AI giant Anthropic’s S-1 filing was just made public, providing new insight into the financial health and dealmaking of the highly consequential company ahead of what is widely expected to be one of the largest initial public offerings of all time.

No potential share price or target valuation was shared in the filing, but it did reveal that Anthropic’s deal with Elon Musk’s SpaceXAI is actually tens of billions of dollars larger than initially thought.

Anthropic had filed confidentially for an IPO back in June. Previous Reuters reports on the then-confidential IPO prospectus had noted that the SpaceXAI deal could cost up to $84.5 billion through 2029. But the newly unveiled prospectus says Anthropic actually agreed to spend up to $120.5 billion, a figure roughly $36 billion more than previously reported.

Under the agreements, Anthropic could pay SpaceXAI up to $120.5 billion over a period extending into 2029 “to access compute powered by NVIDIA GPUs.” Once all the compute capacity has been delivered, which Anthropic expects to happen by the end of this year, Anthropic will pay SpaceXAI approximately $3.1 billion per month. Once the initial non-cancelable periods end in early 2027, either Anthropic or SpaceXAI will be able to cancel the agreements with 90 days’ notice.

The higher figure adds to the trillions of dollars in AI infrastructure deals that have piled up across the industry, with Anthropic and OpenAI at the center of the spending spree.

9 billion with Microsoft through May 2033, and at least $110 billion with Amazon through April 2036.

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