AI giant Anthropic’s S-1 filing was just made public, providing new insight into the highly consistent company’s financial health and dealmaking ahead of what is widely expected to be one of the biggest initial public offerings of all time.
No potential stock price or target valuation was shared in the filing, but it did reveal that Anthropic’s deal with Elon Musk’s SpaceXAI is actually tens of billions of dollars bigger than initially thought.
Anthropic had confidentially filed for an IPO in June. Previous Reuters reports on the then-confidential IPO prospectus had noted that the SpaceXAI deal could cost up to $84.5 billion by 2029. But the newly unveiled prospectus says Anthropic has actually agreed to spend up to $120.5 billion, a figure about $36 billion more than previously reported.
Under the agreements, Anthropic could pay SpaceXAI up to $120.5 billion over a period until 2029 “for access to computers powered by NVIDIA GPUs.” When all the computing capacity is delivered, which Anthropic expects to happen by the end of this year, Anthropic will pay SpaceXAI about $3.1 billion per month. When the initial non-cancellable periods end in early 2027, either Anthropic or SpaceXAI can cancel the agreement with 90 days notice.
The higher number adds to the trillions of dollars in AI infrastructure deals that have piled up in the industry, with Anthropic and OpenAI at the center of the spending.
The IPO prospectus also revealed numerous other multibillion-dollar infrastructure deals, including commitments for Anthropic to spend at least $114.5 billion with Google by July 2033, at least $44.9 billion with Microsoft by May 2033, and at least $110 billion with Amazon by April 2036.
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