Anthropic Struggles to Secure Cloud Capacity Ahead of November IPO
Anthropic’s leaked S-1 says potential cloud commitments above $750 billion may still not meet demand, forcing it toward less-tested third-party data-center operators. The company reported an $80.7B first-half net loss on $16.3B revenue ahead of a targeted November IPO.
Anthropic is having difficulty securing enough cloud computing capacity from major providers AWS, Google, and Microsoft, which increasingly view the Claude-maker as a competitor rather than a customer, according to an S-1 filing leaked to The Wall Street Journal in October 2026.
The leaked filing reveals that Anthropic believes it could spend more than $750 billion on cloud contracts, including deals still under negotiation — and yet that spending may still fall short of its needs. In response, the company is leasing its own data centers and working with third-party data center operators. However, Anthropic warns in the filing that those operators have a “limited operating history,” which could make them less reliable than the major cloud providers.
The infrastructure pressure comes as Anthropic’s financials show significant strain. The company reported an $80.7 billion net loss in the first half of the year against $16.3 billion in revenue, with just two customers accounting for roughly a fifth of total sales. More recently, Anthropic told prospective investors that third-quarter revenue alone reached $16.8 billion — up 45% from the previous quarter.
The S-1 filing also expands on previously reported risk disclosures, warning that Anthropic could face liability for damages caused by harmful AI behavior at a scale that would exceed its available insurance coverage.
Anthropic is reportedly targeting a November IPO. The company’s reliance on a small number of customers and its dependence on cloud providers that may limit its access could present material risks to prospective investors. Anthropic did not respond to a request for comment.