{
  "schema": "aic.anthropic-cash-conditions/1",
  "reviewed_on": "2026-10-26",
  "language": "en",
  "unit": "USD millions unless otherwise stated",
  "scope": "June 30, 2026 unaudited accounts; contracts and subsequent events described in the October 26 S-1. Amounts across these categories and periods are not additive.",
  "sources": [
    {"id":"ANT_S1","url":"https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm","filed_on":"2026-10-26","supplied_html_sha256":"01ceed043cd6ff4f67d9053ec6f8dac703c931b3327e98d6abf2d56fef45dc89","locators":"Cash-flow statement F-13 and continuation; balance sheets F-6–F-7; MD&A pp. 163–173; Note 7, Note 9, Note 13 and Note 17."},
    {"id":"NSCALE_ORDER","url":"https://www.sec.gov/Archives/edgar/data/2110365/000119312526395475/ck0002110365-ex10_25.htm","filed_on":"2026-09-18","supplied_html_sha256":"e14e8c593b3fd7309d3402a16599e1b4498ff7d2c1625ddbc3a3bda9d1b63df3","locators":"One Order with Nscale GPU MCC B1.1 LLC, sections 1(c), 2, 5, 6 and 9; Exhibit A section 3.2. Dates, price, single-Order value and acceptance criteria are redacted or omitted."},
    {"id":"SPACEX_8K","url":"https://www.sec.gov/Archives/edgar/data/1181412/000110465926118614/tm2628247d1_8k.htm","filed_on":"2026-10-26","supplied_html_sha256":"7cd48510170f3e88f10492b956c976ba25896102e33aa9a2d210d8b2b98e9d02","locators":"Item 8.01; commitment entered October 24."},
    {"id":"LAMBDA_RELEASE","url":"https://lambda.ai/blog/lambda-closes-1-billion-senior-secured-fixed-rate-financing","published_on":"2026-10-01","locators":"Facility highlights and closing announcement."},
    {"id":"LAMBDA_RATING","url":"https://dbrs.morningstar.com/research/490455/morningstar-dbrs-assigns-credit-ratings-of-a-low-to-lambda-compute-i-llc","published_on":"2026-10-02","locators":"Borrower, rating considerations, rating drivers and financing rationale."}
  ],
  "accounts": {
    "source":"ANT_S1",
    "period":"Six months ended June 30, 2026",
    "unaudited":true,
    "revenue":16286,
    "operating_loss":-693,
    "net_loss":-80748,
    "operating_adjustments":[
      {"label":"Stock-based compensation expense","amount":2185,"group":"stock_compensation"},
      {"label":"Depreciation and amortization","amount":97,"group":"other_noncash"},
      {"label":"Change in fair value of convertible notes, derivative liabilities, and SAFEs","amount":72388,"group":"convertible_fair_value"},
      {"label":"Donation matching program liability","amount":126,"group":"other_noncash"},
      {"label":"Recognition and change in fair value of other financial instruments","amount":8720,"group":"other_instruments"},
      {"label":"Other","amount":-7,"group":"other_noncash"},
      {"label":"Accounts receivable, net","amount":-4982,"group":"working_capital"},
      {"label":"Prepaid expenses and other assets","amount":2094,"group":"working_capital"},
      {"label":"Accounts payable, accrued expenses, and other liabilities","amount":2679,"group":"working_capital"},
      {"label":"Lease liabilities","amount":-3,"group":"working_capital"},
      {"label":"Deferred revenue","amount":1380,"group":"working_capital"}
    ],
    "operating_cash_flow":3929,
    "investing_components":[
      {"label":"Purchases of property and equipment","amount":-482},
      {"label":"Purchases of short-term investments","amount":-18972},
      {"label":"Sales and maturities of short-term investments","amount":2610},
      {"label":"Other investing activities","amount":-337}
    ],
    "investing_cash_flow":-17181,
    "financing_components":[
      {"label":"Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs","amount":110432},
      {"label":"Principal payments for finance leases","amount":-4},
      {"label":"Issuance of convertible notes for cash","amount":0},
      {"label":"Proceeds from issuance of common stock","amount":355},
      {"label":"Repurchase of common stock","amount":0},
      {"label":"Issuance of SAFEs for cash","amount":0},
      {"label":"Payment of deferred offering costs","amount":-9}
    ],
    "financing_cash_flow":110774,
    "fx":-5,
    "cash_change_including_restricted":97517,
    "opening_cash_including_restricted":17401,
    "closing_cash_including_restricted":114918,
    "cash_and_equivalents":112389,
    "restricted_cash":2529,
    "short_term_investments":19262,
    "total_assets":147358,
    "total_liabilities":117467,
    "convertible_notes_carrying_value":108566,
    "amazon_notes_principal":6203,
    "finance_lease_liabilities":443,
    "derived":{"other_noncash":216,"net_working_capital_contribution":1168,"cfo_before_working_capital_changes":2761,"cash_plus_short_term_investments":131651,"cfo_less_cash_ppe":3447},
    "interpretation":"The working-capital subtotal is arithmetic, not normalized recurring CFO. Principal, fair-value carrying amount and total liabilities are different measures; the carrying amount is already inside total liabilities. Current cash PP&E does not measure all procured compute."
  },
  "supplier_facilities": {
    "source":"ANT_S1",
    "as_of":"2026-06-30",
    "table_scope":"The three facilities in MD&A page 166, not every NPA elsewhere in the filing.",
    "amount_available_for_issuance":77000,
    "principal_outstanding":0,
    "remaining_capacity_issuance_status":"Zero principal outstanding and no notes or non-voting common stock issued against the remaining capacities at June 30. Separate completed Google and Amazon preferred investments had already reduced availability.",
    "rows":[
      {"id":"GOOGLE","amount":20000,"principal_outstanding":0,"conditions":"Specified trailing-twelve-month revenue targets and third-party compute conditions.","funding_timing":"Each issuance is funded over five quarterly closings unless Google elects one closing; Google can defer revenue-linked draws.","post_ipo_settlement":"Notes on mutually agreed terms or Class N shares at 30-day trailing VWAP; shares if note terms are not agreed. Ownership-cap excess can become rollover notes.","draw_end":"2030-12-31","ipo_equity_option":10000,"option_reduces_facility_dollar_for_dollar":true,"prior_may_equity_investment_already_reflected":10000},
      {"id":"AMAZON","amount":15000,"principal_outstanding":0,"conditions":"Compute capacity milestones; amounts become available in $5bn increments.","milestone_increment":5000,"post_ipo_settlement":"Class N shares at 30-day trailing VWAP at the relevant capacity milestone, subject to ownership cap and rollover-note provisions.","draw_end":"30 months after IPO or earlier termination of specified commercial agreements.","prior_may_equity_investment_already_reflected":5000},
      {"id":"BROADCOM","amount":42000,"principal_outstanding":0,"conditions":"Serviceability starts the draw period; revenue-growth, minimum-liquidity and lease-performance conditions apply. Sustained failure can terminate issuance availability.","permitted_use":"Only quarterly rent under the 2026 Lease Arrangement, not general cash needs or all Broadcom leases.","base_pik_rate_percent":9,"base_conversion_percent_of_vwap":90,"conditional_pik_rate_percent":13,"conditional_conversion_percent_of_vwap":85,"post_ipo_settlement":"Convertible notes; holder may elect conversion to Class N common stock. Cash/acceleration provisions also apply.","security":"Certain subsidiary guarantees; junior lien on the 2026 lease collateral.","draw_end":"Five years after start of draw period, subject to earlier termination."}
    ],
    "other_2025_npa":{"amount":10000,"drawn_at_june_30":0,"scope":"Separate rent-financing NPA disclosed in Note 9; excluded from the page-166 $77bn table.","issuance_availability_ends":"IPO"}
  },
  "bank_facility":{"source":"ANT_S1","commitments":15000,"date_basis":"September 2026 amendment","maturity":"2031-09-04","minimum_liquidity_covenant":5000,"june_prior_commitments":3250,"june_borrowings":0,"june_standby_letters_of_credit":78,"september_drawn_balance":null,"scope":"Commitments, not a verified $15bn cash balance; subject to borrowing conditions, LC use and covenants."},
  "compute_contracts":[
    {"id":"GOOGLE","route":"Cloud services","amount":114500,"amount_type":"Approximate minimum spend","period":"April 2026–July 2033","payment":"Regardless of usage; shortfall true-up subject to adjustments and exceptions.","exit":"Uncured material breach by Google.","source":"ANT_S1","locator":"MD&A p. 171"},
    {"id":"AMAZON","route":"Cloud services","amount":110000,"amount_type":"Minimum spend","period":"May 2026–April 2036","payment":"Regardless of usage; shortfall true-up subject to adjustments and exceptions.","exit":"Uncured material breach by Amazon.","source":"ANT_S1","locator":"MD&A p. 172"},
    {"id":"MICROSOFT","route":"Cloud services","amount":44900,"amount_type":"Minimum spend","period":"November 2026–May 2033","payment":"Regardless of actual usage.","exit":"Uncured material breach; per-tranche exit for undelivered tranches.","source":"ANT_S1","locator":"MD&A p. 171"},
    {"id":"BROADCOM","route":"Equipment finance leases","amount":161200,"amount_type":"Approximate aggregate lease rent excluding interest","period":"Five-year leases; multiple arrangements","payment":"Typically ready for service; can commence earlier under specified circumstances including facility-readiness delay.","exit":"Non-cancelable during the applicable lease period except default.","recourse":"Two SPV subsidiaries; Anthropic parent guarantee; equipment security; restricted-cash support.","subset_2026_lease":125200,"subset_npa":42000,"source":"ANT_S1","locator":"Risk factors p. 74; MD&A pp. 172–173; Note 7"},
    {"id":"SPACEXAI","route":"GPU services","amount":120500,"amount_type":"Maximum aggregate spend","period":"Through 2029","full_capacity_monthly_fee":3100,"full_capacity_expected":"2026-12","payment":"Different fees during ramping; approximately $3.1bn monthly at full delivery.","exit":"Either party may give 90 days advance written notice after initial non-cancelable periods ending January/March 2027.","source":"ANT_S1","locator":"MD&A p. 172"},
    {"id":"NSCALE","route":"GPU services","amount":44600,"amount_type":"Approximate maximum aggregate spend","period":"Through 2033","payment":"Fees accrue as capacity is delivered and accepted.","exit":"Financing longstop right in one filed Order; delivery, availability and material-breach provisions.","source":"ANT_S1","locator":"MD&A p. 172; individual Order is NSCALE_ORDER"},
    {"id":"LAMBDA","route":"GPU services","amount":41300,"amount_type":"Approximate aggregate spend","period":"Through 2034","payment":"Fees accrue as capacity is delivered and accepted.","facility_lease_condition_amount":34900,"exit":"The August agreement allows either party to terminate if Lambda does not timely secure the facility lease; other delivery/breach provisions apply.","source":"ANT_S1","locator":"MD&A p. 172"},
    {"id":"AMD","route":"Hardware or third-party access","amount":null,"amount_type":"No fixed dollar commitment","initial_full_capacity_spending_estimate_exceeds":20000,"period":"Initial capacity in 2027","payment":"Deployment-proposal conditions; purchased systems or third-party service access.","conditional_equity_commitment":5000,"source":"ANT_S1","locator":"MD&A p. 172; Note 17"}
  ],
  "commitment_perimeters":{"source":"ANT_S1","june_purchase_commitments":265600,"june_terms_years":[1,20],"post_june_new_or_amended_minimum_payments":245000,"post_june_short_term_minimum_payments":21000,"reconciled_grand_total":null,"reason":"Different cutoffs and amended agreements; no verified overlap bridge. Selected named contracts are another disclosure perimeter."},
  "nscale_order":{"source":"NSCALE_ORDER","one_order_only":true,"provider":"Nscale GPU MCC B1.1 LLC","related_orders":4,"order_precedes_terms_of_service":true,"financing_best_efforts":true,"financing_longstop_days":null,"longstop_result":"Each party has a written termination right within a redacted window, not automatic termination.","acceptance":"Order section 5 requires written acceptance; Terms section 3.2 also deems acceptance upon silence within the redacted acceptance period and requires the full tranche to be accessible and available. Order section 2 gives the Order precedence. This analysis does not resolve that interaction.","prior_claim_clarification":"Written acceptance is not presented as the only contractual acceptance language.","single_order_amount":null,"already_financed":null},
  "spacex_apollo":{"source":"SPACEX_8K","commitment_date":"2026-10-24","principal_expected":40000,"status_as_disclosed":"Binding commitment letter to enter master finance lease; pricing and closing conditions remain.","closing_expected_by":"2026-12-31","delivery_and_commencement_expected":"2027-H1","term_years":[5,5.25],"quarterly_principal_fraction":0.05,"interest_rate":null,"rent_timing":"Quarterly in advance; principal plus fixed interest on outstanding balance and specified costs.","proven_anthropic_asset_link":false,"off_balance_sheet_classification_established":false},
  "lambda_comparator":{"sources":["LAMBDA_RELEASE","LAMBDA_RATING"],"borrower":"Lambda Compute I LLC","closed_on":"2026-10-01","facility_amount":1008,"fixed_rate_percent":6.78,"rating":"A (low) / Baa1 as announced","maturity":"2033-05-30","structure":"Secured delayed-draw facility; commissioning-linked draws; amortization after tranche stabilization.","offtakers":"Two investment-grade offtakers, not identified here as Anthropic.","minimum_dscr":1.2,"parent_investment_grade":false,"remaining_risks":["installation and acceptance","equipment reliability","parent risk during installation","debt-service reserve weakness"],"proven_link_to_anthropic_contracts":false},
  "ipo":{"filed_on":"2026-10-26","proposed_ticker":"ANT","price":null,"primary_share_count":null,"issuer_net_proceeds":null,"effective_or_closed":false,"selling_shareholder_proceeds_to_issuer":0},
  "chart_rules":{"network_widths":"Not proportional; relation types and dates are labeled.","amount_aggregation":"No sum across historical cash, undrawn capacity and multiyear procurement obligations.","cash_figures":"The same unaudited six-month period; exact original cash rows preserved.","sequence_figures":"Conceptual order and disclosed dates, not a measured time-to-delivery forecast."}
}