Capacity Crunch: Hyperscalers Now View Anthropic as a Rival
Anthropic is struggling to secure sufficient cloud capacity from AWS, Google, and Microsoft β companies that increasingly regard the Claude maker as a competitor rather than a customer, according to an S-1 filing leaked to The Wall Street Journal. The filing was first reported in detail by Reuters and the Financial Times in late September 2026.
Scale of the Spend
The leaked filing adds color to figures previously reported by Reuters and the Financial Times, including Anthropic's belief that it could spend more than $750 billion on cloud contracts β some of which remain under negotiation. Even at that scale, the capacity is still not enough.
To close the gap, Anthropic is leasing its own data centers and working with third-party data center operators. The company cautions, however, that these operators have a "limited operating history," which could make them less reliable than the hyperscalers.
Financial Picture: Huge Revenue, Massive Losses
The enormous infrastructure spend comes on the back of an $80.7 billion net loss in the first half of 2026. Over that same period, the company reported $16.3 billion in revenue β with just two customers accounting for roughly a fifth of sales, per the WSJ report.
Momentum, however, remains strong. Last week the company told prospective investors that third-quarter revenue has now reached $16.8 billion, up 45% from the prior quarter.
Risk Disclosures and IPO Timeline
Building on previously reported catastrophic risk disclosures, the filing also warns that Anthropic could be held liable for damages caused by harmful AI behavior at a level that would exceed its available insurance coverage.
Anthropic is reportedly targeting a November IPO.
Anthropic did not immediately respond to TechCrunch's request for comment.
via TechCrunch AI