- A leaked S-1 filing shows Anthropic is struggling to secure enough cloud capacity from AWS, Google, and Microsoft, which increasingly view it as a competitor rather than a customer.
- Anthropic expects to spend more than $750 billion on cloud contracts, with some deals still being negotiated, according to the filing obtained by The Wall Street Journal.
- The company posted an $80.7 billion net loss in the first half of 2026 against $16.3 billion in revenue, with two customers accounting for roughly a fifth of sales.
- Anthropic is reportedly targeting a November 2026 IPO, with third-quarter revenue alone reaching $16.8 billion, up 45% from the prior quarter.
What Happened
A leaked S-1 filing reported by The Wall Street Journal and detailed by TechCrunch on October 20, 2026, shows Anthropic is having difficulty securing adequate cloud capacity from its three largest infrastructure partners. The filing adds detail to spending figures Reuters and the Financial Times reported in late September 2026.
Why It Matters
Anthropic’s compute shortfall comes as it is simultaneously reportedly negotiating a second $45 billion compute deal with Nscale, underscoring how central raw infrastructure access has become to its growth plans ahead of a planned IPO. The hyperscalers’ reluctance to treat Anthropic purely as a customer reflects their own competing AI ambitions.
Technical Details
To fill the gap, Anthropic is leasing its own data centers and working with third-party operators, though the filing notes concern that those partners have a “limited operating history” compared to established hyperscalers. The filing also warns Anthropic could face liability for damages from harmful AI behavior exceeding its available insurance coverage.
Who’s Affected
The friction directly affects Anthropic’s relationships with AWS, Google Cloud, and Microsoft Azure, each of which supplies infrastructure while also fielding its own competing AI products. Prospective IPO investors are also affected, since the filing’s disclosures on compute risk and liability exposure factor directly into how the offering gets priced.
What’s Next
Anthropic did not immediately respond to TechCrunch’s request for comment on the filing. The company is still targeting a November 2026 IPO, with its compute strategy, split between hyperscaler contracts, leased facilities, and third-party operators, expected to remain under investor scrutiny through the offering process.
