 NPA(3) $2,186 $2.0928 1,044,716,970"},"amazonNotes2024Price":{"value":5.0478,"text":"$5.0478","quote":"Amazon Amazon 2024 NPA(4) 4,017 $5.0478 795,727,992"},"capitalRaised":{"value":141100000000,"text":"$141.1 billion","quote":"As of June 30, 2026, we had raised an aggregate of $141.1 billion of capital and had cash and cash equivalents of $112.4 billion and short-term investments of $19.3 billion."},"cash":{"value":112400000000,"text":"$112.4 billion","quote":"As of June 30, 2026, we had raised an aggregate of $141.1 billion of capital and had cash and cash equivalents of $112.4 billion and short-term investments of $19.3 billion."},"shortTermInvestments":{"value":19300000000,"text":"$19.3 billion","quote":"As of June 30, 2026, we had raised an aggregate of $141.1 billion of capital and had cash and cash equivalents of $112.4 billion and short-term investments of $19.3 billion."},"operatingCashFlowH1":{"value":3900000000,"text":"$3.9 billion","quote":"Cash provided by operating activities was $3.9 billion for the six months ended June 30, 2026 as compared to cash used in operating activities of $1.5 billion for the six months ended June 30, 2025."},"commitmentsJune":{"value":265600000000,"text":"$265.6 billion","quote":"As of June 30, 2026 (unaudited), expected future fixed or minimum guaranteed commitments under these agreements were approximately $265.6 billion with terms ranging from one to 20 years."},"commitmentsSince":{"value":245000000000,"text":"$245 billion","quote":"In addition to the transactions above, subsequent to June 30, 2026, the Company entered into new, and amended existing, lease and commercial agreements primarily to secure additional compute and infrastructure capacity, with aggregate future minimum payment obligations of approximately $245 billion, with some arrangements subject to certain contractual conditions being met."},"commitmentsShortTerm":{"value":21000000000,"text":"$21 billion","quote":"The Company also entered into certain agreements that are short term in nature with minimum non-cancelable payments under such contracts of approximately $21 billion."},"commitmentsTotal":{"value":null,"text":"with an aggregate committed spend of more than $ ,","quote":"As of and subsequent to September 30, 2026, we have entered into purchase commitments and lease agreements, including short-term commitments, as well as leases not yet commenced, with an aggregate committed spend of more than $ , substantially all of which is related to compute and infrastructure."},"commitmentsTiming":{"value":null,"text":"between 2031 and 2045","quote":"These commitments include approximately $ expected to be incurred before December 31, 2030, and substantially all of the remainder is expected to be incurred between 2031 and 2045."},"classF":{"value":50.1,"text":"50.1%","quote":"Our Class F common stock will be entitled to an aggregate number of votes that equals 50.1% of the total voting power of our outstanding shares of capital stock with respect to matters submitted to stockholders generally, including the election of our directors other than the Class T directors."},"classFHolder":{"value":null,"text":"our seven co-founders","quote":"Immediately prior to the completion of this offering, we will issue a single share of Class F common stock, a special class of our common stock, to a limited liability company of which our seven co-founders will initially be the sole members (the “Founder LLC”)."},"classFEconomic":{"value":null,"text":"will not have any economic rights","quote":"Our Class F common stock will not have any economic rights."},"classT":{"value":null,"text":"a majority of the authorized members of our board of directors","quote":"Through a special class of common stock, Class T common stock, the LTBT generally has the authority to elect and remove the Class T directors, who together will constitute a majority of the authorized members of our board of directors."},"trustees":{"value":null,"text":"five Trustees","quote":"The LTBT is governed by five Trustees."},"trusteeVacancy":{"value":null,"text":"one is currently vacant","quote":"Of the five authorized seats for Trustees, one is currently vacant."},"classAN":{"value":null,"text":"one vote per share","quote":"Each share of Class A common stock is entitled to one vote per share and shares of Class N common stock have no voting rights, except as otherwise required by law."},"classNHolders":{"value":null,"text":"primarily strategic business partners","quote":"The holders of our Class N common stock are primarily strategic business partners, and shares of Class N common stock will generally convert to Class A common stock upon a sale or transfer to an unaffiliated third party."},"classE":{"value":null,"text":"vote only on certain limited matters","quote":"Our Class E common stock will be entitled to vote only on certain limited matters and will not have any economic rights."},"pbcPurpose":{"value":null,"text":"the responsible development and maintenance of advanced AI for the long-term benefit of humanity","quote":"Our specific public benefit purpose is the responsible development and maintenance of advanced AI for the long-term benefit of humanity (the “Company Purpose”)."},"controlledCompany":{"value":null,"text":"“controlled company”","quote":"We are considered a “controlled company” within the meaning of the Nasdaq Global Select Market corporate governance requirements because the LTBT, as the sole holder of our Class T common stock, generally has the power to elect a majority of the authorized members of our board of directors."},"controlledCompanyUse":{"value":null,"text":"nominating and corporate governance committee","quote":"Although we qualify as a “controlled company,” we do not expect to rely on this exemption except with respect to our nominating and corporate governance committee (“NGC”), which will not consist entirely of independent directors."},"publicBenefitFund":{"value":846840960,"text":"846,840,960","quote":"As part of these initiatives, we contributed 846,840,960 shares of our Class N common stock, representing 5% of our fully diluted shares as of June 30, 2026 (assuming full conversion of the Amazon Notes, as defined below), to Anthropic Public Benefit Fund, LLC (the “Anthropic Public Benefit Fund”)"},"founderPledge":{"value":80,"text":"80%","quote":"In addition, our co-founders have each pledged to dedicate 80% of their personal equity in Anthropic to philanthropic causes."},"ownershipBlank":{"value":null,"text":"shares of our Class A common stock, shares of our Class N common stock, and one share of our Class T common stock outstanding as of September 30, 2026","quote":"We have based our calculation of the percentage of beneficial ownership prior to this offering on shares of our Class A common stock, shares of our Class N common stock, and one share of our Class T common stock outstanding as of September 30, 2026"}},"commitments":[{"partner":"Broadcom","what":"Leases of Google TPU-based compute equipment","kind":"approximately","amount":161200000000,"text":"$161.2 billion","quote":"Our rent payments over the life of these leases are equal to an aggregate of approximately $161.2 billion excluding interest, with rent payable in quarterly installments and payment obligations typically commencing upon AI infrastructure equipment becoming “ready for service” at the applicable data center facility.","term":"Five-year leases","termQuote":"We have entered into five-year master equipment leases with Broadcom, pursuant to which we receive such hardware for deployment in dedicated data center facilities operated by others on our behalf (the “Lease Arrangements”).","cancel":"Non-cancelable by either party during the lease period, except in the case of a default.","cancelable":false,"cancelQuote":"The Lease Arrangements are non-cancelable by either party during the applicable lease period except in the case of a default."},{"partner":"SpaceXAI","what":"Compute on NVIDIA GPUs","kind":"up to","amount":120500000000,"text":"$120.5 billion","quote":"Under the SpaceXAI Arrangements, we agreed to spend an aggregate of up to $120.5 billion over terms extending into 2029, consisting of approximately $3.1 billion in the aggregate per month once all capacity has been delivered, which we expect in December 2026, with different fees during capacity ramping periods.","term":"Into 2029; about $3.1 billion a month once all capacity is delivered (expected December 2026)","termQuote":"Under the SpaceXAI Arrangements, we agreed to spend an aggregate of up to $120.5 billion over terms extending into 2029, consisting of approximately $3.1 billion in the aggregate per month once all capacity has been delivered, which we expect in December 2026, with different fees during capacity ramping periods.","cancel":"After non-cancelable periods ending in January 2027 and March 2027, either party can cancel each agreement with 90 days' written notice.","cancelable":true,"cancelQuote":"Following initial non-cancelable periods ending in January 2027 and March 2027 under the respective agreements, each agreement may be cancelled by either party upon 90 days’ advance written notice."},{"partner":"Google","what":"Cloud compute","kind":"at least","amount":114500000000,"text":"$114.5 billion","quote":"In March 2026, we entered into an agreement with Google, which was subsequently amended between May and August 2026, and pursuant to which we committed to spend at least approximately $114.5 billion between April 2026 and July 2033, regardless of actual usage.","term":"April 2026 to July 2033","termQuote":"In March 2026, we entered into an agreement with Google, which was subsequently amended between May and August 2026, and pursuant to which we committed to spend at least approximately $114.5 billion between April 2026 and July 2033, regardless of actual usage.","cancel":"Non-cancelable except for Google's uncured material breach. A shortfall is paid to Google as a true-up.","cancelable":false,"cancelQuote":"Our commitments under such agreement are non-cancelable except in the event of Google’s uncured material breach."},{"partner":"Amazon","what":"Cloud compute","kind":"at least","amount":110000000000,"text":"$110.0 billion","quote":"In April 2026, we entered into an agreement with Amazon, pursuant to which we committed to spend an aggregate of at least $110.0 billion between May 2026 and April 2036, regardless of actual usage.","term":"May 2026 to April 2036","termQuote":"In April 2026, we entered into an agreement with Amazon, pursuant to which we committed to spend an aggregate of at least $110.0 billion between May 2026 and April 2036, regardless of actual usage.","cancel":"Non-cancelable except for Amazon's uncured material breach. A shortfall is paid to Amazon as a true-up.","cancelable":false,"cancelQuote":"Our commitment under such agreement is non-cancelable except in the event of Amazon’s uncured material breach."},{"partner":"Microsoft","what":"Cloud compute","kind":"at least","amount":44900000000,"text":"$44.9 billion","quote":"In November 2025, we entered into an agreement with Microsoft, which was subsequently amended in February and October 2026, pursuant to which we committed to spend an aggregate of at least $44.9 billion between November 2026 and May 2033, regardless of actual usage.","term":"November 2026 to May 2033","termQuote":"In November 2025, we entered into an agreement with Microsoft, which was subsequently amended in February and October 2026, pursuant to which we committed to spend an aggregate of at least $44.9 billion between November 2026 and May 2033, regardless of actual usage.","cancel":"Non-cancelable except for Microsoft's uncured material breach, or per tranche for tranches not delivered.","cancelable":false,"cancelQuote":"Our commitment under such agreement is non-cancelable except in the event of Microsoft’s uncured material breach or, on a per-tranche basis, for undelivered tranches."},{"partner":"Nscale","what":"Compute on NVIDIA GPUs","kind":"up to","amount":44600000000,"text":"$44.6 billion","quote":"Under the Nscale Services Agreements, we agreed to spend an aggregate of up to approximately $44.6 billion over terms extending into 2033, with fees accruing only as capacity is delivered to and accepted by us.","term":"Into 2033; fees only as capacity is delivered","termQuote":"Under the Nscale Services Agreements, we agreed to spend an aggregate of up to approximately $44.6 billion over terms extending into 2033, with fees accruing only as capacity is delivered to and accepted by us.","cancel":"Non-cancelable except in limited cases, including Nscale missing delivery or availability requirements or an uncured material breach.","cancelable":false,"cancelQuote":"Otherwise, our commitment under each agreement is non-cancelable except in limited circumstances, including Nscale’s failure to meet specified delivery or service availability requirements or an uncured material breach by the applicable Nscale entity."},{"partner":"Lambda","what":"Compute on NVIDIA GPUs","kind":"approximately","amount":41300000000,"text":"$41.3 billion","quote":"Under the Lambda Agreements, we agreed to spend an aggregate of approximately $41.3 billion over terms extending into 2034, with fees accruing only as capacity is delivered to and accepted by us.","term":"Into 2034; fees only as capacity is delivered","termQuote":"Under the Lambda Agreements, we agreed to spend an aggregate of approximately $41.3 billion over terms extending into 2034, with fees accruing only as capacity is delivered to and accepted by us.","cancel":"Either party can end the August 2026 agreement ($34.9 billion of the total) if Lambda does not secure the facility lease in time. Otherwise non-cancelable except for breach or other limited cases.","cancelable":true,"cancelQuote":"Under our August 2026 agreement, which represents approximately $34.9 billion of the aggregate commitment, either party may terminate if Lambda does not timely secure the facility lease."}],"estimates":[{"partner":"Google and other TPU providers","what":"Additional TPU compute delivered 2028 to 2031, no fixed amount","low":125000000000,"high":150000000000,"text":"$125.0 billion to $150.0 billion","quote":"We estimate the aggregate future payments for such additional compute to be approximately $125.0 billion to $150.0 billion, which are not included in the contractual commitments table above."},{"partner":"AMD","what":"Helios rack-scale systems from 2027, no fixed amount","low":20000000000,"high":null,"text":"$20.0 billion","quote":"If we procure the full amount of this initial committed capacity, we expect aggregate expenditures to exceed $20.0 billion over the term of the agreement, which are not included in the contractual commitments table above."}],"owners":[{"name":"Dario Amodei","role":"CEO, co-founder, director","classA":240637980,"quote":"Dario Amodei(1) †† 240,637,980"},{"name":"Daniela Amodei","role":"President, co-founder, chair","classA":241408940,"quote":"Daniela Amodei(3) †† 241,408,940"},{"name":"Tom Brown","role":"Co-founder, listed as a selling stockholder","classA":244173040,"quote":"Tom Brown(12)†† 244,173,040"},{"name":"Christopher Olah","role":"Co-founder, listed as a selling stockholder","classA":242882420,"quote":"Christopher Olah(16)†† 242,882,420"},{"name":"Jared Kaplan","role":"Co-founder, listed as a selling stockholder","classA":242351170,"quote":"Jared Kaplan(14)†† 242,351,170"},{"name":"Jack Clark","role":"Co-founder, listed as a selling stockholder","classA":242271840,"quote":"Jack Clark(13)†† 242,271,840"},{"name":"Sam McCandlish","role":"Co-founder, listed as a selling stockholder","classA":231809780,"quote":"Sam McCandlish(15)†† 231,809,780"},{"name":"Krishna Rao","role":"Chief Financial Officer","classA":9497900,"quote":"Krishna Rao(4) 9,497,900"},{"name":"Vas Narasimhan","role":"Director","classA":176050,"quote":"Vas Narasimhan(7) 176,050"},{"name":"Reed Hastings","role":"Director","classA":9410,"quote":"Reed Hastings(5) 9,410"},{"name":"Christopher Liddell","role":"Director","classA":9410,"quote":"Christopher Liddell(6) 9,410"}],"ownersGroup":{"value":496360810,"text":"496,360,810","quote":"All executive officers and directors as a group (7 persons)(9) 496,360,810"}}