Anthropic is struggling to secure enough cloud computing capacity from Amazon Web Services (AWS), Google, and Microsoft despite planning to spend more than $750 billion on AI infrastructure. According to a leaked initial public offering (IPO) filing reviewed by The Wall Street Journal, the Claude developer faces growing competition with its cloud providers while preparing for a potential November listing.
The filing reported on October 20 indicates that Anthropic has committed more than $600 billion to cloud computing and AI chip agreements, with approximately $150 billion in additional contracts under negotiation. The company is also leasing data centers directly and working with independent infrastructure operators to meet its computing requirements.
Anthropic Faces Challenges Securing Cloud Infrastructure
Anthropic relies on AWS, Google, and Microsoft for computing resources used to train and operate its Claude AI models. However, the filing indicates that these providers increasingly view Anthropic as a competitor because they also develop and sell AI services.
The company has expanded its infrastructure arrangements, including a partnership with Amazon announced in April to secure up to five gigawatts of computing capacity. That agreement involved commitments exceeding $100 billion over ten years to support Claude training and deployment.
Anthropic is also leasing its own data centers and contracting with smaller operators to supplement available capacity. However, the filing warns that some providers have limited operating histories, raising concerns about their ability to deliver reliable infrastructure at the required scale.
Anthropic Reports $80.7 Billion Loss in First Half of 2026
Anthropic recorded a net loss of $80.7 billion during the first six months of 2026, compared with a $13 billion loss during the same period last year. According to Reuters, approximately $72 billion of the loss resulted from an accounting adjustment related to the increased value of convertible financing instruments.
The company generated $16.3 billion in revenue during the first half, compared with $1.1 billion a year earlier. Two customers accounted for approximately 20% of its sales, according to the filing.
Computing and infrastructure expenses reached nearly $9 billion during the period, compared with $2.3 billion a year earlier. The company also disclosed potential legal liabilities from harmful AI behavior that could exceed its available insurance coverage.
Anthropic Targets November IPO Following Revenue Growth
Anthropic reported third-quarter revenue of $16.8 billion, an increase of 45% from $11.6 billion in the preceding quarter. The company disclosed the figures during an investor presentation ahead of its anticipated public listing.
The October 14 investor update also indicated that Anthropic had achieved profitability on an adjusted basis, although it continues to face substantial infrastructure spending requirements.
Anthropic is reportedly targeting a November IPO, with market estimates placing its potential valuation between $1.5 trillion and $2 trillion. The company has not publicly confirmed a final offering date or valuation.
Featured image credits: Google Play
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