Anthropic IPO Filing Discloses Nearly $900B in Off-Balance-Sheet Obligations

The disclosure matters less for the headline number than for where it sits: footnoted lease and purchase commitments that dwarf on-balance-sheet liabilities shift the risk profile of a company whose spending is tied to training, inference and energy. This is a structural question for the AI infrastructure buildout, not just one issuer — counterparties on those data center, power and GPU agreements now have a clearer view of Anthropic's forward exposure. Whether such off-balance-sheet commitments become standard disclosure practice across the sector, and how credit and lease counterparties price them, is the open question.