Anthropic disclosed $77 billion in undrawn financing facilities from Google, Amazon and Broadcom in the public S-1 it filed on Monday, Oct. 26, with each facility tied to its own conditions.
A table in the filing lists the aggregate amounts available for issuance as of June 30, 2026: $20 billion under the “Google 2026 NPA,” $15 billion under the “Amazon 2026 NPA” and $42 billion under the “Infrastructure Partner 2026 NPA” with Broadcom, for a total of $77 billion. No principal was outstanding under any of the three. NPA stands for note purchase agreement.
The Wall Street Journal reported that Anthropic had lined up the financing from the three companies and that each agreement comes with its own requirements.
Amazon: compute milestones
According to the filing, amounts under the Amazon facility “will become available to us in $5.0 billion increments following the achievement of the relevant compute capacity milestones pursuant to certain commercial agreements between us and Amazon.” Draws may be made until the earlier of 30 months after the IPO or the termination of certain commercial agreements with Amazon. Each draw is settled in Class N common stock, subject to Amazon’s ownership cap.
Google: compute and revenue conditions
Google note requests can be made through Dec. 31, 2030 and “are driven by the achievement of certain conditions under certain third-party compute agreements and specified TTM revenue targets, which we have historically surpassed,” the filing says. Google “may elect to defer funding of revenue-linked draws.” The facility shrinks by up to $10 billion if Google exercises an option to buy up to that amount of Class N stock in a private placement alongside the IPO.
Broadcom: rent financing
Anthropic may issue notes under the Broadcom facility “solely to finance quarterly rent payments” under its 2026 equipment lease arrangement, the filing says. Conditions include “certain revenue growth rate conditions that are significantly below our actual revenue growth rates,” compliance with a minimum liquidity requirement and continued performance under the leases. The notes carry 9% interest, rising to 13% for notes issued when “certain revenue performance conditions are not met.” Broadcom may assign the facility to a designated financial partner, subject to Anthropic’s consent.