Anthropic filed Amendment No. 1 to its Form S-1 on SEC EDGAR on November 2, 2026. The amended filing, which EDGAR lists as an S-1/A, says the company has purchase commitments and leases of about $895.4 billion, almost all of it for compute and infrastructure. The October 26 version left that number blank.

What changed

The S-1/A reads: "As of and subsequent to September 30, 2026, we have entered into purchase commitments and lease agreements, including short-term commitments, as well as leases not yet commenced, with an aggregate committed spend of approximately $895.4 billion, substantially all of which is related to compute and infrastructure."

It breaks the total down. About $447.5 billion is expected to be incurred before December 31, 2030, and substantially all of the rest between 2031 and 2045. About $69.8 billion falls due in the 12 months after September 30, 2026.

The original S-1 used the same sentence with "more than $" and no amount. We covered the blank in our report on the first filing. Because the October filing has no figure, the two documents give no earlier number to compare against, so we cannot say from the filings how much the total moved. Earlier press estimates are not in the filing text.

What the number covers

The total is wider than a bill already owed. The amended contractual obligations section says it combines the obligations in its table with short-term and subsequent commitments and leases not yet commenced.

The table itself, as of September 30, 2026, totals $320.0 billion: $4.2 billion of operating leases, $2.0 billion of finance leases and $313.8 billion of purchase commitments, which it describes as mainly minimum payments under cloud-provider hosting and other infrastructure service agreements.

The filing adds two caveats. About $213.8 billion of the total relates to arrangements with exercisable termination rights or contingent conditions before they begin, such as a counterparty securing financing, facilities or regulatory approvals. And certain other compute arrangements that do not state a fixed amount are left out of the aggregate. Anthropic currently estimates those at roughly $150 billion to $175 billion, payable after capacity is delivered.

Anthropic ties the commitments to its ability to grow: its ability to meet them, the filing says, "depends on our ability to generate significant revenue growth." For the financing side of that spending, see the Broadcom chip lease backed by banks and Blackstone.

What is still not set

The amendment does not give an Anthropic IPO date. The price range ("between $ and $") is blank, and the share counts and proceeds are blank too. The cover page and summary say Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol ANT, the same as in October.

A listing the week of November 16 was reported earlier by the Wall Street Journal, as we noted last week. Neither filing confirms a date. For anyone searching for the Anthropic stock ticker, the filing says only that it has applied for ANT. The shares do not trade yet.

Other changes we verified

  • Third-quarter revenue: the October filing left the dollar figure blank. The S-1/A gives $17.0 billion for the three months ended September 30, 2026, up from the $11.6 billion for the quarter to June 30 reported in the first filing.
  • Cash: the October filing gave $112.4 billion of cash and cash equivalents and $19.3 billion of short-term investments as of June 30, 2026. The amendment gives $95.6 billion and $36.3 billion as of September 30, 2026. Both filings say $141.1 billion had been raised in total.
  • Convertible notes: the amendment says Anthropic may issue up to an additional $77.0 billion of convertible promissory notes, subject to conditions. The Amazon notes outstanding are $6.2 billion.

What this means

The amendment makes the scale of Anthropic's compute spending concrete, and it also shows how much of it is conditional. It does not set the terms of the offering. We draw no conclusion about the offering itself, and this is not investment advice.

What we checked

We read the S-1/A on EDGAR and the original S-1 in full text on November 2, 2026, at 12:50 p.m. ET, and quoted them directly. Whether the two compute totals use the same scope is unknown, because the October total was blank. The reported November 16 timing is unconfirmed.