Anthropic's Cloud Deals Fraying Before IPO
Original: Anthropic’s cloud partnerships are getting messy
Why This Matters
Cloud access bottlenecks could cap AI scaling just as Anthropic approaches public markets.
A leaked S-1 shows Anthropic may spend $750B+ on cloud contracts, posted an $80.7B net loss in H1 2026, and faces capacity tensions as AWS, Google, and Microsoft increasingly view it as a rival.
A leaked S-1 filing, reported by The Wall Street Journal, reveals Anthropic is struggling to secure adequate cloud compute from its three major hyperscaler partners—AWS, Google, and Microsoft—each of which now views the Claude-maker as a competitor. The filing puts potential cloud spending at over $750 billion, including deals still under negotiation, yet Anthropic says that commitment may still fall short of what it needs.
To fill the gap, the company is leasing its own data centers and working with third-party operators—but the filing flags those operators' "limited operating history" as a reliability risk compared to the hyperscalers.
The numbers are stark. Anthropic recorded an $80.7 billion net loss in the first half of 2026 on $16.3 billion in revenue, with just two customers making up roughly 20% of sales. The company separately told prospective investors that Q3 2026 revenue alone hit $16.8 billion—up 45% quarter-over-quarter. The filing also warns Anthropic could face liability for AI-caused harms exceeding its available insurance coverage. The company is reportedly targeting a November IPO.