Anthropic commits to spending roughly $200 billion with Google Cloud over the next five years

Anthropic has committed to spending roughly $200 billion with Google Cloud over the next five years, starting next year, as part of an agreement where Google provides five gigawatts of server capacity. This single deal accounts for more than 40 percent of Google's total "revenue backlog" most recently disclosed to investors.

Together with OpenAI, Anthropic is responsible for roughly half of the $2 trillion in combined backlog at Amazon, Microsoft, Google, and Oracle. Anthropic also has a separate deal worth $100 billion with AWS covering up to five gigawatts over ten years, while OpenAI increased its AWS commitment by $100 billion.

The scale of AI infrastructure spending depends heavily on two money-losing companies: Anthropic projected over $20 billion for 2025, triple what it spent the year before, and has budgeted a total of roughly $200 billion across Microsoft, Google, and Amazon through 2029. Both companies are basing their projections on 20- to 30-fold revenue growth by 2029.