Anthropic's signed leases hit ~$321B as purchase commitments jump from $55B to $266B

tengyanAI · x · 2026-11-04

Reading Anthropic's S-1 filing: H1 2026 capex was just $482M, but signed leases that haven't started yet total $321B — the company owns almost none of its compute, with landlords, power companies and chip vendors carrying the assets.

Key points:

Purchase commitments jumped from $55B to $266B in six months.
Some power deals run 20 years with uncapped fuel pass-through, meaning plant builders are underwriting Anthropic's credit for two decades.
Broadcom had to guarantee lenders on the $63B chip lease (up to $43B) to get it financed — the chip vendor is on the hook if Anthropic stops paying.
Samsung and SK Hynix signed long-term memory supply deals locking in 50-80% of capacity citing shortages into 2028-30; those contracts are written against demand like Anthropic's, exposing memory makers one step further back.
Compute fell to 55% of revenue in H1, from 160% in 2025. The ratio to track quarterly: if it turns back up, suppliers will find out how exposed they are.

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Anthropic's signed leases hit ~$321B as purchase commitments jump from $55B to $266B

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