Anthropic has disclosed $10.8 billion in remaining performance obligations. The company expects 75% of that figure to be recognized as revenue within the next 12 months.
A separate $265 million financing commitment remains unconfirmed, and as of late October it had not been secured.
What the numbers actually say
Remaining performance obligations, or RPO, is accounting shorthand for revenue that is already under contract but not yet delivered. Think of it as an order book: customers have signed, and the company still has to do the work.
For Anthropic, that backlog stands at $10.8 billion. The company’s own expectation is that three-quarters of it converts into recognized revenue over the coming year.
The $265 million financing commitment is a different matter. It has been reported but not confirmed, so it should be treated as pending until the company or its counterparty says otherwise.
A company built on very large numbers
Anthropic, best known for its Claude models, has raised over $30 billion across 2025 and 2026, with valuations landing between $350 and $380 billion.
Anthropic has pledged more than $500 billion in infrastructure commitments to partners including Amazon, Google, Microsoft, and Broadcom. Much of that spending is non-cancelable.
One recent quarterly report showed revenue of approximately $16.8 billion, which the company described as strong sequential growth.
Anthropic’s recent financial disclosures show substantial net losses, driven by heavy compute spending and accounting charges. The company reported losses nearing $80 billion over a six-month period due to increased compute spending in response to surging enterprise demand for AI solutions.
The company is also reported to be preparing for a possible initial public offering.
Why a $265 million question gets attention
When a company carries large non-cancelable commitments, every source of liquidity counts. An unconfirmed financing line raises a fair question about cash flow planning, even if the answer turns out to be dull.
The RPO figure points the other way. A $10.8 billion backlog, with most of it expected to convert within a year, suggests customers are signing contracts and expect to keep using the product.
What this means
The financing question is the half to watch. On its own, an unconfirmed $265 million commitment does not signal trouble. Even so, as Anthropic moves toward a potential public offering, prospective investors will want to know which of its money is secured and which is still being negotiated.
Anthropic’s infrastructure deals tie it closely to Amazon, Google, Microsoft, and Broadcom, which are both partners and, in some cases, rivals in AI. Large non-cancelable commitments to those firms mean Anthropic’s cost base is partly set by others’ pricing and capacity.
There are a few things to watch next. The first is whether the $265 million commitment is confirmed, revised, or quietly dropped. The second is whether future filings show the RPO converting on the timeline the company expects.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.