The S-1 registration statement that leaked to The Wall Street Journal reveals Anthropic is unable to obtain sufficient cloud capacity from the three leading hyperscalers. The filing says the company now views Amazon Web Services, Google Cloud and Microsoft Azure more as rivals than as customers, and it estimates potential cloud contract spend could exceed $750 billion, with some agreements still under negotiation.
Even with that projected outlay, Anthropic says the resources are insufficient. The firm has begun leasing its own data-center space and partnering with independent operators, but the filing cautions that many of these providers possess a limited operating history, a factor that could make them less dependable than the established hyperscalers. Anthropic described the concern as a “limited operating history.”
The filing also details Anthropic’s recent financial performance. In the first half of the year the company recorded a net loss of $80.7 billion while generating $16.3 billion in revenue. According to the Wall Street Journal report, only two customers accounted for roughly one-fifth of that revenue, underscoring a concentrated client base.
Beyond cash flow, the S-1 warns of potential legal exposure. Anthropic acknowledges that liability for harms caused by its artificial-intelligence systems could surpass the limits of its existing insurance policies, a risk that the filing flags as a possible catastrophic scenario for the company in the near term.
During recent investor outreach, Anthropic disclosed that third-quarter revenue has risen to $16.8 billion, representing a 45 percent increase over the prior quarter. The company said this growth supports its plan to launch an initial public offering in November, signaling confidence in market demand despite ongoing cloud-capacity challenges.