Anthropic Adds $10 Billion in Cloud Commitments and Says Lambda Deal Could Be Cancelled

The filing, a second amendment to Anthropic's S-1 registration statement with the US Securities and Exchange Commission, landed on the same day the Claude developer launched the investor roadshow for its Nasdaq listing. The Information, which first detailed the disclosures, said the new Microsoft and Google pledges were signed in the past month.

The changes matter because compute is Anthropic's largest long-term obligation and the main thing public investors are being asked to underwrite. They also expose how dependent smaller GPU cloud providers have become on a single AI customer: the Lambda agreement is the bulk of what that company has lined up with Anthropic.

The Lambda Lease Deadline

The agreement at risk was signed in August 2026 and is worth about $34.9 billion, part of roughly $41.3 billion in total commitments Anthropic has made to Lambda. It was conditional on Lambda securing a lease for the data centre facility that would house the capacity by a set date. Lambda did not meet that deadline, which means either company can now terminate the August agreement.

Anthropic has said it does not plan to terminate the deal at this point, according to Crypto Briefing, which reported that the contract is tied to the Hut 8 Beacon Point data centre in Nueces County, Texas, a site targeting about 350 megawatts. Under the agreement, fees are owed only once delivered capacity is accepted, and Anthropic holds further termination rights if Lambda misses project milestones, the outlet said. It added that Lambda's backlog had reached about $50 billion by September, largely because of the Anthropic contract.

Bigger Floors at Microsoft and Google

The increases build on commitments that were already among the largest in the industry. Anthropic's original S-1, filed on October 26, listed a minimum spend with Google of about $114.5 billion between April 2026 and July 2033, and at least $44.9 billion with Microsoft, an Azure arrangement that started as a $30 billion commitment announced in November 2025. A November 2 amendment lifted the Google floor to about $121.3 billion.

Both contracts are payable regardless of how much capacity Anthropic actually uses. According to the November 2 filing, the Google agreement can be cancelled only if Google commits an uncured material breach, while the Microsoft agreement can also be cut back tranche by tranche if capacity is not delivered.

In that earlier amendment, Anthropic put its total purchase commitments and lease agreements at about $895.4 billion, with about $447.5 billion expected to fall due before the end of 2030. About $213.8 billion of the total was tied to arrangements that carried exercisable termination rights or conditions that must be met before they begin.

The Offering

Anthropic said on Tuesday it is offering 825,000,000 Class A shares at an expected $70 to $78 each, of which 801,351,354 are being sold by the company and 23,648,646 by existing stockholders. The shares are to list on the Nasdaq Global Select Market under the symbol "ANT", and the company expects to give underwriters a 30-day option to buy up to 123,750,000 more shares. At the top of the range, the base offering would be worth about $64.4 billion.

Google and Microsoft are on both sides of that equation: they are among the suppliers that have agreed to buy Anthropic stock at the IPO price, while also holding some of its largest spending commitments. Lambda, by contrast, now holds a contract that both parties are free to walk away from while Anthropic markets its shares.