Key Highlights

  • The S-1 chart data names USD 44.9B as the Anthropic compute commitment tied to Microsoft, about 7.0% of the USD 637.0B named total on simple arithmetic, the fifth largest of seven named partners.
  • About 48% of Anthropic's first-half 2026 Revenue came through cloud marketplaces, the S-1 chart data shows, and a private bank's CIO office lists Azure alongside AWS and Google Cloud among them.
  • Run-rate figures are not directly comparable, the private bank's note says: Anthropic counts the gross value of some sales through cloud partners, while OpenAI counts only its share of partner revenue.
  • OpenAI cited nearer USD 50 billion of run rate at the end of September 2026, a private bank's note says, after early reports of USD 70 billion proved to be an investor estimate.

What the Chart Data Shows

Anthropic filed its S-1 with the SEC on October 26, 2026. Charts built on it list named compute commitments by partner, and Microsoft appears at USD 44.9B, below Broadcom at USD 161.2B, SpaceXAI at USD 120.5B, Google Cloud at USD 114.5B and Amazon at USD 110.0B. Named contracts total USD 637.0B. The chart notes say the S-1's own aggregate is blank. Simple arithmetic on two published figures puts the Microsoft (NASDAQ:MSFT) commitment at just under one year of Anthropic's USD 46.2B Q2 2026 annualised run rate. A separate market commentary from October 26, 2026 cites a lower Microsoft figure of USD 31 billion, so we do not merge the two.

Azure and the Marketplace Role

A private bank's CIO office says Anthropic is largely distributed through the cloud platforms of Amazon Web Services, Google Cloud and Microsoft Azure, which together carried almost half of first-half 2026 revenue. For Microsoft (NASDAQ:MSFT), that makes Azure a sales channel as well as a compute supplier. The S-1 chart data shows sales, Marketing and partnerships costs, which include cloud-partner fees, rising 26.4 times year over year against revenue growth of 14.0 times. The note also observes that cloud partners are competitors with their own models, and that about 20% of first-half revenue came from just two customers, which concentrates exposure for Anthropic and its partners alike.

Net Versus Gross Run Rates

The same note says OpenAI counts only its share of partner revenue, while Anthropic counts the gross value of some sales through cloud partners. Its comparison table shows OpenAI at about USD 50 billion at the end of September 2026, with a target of USD 70 billion by year-end, and Anthropic above USD 65 billion at the end of July 2026, as reported. Because of the gross versus net gap, the note says investors should wait for audited, like-for-like numbers before deciding who is bigger. Sources also differ on total commitments: the note cites at least USD 518 billion over a decade, while the S-1 chart data names USD 637.0B.

Where Things Stand

Anthropic's USD 44.9B commitment attached to Microsoft is, in the S-1 chart data, a smaller piece of USD 637.0B in named contracts, and Azure is one of three marketplaces behind about 48% of first-half 2026 revenue. For Microsoft (NASDAQ:MSFT), the open question is less the size of the commitment than how run rates are counted: gross for Anthropic, net for OpenAI, according to a private bank's note. Different sources give different commitment totals, USD 637.0B and at least USD 518 billion, and we report each separately. None of this is a recommendation.