Anthropic’s cloud partnerships are becoming more complicated.

Meta description: Anthropic's leaked S-1 filing shows the Claude maker facing cloud capacity limits, $80.7 billion losses, and pressure ahead of a November IPO.

Tags: Anthropic, Claude, S-1, IPO, AI

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Anthropic’s leaked S-1 filing shows the Claude maker struggling to secure enough cloud capacity from AWS, Google, and Microsoft, a problem that becomes more consequential as the company reportedly targets a November IPO. The filing, leaked to The Wall Street Journal, describes a shift: the three hyperscale cloud providers are increasingly seeing Anthropic as a competitor rather than simply a customer.

From Customer to Competitor

The Claude maker depends on large amounts of compute. For years, that compute has come from major cloud providers. The leaked S-1 indicates that this arrangement is under strain. AWS, Google, and Microsoft are not just suppliers; they are also building AI capabilities that can overlap with Anthropic’s business. As a result, Anthropic says it is having trouble securing enough cloud capacity from them.

The company’s response is to diversify away from the hyperscalers. It is leasing its own data centers and working with third-party data center operators. Yet the filing flags a trade-off. Those operators may offer capacity, but Anthropic worries they have a “limited operating history,” which could make them less reliable than the established cloud providers.

Leaked S-1 Adds Detail to September Reports

The filing gives more color to numbers Reuters and the Financial Times reported in late September. One central point is the scale of Anthropic’s expected cloud spending. The company believes it could spend more than $750 billion on cloud contracts, some of which are still in negotiation.

That number frames the capacity issue. Anthropic is not asking for a modest expansion; it is preparing for spending that could reshape its relationship with cloud infrastructure providers. The filing does not present the hyperscalers as unavailable, but it suggests that access may be harder as competition grows.

Massive Spending, Losses, and Concentrated Revenue

The financial disclosures make the stakes clearer. Anthropic reported $16.3 billion in revenue during the first half of the year, while also recording an $80.7 billion net loss in the same period. The filing also says that only two customers accounted for about a fifth of sales.

That combination creates a difficult picture. Anthropic is generating substantial revenue, but its costs remain enormous, and a meaningful share of sales comes from a small number of customers. For readers tracking the company, the key question is how it supports the infrastructure commitments described in the filing.

Liability Warning and IPO Timeline

The leaked S-1 also expands on previously reported catastrophic risk disclosures. It warns that Anthropic could be held liable for damages caused by harmful AI behavior in amounts that would exceed available insurance coverage. That language adds a legal and financial risk layer to the operational capacity problem.

Timing intensifies the issue. Last week, Anthropic told prospective investors that third-quarter revenue alone has now reached $16.8 billion, up 45% from the previous quarter. The company is reportedly targeting a November IPO. Anthropic did not immediately respond to TechCrunch’s request for comment.

For now, the filing frames the near-term challenge: Anthropic is trying to scale Claude beyond the cloud capacity that AWS, Google, and Microsoft may be willing to provide, while managing losses, customer concentration, liability warnings, and an IPO schedule.