Anthropic Faces Cloud Capacity Limits Ahead of Planned IPO

Anthropic is having trouble getting enough computing power from major cloud companies as competition in artificial intelligence grows stronger. This is according to a leaked S-1 filing reported by The Wall Street Journal. Anthropic, the company that makes Claude, is looking for more ways to get the computing power it needs. At the same time, it faces large spending commitments and financial risks as it prepares for a possible stock market launch in November.

The filing provides more details about figures reported by Reuters and the Financial Times in late September. Those reports and the newly revealed information say that Anthropic believes it could spend more than $750 billion on cloud service contracts. This amount includes deals that are still being discussed.

One major problem is that Amazon Web Services, Google, and Microsoft increasingly see Anthropic as a competitor, not just a customer. These companies are also expanding their own work in artificial intelligence. This creates tension as Anthropic tries to get the computing power it needs to run and grow its business.

Anthropic is also renting space in its own data centers and working with other companies to increase its computing capacity. However, the filing raises questions about whether these providers can be relied on. They have not been operating for very long, which could make them less dependable than large, well-established cloud companies.

The financial details also show how much Anthropic is spending and the business risks it faces. According to The Wall Street Journal's report on the filing, the company had a net loss of $80.7 billion in the first half of 2026, even though it earned $16.3 billion in revenue during the same period.

Another concern is that Anthropic depends on a small number of customers. The filing, as described by The Wall Street Journal, says that just two customers accounted for about one-fifth of the company's sales in the first half of the year.

Anthropic's disclosures also discuss possible legal costs if its AI systems behave in harmful ways. According to the filing, the damages from such behavior could be greater than the amount covered by the company's insurance. This could leave Anthropic responsible for costs that its current insurance does not cover.

These warnings add to earlier concerns about the possible effects of advanced AI systems. The filing says that harmful behavior by the company's AI models could expose Anthropic to large financial losses.

Anthropic has also shared newer revenue figures with people who may invest in the company as it prepares for a possible stock market launch. Last week, the company told investors that its revenue reached $16.8 billion in the third quarter. That was a 45% increase from the previous quarter.

The reported third-quarter figures show that Anthropic's revenue is continuing to grow. However, the company's disclosures also show that it needs large amounts of computing power and faces significant financial risks. The company is reportedly aiming to launch its initial public offering in November.

Anthropic did not immediately respond to TechCrunch's request for comment on the disclosures.