$ANT.X Purchase commitments & lease agreements, including short-term commitments:
$895.4B, substantially all of which is related to compute & infrastructure
9 Revs: B commitment — breaking down the math:
Total committed spend:
$895.4B
Thru Dec 31, 2030:
$447.5B
2031–2045 (implied remainder):
$447.9B
Due in next 12 mo9M26nths
$69.8B
So approximately half the commitments fall before 2031 & half over the following 15 years
Note: Combines several different types of obligations:
- Existing purchase commitments (
$320B )
- Operating and finance leases (
$17.4B)
- Short-term compute commitments (
$451.2B)
- Leases signed but not yet commenced (
$100.2B)
- Additional agreements entered into after Sept 30 (
$6.6B)
Total Cash:
$131.9B +
$14.8B LOC
Back of napkin:
NTM commitments (
$69.8B /
$131.9B) = 52.9% of cash
Customer rev (TTM):
$100K+ - 11,900+ custs
$1M+ - 1,900+ custs
$10M+ - ~250 custs
9M26 Revs:
$33.242B
Annualized 9M revs:
$44.32B
Back of napkin:
NTM commitments / annualized 9M revs:
$69.8B /
$44.32B = 1.58x
NTM commitments / A9MR + Total Cash: 39.6%
Note: Anthropic's
$895.4B infrastructure commitment excludes another est'd
$150–175B in variable compute arrangements, potentially taking the aggregate exposure above
$1T. Meanwhile,
$213.8B of the disclosed commitments carries termination rights or conditions
Oustandkin shares: 2,076,810,122
$AMZN $GOOGL $AVGO $ZM
