Anthropic’s $895 Billion AI Gamble Could Become Wall Street’s Next Debt Nightmare
By Google News AI ·
Oracle and CoreWeave built for Anthropic on borrowed money, and both burn cash while interest costs surge, with CoreWeave's quarterly interest expense jumping to $640 million.
Anthropic owes Broadcom, Google and Amazon hundreds of billions, and some contracts demand payment regardless of actual usage.
Anthropic has committed roughly $895 billion to computing contracts, and public investors carry that exposure through the suppliers on the other side.
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Anthropic has committed $895.4 billion to future computing power, equipment leases and other infrastructure agreements, according to its amended IPO filing released November 2, 2026. The figure is a contractual spending commitment, a category different from reported debt or revenue. About $447.5 billion is expected to be spent by the end of 2030, and $69.8 billion comes due within the next 12 months.
Anthropic is still private, so public-market investors carry this exposure through the companies on the other side of those contracts.
The money is concentrated among a few suppliers. The commitments include $161.2 billion in equipment leases with Broadcom (NASDAQ:AVGO), at least $121.3 billion to Alphabet (NASDAQ:GOOGL) unit Google and at least $110 billion to Amazon (NASDAQ:AMZN). Some of these agreements require payments regardless of actual usage.
Anthropic's third-quarter revenue came in at about $17 billion, infrastructure costs rose to $9.9 billion, and the company posted a $567 million operating loss. Anthropic also raised its revolving credit commitments from $3.3 billion to $15.0 billion and lifted its minimum liquidity covenant to $5.0 billion.
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The suppliers are already spending heavily to build this capacity. Alphabet reported negative free cash flow of $9.07 billion last quarter and issued $28.7 billion in senior notes. Amazon has guided to about $220 billion in 2026 cash capex and has released a trailing free cash outflow of $42.4 billion. NVIDIA caps its guarantee obligations for AI cloud and data center partners at $108.5 billion.
On NVIDIA's August earnings call, Colette Kress said: "The Frontier AI labs have extraordinary demand for training and inference compute, but they are growing faster than what their balance sheets and credit profiles can support."
The stocks of all six suppliers are trading during the week Anthropic's commitments became public. Here are the moves through November 6, 2026:
The hardware suppliers and the most leveraged cloud operators have fallen the furthest. Amazon has held up best.
The risk lies with the companies that took on debt to build for Anthropic. Oracle (NYSE:ORCL) holds $664 billion in remaining performance obligations (contracted…
Originally published by Google News AI
