What financial covenant does an AI lab’s revolver carry, and what does it tell a counterparty?
The only financial covenant is a minimum liquidity test: Anthropic must hold at least $5bn of liquidity at each quarter end from 31 December 2026. For the covenant, liquidity means unrestricted cash and permitted investments only; the undrawn revolver does not count. The revolver is $15bn and runs five years, but it springs earlier: if more than $500m of other scheduled principal falls due within 91 days, the revolver matures first unless Anthropic has the liquidity to pay it and has set the money aside. For a provider, landlord or lender: a $5bn cash floor is the lab’s promise to its banks, and a useful benchmark when you ask for credit support.
Randeep Bubbra | Lawyer | Making the next generation of infrastructure financeable · Firm profile ·
What the filed contracts say
Contract
What the filed wording says
Anthropic $15bn revolver
Liquidity must be at least $5bn at each quarter end from 31 December 2026.
Anthropic $15bn revolver
For the covenant, undrawn revolver commitments do not count as liquidity.
Anthropic $15bn revolver
The revolver is $15bn.
Anthropic $15bn revolver
It runs five years from closing.
Anthropic $15bn revolver
It springs earlier if more than $500m of other scheduled principal falls due within 91 days, unless the lab has the liquidity and has set the money aside.
The filed wording
Section 6.09 Financial Covenant. Permit Liquidity to be less than $5,000,000,000 as of the last day of any fiscal quarter beginning with the fiscal quarter ending December 31, 2026.
Anthropic amended and restated revolving credit agreement ($15bn), with its compute financing carve-outs, section 6.09 · Anthropic S-1, Exhibit 10.10
Each extract is quoted from the contract as filed with the SEC, checked against the filed text when it was added; “…” marks words left out. Filers redact commercial terms, so a [***] or [*] is the filer's, not ours. The summaries describe the wording, not how a court would read it, and each contract's defined terms and other clauses can change the effect. General information drawn from public filings. It is not legal advice on any transaction, and using this page does not create a lawyer-client relationship. Views are personal.
InfraCompute Weekly
The week in compute finance, read from the filings.
Deals, terms and the clauses behind them, for the people financing data centres, GPU clouds and the power behind them. By Randeep Bubbra.
