Anthropic S-1 filing reveals cloud capacity crunch and heavy first-half losses

Anthropic is struggling to secure enough cloud capacity from AWS, Google, and Microsoft, which increasingly view the Claude maker as a competitor rather than a customer, according to an S-1 filing leaked to The Wall Street Journal.

The filing discloses a net loss of $80.7 billion on revenue of $16.3 billion in the first half of 2026, with two customers accounting for roughly a fifth of sales. The company believes it could spend more than $750 billion on cloud contracts, some of which are still being negotiated, and has begun leasing its own data centers and working with third-party operators despite concerns about their limited operating history.

Anthropic also warned it could be held liable for damages caused by harmful AI behavior that exceed its available insurance coverage. The company has told prospective investors that third-quarter revenue reached $16.8 billion, up 45% from the prior quarter, and is reportedly targeting a November 2026 IPO.