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Table of Contents Anthropic, PBC Notes to Consolidated Financial Statements (Continued) Supplemental balance sheet information for finance leases(1) were as follows (in millions): Property and equipment, at cost Accumulated depreciation Property and equipment, net Accounts payable, accrued expenses, and other current liabilities Other noncurrent liabilities Total finance lease liabilities ______________ (1) The Company did not have finance leases as of December 31, 2025. Maturities of lease liabilities are as follows (in millions): June 30, 2026 (unaudited) $ $ $ $ 445 (13) 432 86 357 443 December 31, 2025 June 30, 2026 Operating Leases Operating Leases Finance Leases(1) (unaudited) $ 45 $ 52 $ 35 22 4 4 39 149 (32) 109 194 162 173 911 1,601 (522) $ 117 $ 1,079 $ 62 106 106 106 106 37 523 (80) 443 2026 2027 2028 2029 2030 Thereafter Total undiscounted lease payments Less: imputed interest Present value of lease liabilities ______________ (1) The Company did not have finance leases as of December 31, 2025. Leases Not Yet Commenced As of December 31, 2025 and June 30, 2026 (unaudited), the Company had entered into lease agreements primarily related to compute and infrastructure capacity that had not yet commenced, with total estimated future undiscounted lease obligations of approximately $50.2 billion and $321.4 billion, respectively, with some arrangements subject to certain contractual conditions being met. These lease obligations will commence between 2026 and 2028, with lease terms ranging from less than one year to 20 years. The Company may elect to satisfy a portion of its obligations by issuing convertible promissory notes. Refer to Note 9 for further information. Leases Held Through a Consolidated Variable Interest Entity The Company consolidates certain VIEs formed to finance and deploy compute and infrastructure capacity. As of June 30, 2026 (unaudited), assets that are not, except as may be expressly provided in any contract or instrument entered into by these VIEs, generally available to satisfy the obligations of any person other than these VIEs were $296 million, primarily included in operating lease right-of-use assets. The Company guarantees certain VIE obligations; as a result, certain VIEs’ creditors have recourse to the general credit of the Company. As of June 30, 2026 (unaudited), liabilities related to these VIEs were $328 million, which primarily included $310 million of lease liabilities, of which $257 million were included in operating lease liabilities, noncurrent. The Company may satisfy certain VIE rent obligations through the F-35
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