Anthropic's initial public offering (IPO) registration statement filed with the U.S. Securities and Exchange Commission (SEC) on October 26 revealed multiple computing power agreements with SpaceX AI, a subsidiary of SpaceX, with a total expenditure cap of $120.5 billion and a term extending to 2029. After all agreed computing power is delivered, Anthropic expects to pay approximately $3.1 billion per month starting in December 2026, averaging approximately $37.2 billion annually; costs during the expansion period are arranged separately. Previously, SpaceX disclosed in its own prospectus that Anthropic would pay $1.25 billion per month for data center computing power, but the latest filing further reveals the contract size and payment levels after expansion. It is important to note that this is not an irrevocable multi-year payment commitment: the agreements have an initial term, after which either party can terminate them with 90 days' notice. Based on second-quarter revenue of $11.555 billion, the average monthly revenue was approximately $3.852 billion, and the full-load monthly fee was equivalent to 80.5% of that. In contrast, based on Anthropic's third-quarter revenue of $16.8 billion, the $3.1 billion monthly fee was approximately 55% of the quarterly average monthly revenue. Both figures use the same expected monthly fee, but the revenue base is different, reflecting the impact of Anthropic's revenue growth on its ability to afford computing power expenditures.
