Alphabet, Amazon, SpaceX, Microsoft, Broadcom, and AMD Are Counting on Anthropic's IPO. Not All Their Contracts Are Equal.

Alphabet, Amazon, and Microsoft hold noncancelable minimum-spending commitments from Anthropic of at least $114.5 billion, $110 billion, and $44.9 billion, respectively. SpaceX's deal is worth up to $120.5 billion, but either side can cancel with 90 days' notice once the initial period ends in early 2027.