What Anthropic's S-1 reveals about its compute contracts

The main thing I wanted to dig into @AnthropicAI's S-1 was the compute contracts.. A few things that stood out (built in conjuction with Opus 5.5): > At June 30, Anthropic had $265.6B of purchase commitments and $321.4B of leases that hadn’t started. That’s a $587B subtotal, payable over years, including some conditional leases. The latest aggregate total is still blank in the filing. > The contracts are very different. Google and Amazon require minimum spending regardless of usage. SpaceXAI’s agreements have a potential value of $120.5B, but either party can cancel on 90 days’ notice after initial locked periods end in January and March 2027. > Anthropic Direct separates chips, buildings, power and operations into different contracts. It lets Anthropic reserve a building early and commit to chips later. It also means one supplier can start billing before the others are ready. Equipment rent can begin before the compute is usable. > Broadcom’s $42B facility never hands Anthropic cash. Notes settle specific equipment rent bills. The facility excludes each equipment pod’s first quarterly payment and any rent due before it is ready for service. Anthropic has to find a way to…