Anthropic, the AI startup known for developing the Claude language model, is encountering significant challenges in securing cloud computing capacity from major providers like AWS, Google, and Microsoft. These cloud giants now increasingly see Anthropic as a competitor, resulting in strained partnerships. According to a leaked S-1 filing reported by The Wall Street Journal, Anthropic's negotiations with these hyperscalers are complicated, even as the company’s infrastructure spending soars ahead of its planned initial public offering scheduled for November 2026.

The company’s cloud-related expenses are staggering, with internal estimates suggesting it could exceed $750 billion in cloud contracts, many of which are still under negotiation. Due to difficulties locking down sufficient cloud capacity, Anthropic has resorted to leasing its own data centers and collaborating with third-party data center operators. However, Anthropic expresses concern over the relatively short operating history of these third-party partners, fearing potential reliability issues compared to established hyperscalers.

Financially, Anthropic reported a net loss of $80.7 billion in the first half of 2026, despite generating $16.3 billion in revenue during the same period. Remarkably, just two customers accounted for approximately 20% of that revenue. Recent updates show continued growth, with third-quarter revenue reaching $16.8 billion, up 45% from the prior quarter. These figures highlight the company’s rapid expansion alongside escalating operational costs, underscoring the urgency for stable infrastructure partnerships.

The filing also discloses substantial risks tied to AI safety and liability, warning that Anthropic could face damages exceeding its insurance coverage if its AI systems cause harm. The company did not respond to TechCrunch’s request for comment. As Anthropic pushes toward its November IPO, these challenges around cloud partnerships, financial losses, and AI risk disclosures paint a complex picture of the startup’s rapid ascent amid mounting industry pressures.