Anthropic discloses $895.4 billion in data center commitments — Fortune
Anthropic said in its updated IPO prospectus that it has committed to spend $895.4 billion on data centers through 2045. It also disclosed third-quarter financial results showing shrinking margins amid rising spending on computing resources, Fortune reports.
Supplier guarantees
A $63 billion deal announced on October 26 provides that Bank of America, Citi, Morgan Stanley and Blackstone will finance a newly created company to purchase Broadcom chips and networking equipment. The equipment will be leased to Anthropic, with deliveries expected from 2027.
If Anthropic fails to meet its leasing obligations, Broadcom has agreed to cover the difference between 72.5% of the outstanding amount and the equipment's sale price. Broadcom's maximum potential liability after the equipment is put into operation could reach about $43 billion.
Gil Luria, head of technology research at D.A. Davidson, believes such arrangements are necessary for Broadcom to compete with Nvidia, which also supports financing for some large buyers of its chips. Andrew Giudici, a representative of ratings agency KBRA, noted that Google's specialized TPUs, which Broadcom produces, carry a higher re-leasing risk than Nvidia graphics processors because they are designed for a narrower ecosystem of users.
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Convertible notes and liquidity
Under a deal from March 2026, Anthropic may issue up to $42 billion in convertible notes to Broadcom to cover eligible quarterly lease payments. The standard rate on these notes is 9%. If revenue conditions specified in the agreement are not met, the rate rises to 13%, and the notes may be converted into shares at 85% of the market price, which could dilute existing shareholders' stakes more significantly.
Google and AMD also tie part of Anthropic's funding to lease obligations or the commissioning of their equipment. As of September 30, the company had $146.6 billion in liquidity, including cash, short-term investments and available bank credit lines.
Columbia Business School professor Stijn Van Nieuwerburgh noted that supplier guarantees may reduce risk for individual lenders while concentrating it in the broader financial system. Anthropic says raising funds through an IPO could give it more freedom in choosing equipment and funding sources.
