Anthropic's S-1 Vs Google And Broadcom: Where $42B Deals Differ

Anthropic filed its S-1 this week, and most of the big numbers in it involve someone else: Google (GOOGL), Amazon (AMZN), Broadcom (AVGO), SpaceX, Microsoft (MSFT). Each of those companies files its own quarterly reports, so I read the S-1 against them. Several partners report large deals with a company they never name. Put next to the S-1, the amounts, dates and terms line up with Anthropic's own.

The Google and Broadcom deals were reported in the press at the time. What the filings add is both sides of the same contract, and the places where they don't agree.

The $80.7 billion loss is mostly one holder's notes

The first-half net loss of $80.7 billion was the headline. The operating loss was $693 million, on $16.3 billion of revenue (all of 2025 was $4.6 billion).

Most of the gap is a $72.4 billion rise in the fair value of convertible notes. At June 30 every one of those notes was Amazon's: $6.2 billion of principal, convertible into 1.84 billion shares, carried at $108.6 billion. That works out to about $58.99 per share they convert into, essentially the Series H price of $58.90 after the 10-for-1 split.

Another $11.75 billion came from the purchase agreements that let Google and Amazon buy Series G-2 stock at $259.14 a share (the January Series G price, before the split) in the same quarter Series H sold at $589.01.

Amazon marks the same notes $10.7 billion lower

Amazon is the one partner that names Anthropic, so the notes can be read from both sides. Anthropic carries them at $108.6 billion; Amazon carries the same notes at $97.9 billion. Six months earlier the order was reversed: $41.7 billion on Anthropic's books, $45.8 billion on Amazon's.

Most of Amazon's gain sits in other comprehensive income (the unrealized gain went from $39.5 billion to $92.0 billion), not in net income.

Broadcom's backstop

Anthropic leases TPU racks from Broadcom: $161.2 billion of rent over five years, about $125.2 billion of it under the 2026 lease. In June, Broadcom moved part of those agreements to an Apollo-led vehicle and agreed to cover up to $29 billion of the lease payments if they aren't made. Broadcom's backlog went from $45.0 billion to $164.6 billion in the quarter the lease was signed.

The S-1 describes the leases in detail. It refers to Apollo only as "another third party" and doesn't mention the backstop.

SpaceX's Customer B

SpaceX's Q3 10-Q lists a new "Customer B" at 34.5% of quarterly revenue, about $5.0 billion, from the segment that sells cloud services, on contracts of about three years cancellable on 90 days' notice. Anthropic's SpaceXAI agreement started in May 2026, runs into 2029 and has the same 90-day notice once early 2027 passes; at full capacity in December it costs about $3.1 billion a month. Customer B paid about $1.7 billion a month in Q3.

That one is my inference from timing, terms and size. Another tenant could fit.

The suppliers are also the sales channel

Sales through Amazon's, Google's and Microsoft's cloud marketplaces were 48% of Anthropic's revenue in the first half of 2026, up from 11% in 2023, and 58% of its net receivables at June 30. The same three companies are investors and compute suppliers.

The compute bill

The S-1 describes about $657 billion of compute agreements with eight suppliers:

• Broadcom equipment leases: $161.2B

• SpaceXAI: up to $120.5B

• Google: at least $114.5B

• Amazon: at least $110.0B

• Microsoft: at least $44.9B

• Nscale: up to $44.6B

• Lambda: $41.3B

• AMD (AMD): more than $20B expected

Some are minimums, some ceilings and some lease rent, so the total mixes different kinds of promise. Fixed or minimum commitments were $265.6 billion at June 30, and agreements signed after June add about $245 billion more.

What's blank

The S-1 defines related parties by voting stock. Amazon and Google hold non-voting stock, so the two partners with the largest stakes and contracts aren't in the related-party section, and their post-IPO holdings are blank. Run-rate revenue is blank too.

Method

I compared the S-1 with Alphabet's, Amazon's, Broadcom's, Microsoft's and SpaceX's latest 10-Qs and their earnings calls, matching each deal on amount, date and terms. Where a partner doesn't name Anthropic, the match is an inference, and the full study gives the arithmetic and the competing explanations.

The full study has the charts, every filing linked, the Microsoft, Nvidia (NVDA) and AMD sections, and how often Anthropic came up on other companies' earnings calls (98 calls last quarter, against 19 a year earlier): Anthropic's S-1 Explains the Unnamed Deals in Google, Broadcom and SpaceX Filings.