Anthropic 修改后的IPO存档中的长期计算承诺细节

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Anthropic 修改后的IPO存档中的长期计算承诺细节

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Anthropic, PBC在2026年11月2日提交的S-1号表格中披露了约8 954亿美元的购买承付款和租赁协议，表示基本上都与计算和基础设施有关。 2026年第三季度的新增初步预测结果也是公司为A类共同股票准备了初步公开报价。

总额包括截至2026年9月30日及之后作出的安排，包括尚未开始的短期承付款和租约。 Anthropic预计在2030年12月31日前将发生约447.5亿美元，其余大部分在2031年至2045年之间，约698亿美元将在9月30日后的12个月内到期。 大约2 138亿美元与在启动前具有可行使的终止权或或有条件的安排有关，包括融资、设施或规章批准。

承诺结构和对应缔约方

备案的9月30日合同义务表为3,199.93亿美元：42.24亿美元的业务租赁、19.50亿美元融资租赁和3,138.19亿美元采购承诺，主要是今后根据云宿协定和其他基础设施协定支付的最低数额。 在该表之外，还有约174亿美元的短期承付款、尚未开始的已执行租约项下估计未贴现债务4 512亿美元、9月30日之后承付的1 020亿美元和随后承付的66亿美元。

没有固定美元承诺的单独安排，估计需支付1 500亿美元至1 750亿美元，包括1 250亿美元至1 500亿美元，用于预计在2028年至2031年期间交付的额外Google TPU。 这些数额不在合同义务表之内，取决于能力、交付方法、定价和融资机制。

命名的最低承诺包括2026年11月至2033年6月对Microsoft至少449亿美元，2026年4月至2033年7月对Google至少约1213亿美元，2026年5月至2036年4月对Amazon至少1100亿美元。 无论实际用法如何，均适用，但须符合所述条件。 Google协议和Amazon协议中，如果开支不足且不可撤销，则包含提款条款，除非对方未证实的重大违约。 Microsoft的承诺是不可撤销的，但Microsoft未经证实的重大违约或每批未交付部分除外。

与Broadcom公司和融资实体的五年总设备租赁提供约1 612亿美元的租金，不包括利息，一般每季度支付一次，因为AI基础设施设备已准备使用。 租约在租赁期内是不可撤销的，但出租人违约时除外，并提供使用基于TPU的计算，其中一部分于2026年开始上线，预计在2027年开始更早。

第三季度业绩和流动性

Anthropic报告，第三季度收入为169.56亿美元，比一年前的13.82亿美元有所上升，据档案称，这比一年增长1.127 %。 计算和基础设施支出从20.47亿美元增至98.63亿美元，增幅为382%，而业务费用总额达175.23亿美元。

公司上季度营业收入9.74亿美元后，本季度营业亏损5.67亿美元，净亏损232.91亿美元，包括可兑换指出，衍生负债和SAFE等公允价值变动产生的支出219.36亿美元。 Anthropic将业务损失主要归因于50亿美元的较高成本短期计算和20亿美元的非现金捐款匹配费用。 调整后的业务收入不包括库存补偿、非现金慈善捐款和Bartz结算，为24.63亿美元，调整后的业务边际为15%，而上一季度为22.35亿美元和19%。

9月30日终了的9个月，收入332.42亿美元，经营亏损12.60亿美元，净亏损104.39亿美元，包括公允价值变动支出943.24亿美元。 在此期间，业务活动产生了65.69亿美元的现金，而筹资活动则提供了1 107.35亿美元。

9月30日，Anthropic报告流动性为1,466亿美元，包括现金和现金等价物9,56亿美元，短期投资363亿美元，以及根据其修正的循环信贷机制可动用的148亿美元。 它还披露了高达770亿美元的可用票据购买协议融资和高达50亿美元的股权承诺。

Anthropic 直接和披露的风险

Anthropic 电话公司的部分来源直接从定期云协议转移到直接租赁由专门设施代其运营的芯片。 Anthropic 称所披露的承诺总额中有相当一部分与这一模式有关，预计该份额会增加。 该结构将数据中心容量承诺与加速器购买分开，从而可以更早地确保容量，而更大的加速器投资则被推迟，直到公司认为需求更加确定。

Anthropic 称可动用的现金、投资、销售收益和信贷设施供应将支持周转资金、业务和融资租赁付款以及至少在今后12个月的基本建设支出。 长期供资预计取决于收入增长、现金流动运作和获得额外资本。 该公司预计资本支出在可预见的未来将显著增加大量净现金使用，用于经营和投资活动，因为它是扩展专用计算和基础设施。

前景图还显示，许多协议都包含最低购买或收取或支付义务，而收入主要是以消费为基础，许多不是长期合同。 可能未充分利用能力的警告、收入前的现金流出、违约和交叉违约。

申报的近期保障是至少12个月的流动资金；除此之外，披露的模式取决于额外资本、专门能力的交付以及这种能力转化为收入。

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AI Models & Platforms

Anthropic Details Long-Term Compute Commitments in Amended IPO Filing

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Anthropic, PBC disclosed approximately $895.4 billion of purchase commitments and lease agreements in an amended Form S-1 filed November 2, 2026, saying substantially all relates to compute and infrastructure. The preliminary prospectus also adds third-quarter 2026 results as the company prepares an initial public offering of Class A common stock.

The total covers arrangements entered into as of and subsequent to September 30, 2026, including short-term commitments and leases not yet commenced. Anthropic expects about $447.5 billion to be incurred before December 31, 2030, substantially all of the remainder between 2031 and 2045, and approximately $69.8 billion to fall due in the 12 months after September 30. Approximately $213.8 billion is tied to arrangements with exercisable termination rights or contingent conditions before commencement, including financing, facilities or regulatory approvals.

Commitment Structure and Counterparties

The filing’s September 30 contractual-obligations table accounts for $319.993 billion: $4.224 billion of operating leases, $1.950 billion of finance leases and $313.819 billion of purchase commitments, principally future minimum payments under cloud hosting and other infrastructure agreements. Outside that table are approximately $17.4 billion of short-term commitments, $451.2 billion of estimated undiscounted obligations under executed leases not yet commenced, $100.2 billion of commitments entered after September 30 and $6.6 billion of subsequent short-term commitments.

Separate arrangements without fixed dollar commitments carry estimated payments of $150 billion to $175 billion, including $125 billion to $150 billion for additional Google TPU compute expected for delivery between 2028 and 2031. Those amounts are outside the contractual-obligations table and depend on capacity, delivery method, pricing and financing mechanics.

Named minimum commitments include at least $44.9 billion to Microsoft between November 2026 and June 2033, at least approximately $121.3 billion to Google between April 2026 and July 2033, and at least $110.0 billion to Amazon between May 2026 and April 2036. Each applies regardless of actual usage, subject to the stated terms. Google and Amazon’s agreements include true-up provisions if spending falls short and are non-cancelable except for the counterparty’s uncured material breach. Microsoft’s commitment is non-cancelable except for Microsoft’s uncured material breach or, on a per-tranche basis, undelivered tranches.

Five-year master equipment leases with Broadcom and financing entities provide for approximately $161.2 billion of rent excluding interest, generally payable quarterly as AI infrastructure equipment becomes ready for service. The leases are non-cancelable during the lease period except by the lessor upon default and provide access to TPU-based compute, part of which began coming online in 2026, with more expected starting in 2027.

Third-Quarter Performance and Liquidity

Anthropic reported third-quarter revenue of $16.956 billion, up from $1.382 billion a year earlier, which the filing describes as 1,127% year-over-year growth. Compute and infrastructure expense rose to $9.863 billion from $2.047 billion, a stated 382% increase, while total operating expenses reached $17.523 billion.

The company posted a $567 million operating loss for the quarter, following $974 million of operating income in the preceding quarter, and a $23.291 billion net loss that included $21.936 billion of expense from changes in the fair value of convertible notes, derivative liabilities and SAFEs. Anthropic attributed the operating loss primarily to $5.0 billion of higher-cost short-term compute and $2.0 billion of non-cash donation-matching charges. Adjusted Operating Income, which excludes stock-based compensation, non-cash charitable contributions and the Bartz settlement, was $2.463 billion with a 15% Adjusted Operating Margin, compared with $2.235 billion and 19% in the preceding quarter.

For the nine months ended September 30, revenue was $33.242 billion, operating loss was $1.260 billion and net loss was $104.039 billion, including $94.324 billion of fair-value change expense. Operating activities generated $6.569 billion of cash during that period, while financing activities provided $110.735 billion.

At September 30, Anthropic reported $146.6 billion of liquidity, comprising $95.6 billion of cash and cash equivalents, $36.3 billion of short-term investments and $14.8 billion available under its amended revolving credit facility. It also disclosed up to $77.0 billion of available note-purchase-agreement financing and up to $5.0 billion of equity commitments.

Anthropic Direct and Disclosed Risks

Anthropic Direct moves part of the company’s sourcing from fixed-term cloud agreements to directly leased chips hosted in dedicated facilities operated on its behalf. Anthropic said a significant portion of the disclosed commitment total relates to this model and expects that share to grow. The structure separates data-center capacity commitments from accelerator purchases, allowing capacity to be secured earlier while larger accelerator investments are deferred until requirements are more certain, according to the company.

Anthropic said its available cash, investments, sales proceeds and credit-facility availability would support working capital, operating and finance lease payments, and capital expenditure requirements for at least the next 12 months. Longer-term funding is expected to depend on revenue growth, operating cash flow and access to additional capital. The company expects capital expenditures to increase significantly and significant net cash use in operating and investing activities for the foreseeable future as it expands dedicated compute and infrastructure.

The prospectus also notes that many agreements contain minimum-purchase or take-or-pay obligations regardless of utilization, while revenue is primarily consumption-based and much is not under long-term contract. It warns of possible underutilized capacity, cash outflows before revenue, defaults and cross-defaults.

The filing’s stated near-term safeguard is liquidity for at least 12 months; beyond that, the disclosed model depends on additional capital, delivery of dedicated capacity and conversion of that capacity into revenue.

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