Reuters reviewed Anthropic's confidential IPO prospectus: $518B of planned infrastructure spending over the next decade. About 80% is non-cancelable or payable regardless of usage.

Anthropic's Cloud Commitments

• Google: $111.1B, April 2026 to July 2033

• AWS: $110B, May 2026 to April 2036

• Microsoft: $31.4B, November 2026 to May 2033

​Familiar logic for cloud buyers. Anthropic owes the minimum even if demand falls short.

"If our actual spend falls short, we must pay Google the difference."

Similar terms apply to AWS. Microsoft's deal ends only on Microsoft's "uncured material breach."​

Similar dollars, different weight

Google and AWS are almost level in dollars. Relative to their size, they are not.

If spread evenly over each term (my math):

• Google: ~$15.3B a year vs. $99B annualized Q2 revenue = ~15%

• AWS: ~$11.1B a year vs. $169B = ~6.6%

• Azure: ~$4.8B a year vs. $118B = ~4%

Anthropic's commitments vs June’s hyperscaler backlog:

• Google Cloud: $111.1B of $514B = ~22%

• AWS: $110B of $496B = ~22%

• Microsoft: $31.4B of $678B company-wide (not just Azure) = ~5%

Google's footprint may go much further

Anthropic separately carries $161.2B of Broadcom-related equipment leases.

In April, Google said Anthropic's expansion arrives through Google Cloud services and "Google-built TPUs supplied through Broadcom."

Not all of that lease belongs to Google. Still, Google's technology reaches well beyond the cloud contract.

Customer access is still key

In April, Anthropic reported 100,000+ customers running Claude on Bedrock and reaffirmed AWS as its primary training and cloud provider.

It also announced Claude Platform on AWS with “Same account, same controls, same billing.”

That combines infrastructure with access to customers.

Why all three

Anthropic's IPO prospectus describes the clouds as investors, customers, cloud providers, distributors and competitors at once. Their incentives "may not be fully aligned."

Each benefits from Claude's growth while competing with it. Working across all three secures more compute, reaches different customers and keeps any single cloud from holding all the leverage.

Flexibility sits outside the hyperscalers:

Anthropic's xAI agreements, up to $84.5B through 2029, are largely cancelable on 90 days' notice. xAI builds Grok, a direct Claude competitor.

The lesson for alliance leaders

• Each cloud relationship needs its own commercial logic.

• Show which priority you advance: adoption of its technology, cloud consumption or access to customers.

• Match your commitments with engineering and GTM support, while preserving options where your products compete.