OpenAI and Anthropic Account for 89% of $1.57 Trillion in Signed AI Compute Contracts

Our AI compute commitments tracker counts $1.57 trillion in signed contracts for AI computing power, at face value and including up-to caps. Two buyers account for about 89% of it: OpenAI at $730.4 billion and Anthropic at $671.5 billion. Microsoft is a distant third at $70.9 billion, and Meta is fourth at $65.2 billion.

Most of the money goes to three suppliers. Oracle and Microsoft have about $300 billion each. All of Oracle's comes from OpenAI's Stargate deal. Most of Microsoft's is OpenAI's $250 billion Azure commitment from the October 2025 restructuring. Amazon has $248 billion across the two labs.

The bigger difference between the two labs is how much they could walk away from. Anthropic's IPO filings spell out the terms. On the ledger, $441.7 billion of Anthropic's contract value is marked non-cancelable. That includes minimum-spend deals with Google, Amazon, and Microsoft that Anthropic pays whether or not it uses the compute. "Non-cancelable" doesn't mean Anthropic can never get out. The Nov. 10 S-1/A lets Anthropic end each of those three if the supplier commits a material breach and doesn't fix it. The Microsoft deal can also be ended for certain tranches that aren't delivered. No other buyer on the ledger has a contract marked non-cancelable. Another $218 billion of Anthropic's contracts can be partly canceled.

OpenAI has no public filing of its own. Its rows come from suppliers' filings and company announcements, and none of them say whether $688 billion of OpenAI's contracts can be canceled. That doesn't mean they can be. It means the documents don't say. The remaining $42.4 billion, with CoreWeave and Cerebras, can be partly canceled.

The same filing puts Anthropic's total committed spending at about $900.9 billion. That is a wider figure than the ledger's. It also counts commitments signed after Sept. 30 and an estimated $451.2 billion in future payments on leases that were signed but hadn't started by that date. Some of those leases can be terminated, or depend on conditions such as the landlord getting financing or permits. The tracker keeps data center leases in a separate table ($201 billion signed) and doesn't add them to the $1.57 trillion. A tenant often resells leased capacity as cloud compute, so adding them could count the same money twice. In October, we traced $245 billion that Anthropic signed or amended after June.