Anthropic has committed more than $100 billion over ten years to Amazon Web Services, a deal already reflected in AWS's $496 billion contract backlog. Anthropic's IPO prospectus, expected shortly after Labor Day, should reveal audited numbers behind the commitment for the first time.
The AWS deal is already on Amazon's books
Anthropic agreed on April 20 to spend more than $100 billion over the next ten years with AWS, covering up to 5 gigawatts of capacity on Amazon's Graviton processors and Trainium2 through Trainium4 AI chips. That single contract equals about a fifth of AWS's $496 billion backlog as of June 30, which was up from $195 billion in mid-2025.
AWS isn't relying on Anthropic alone. The filing also discloses a $100 billion, eight-year expansion of an existing $38 billion commitment from OpenAI. Meanwhile, the weighted-average remaining life of AWS's long-term contracts stretched from four years to 6.4 years over the same 12 months.
Amazon's side checks out; Anthropic's is still unverified
Amazon's own numbers back up the bet. AWS revenue rose 37% year over year to $42.2 billion in the second quarter of 2026, its fastest growth in 18 quarters, while segment operating income rose about 63% to $16.6 billion.
Anthropic's side is harder to check because the company is still private. Its annualized revenue run rate surpassed $65 billion by the end of July, up from roughly $9 billion at the start of the year, according to Crypto Briefing. Anthropic also keeps a multi-cloud strategy that includes engagements with Google Cloud, giving it leverage beyond its AWS contract.
What the prospectus could add
Amazon has invested directly in Anthropic on top of the cloud contract. Its latest quarterly filing shows Amazon put another $10 billion into Anthropic this year, with up to $15 billion more available under a financing arrangement tied to compute-delivery milestones.
Anthropic confidentially filed a draft S-1 with the SEC on June 1, according to Crypto Briefing. People familiar with the matter separately told CNBC the company could go public at a valuation of about $2 trillion, roughly double its private-market value. A prospectus should carry Anthropic's own accounting of the purchase commitments that fed AWS's backlog, replacing the reported figures with audited financial statements.
Sources: The Motley Fool, Crypto Briefing
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