"Anthropic's 10-Year Purchase Commitments Total KRW 702 Trillion... 80% Are Non-Cancelable"

[Financial News] Anthropic will spend at least $518 billion (about KRW 701 trillion) over the next 10 years under cloud, computing, and infrastructure commitments with six partner companies. Of that amount, 80% is subject to commitments requiring Anthropic to pay the full committed amount regardless of usage or to otherwise "non-cancelable" commitments.
Foreign media reported that Anthropic disclosed this in an IPO prospectus it confidentially filed with the United States Securities and Exchange Commission (SEC) in June.
The scale of Anthropic's spending is comparable to OpenAI's $500 billion Stargate Project.
According to the prospectus, Anthropic signed large-scale, long-term contracts with partners including Broadcom, Google, Amazon, and Microsoft.
Anthropic entered into long-term infrastructure service contracts requiring it to spend at least $111.1 billion (KRW 150.4738 trillion) with Google, $110 billion (KRW 150.3384 trillion) with Amazon, and $31.4 billion (KRW 42.5281 trillion) with Microsoft (MS).
In particular, Anthropic must pay Google or Amazon any shortfall even if its actual spending does not reach the committed amount. The agreement with MS likewise cannot be canceled unless the other party commits a material breach of contract.
Anthropic also signed a $161.2 billion equipment lease with Broadcom. Most of this agreement cannot be terminated early either.
This means Anthropic could be required to pay a large sum even if the AI bubble bursts in the future and demand for computing resources declines.
Anthropic explained why it entered into contracts on these terms, saying, "Demand for advanced AI systems will exceed supply in the future, and ultimately, the availability of computing resources will become the biggest constraint."
There were also new spending commitments.
Anthropic signed an agreement with Elon Musk's xAI to use up to $84.5 billion worth of NVIDIA-based computing capacity through 2029. The agreement can be canceled with 90 days' notice.
AMD also agreed to purchase $5 billion worth of Anthropic shares, while Anthropic agreed to receive more than $20 billion worth of AMD computing resources.
Anthropic pointed out that Google, Amazon, and MS are both infrastructure suppliers and competitors developing their own AI models. It identified its dependence on these Big Tech companies as a "key risk."
Anthropic explained, "This could create a situation in which the interests of our partner companies may not be fully aligned with those of Anthropic."
[email protected] Lee Seok-woo, International Affairs Correspondent Reporter