Anthropic's cloud suppliers are also its competitors, S-1 leaks suggest

Anthropic is struggling to buy enough cloud capacity from the three companies that sell most of it, and all three see the company as a competitor. TechCrunch reports this from a reading of leaked S-1 filings, with the first reporting in the Wall Street Journal, and also cited to Reuters and the Financial Times. The piece names Amazon Web Services, Google Cloud and Microsoft Azure as the hyperscalers Anthropic is trying to buy from and compete with at the same time.

The numbers in the article, which TechCrunch attributes to the leaked filings rather than to Anthropic directly, land in one block. Anthropic has projected cloud contract spending of 750 billion dollars, "some still being negotiated". It booked a net loss of 80.7 billion in the first half of 2026 on 16.3 billion in revenue, and TechCrunch cites a 16.8 billion revenue figure for the third quarter alone, which it describes as 45 percent quarter-over-quarter growth. Two customers account for roughly one-fifth of sales.

What Anthropic is doing about it

The piece describes Anthropic leasing its own data centers and working with third-party operators to add capacity outside the three main clouds. TechCrunch flags the risk straight: these smaller operators have "limited operating history" and may be less reliable than the hyperscalers. That is the trade a company makes when the suppliers it already uses are also the vendors it is trying to take enterprise accounts from. One Claude customer's region, latency and failover behaviour sits downstream of that trade.

The S-1 as reported points at an initial public offering in November. If that date holds, the next three weeks will add more public figures to the ones above, and the current numbers will be the floor rather than the ceiling of what has to be checked.

What is in the article, and what is not

The piece names no individual at Anthropic or at any of the three hyperscalers who was quoted on the strain. It describes the relationships in general terms, through the leaked filings and the three outlets' reporting on them. Specific contract values with each cloud, the names of the third-party operators, and the regions where Anthropic is adding capacity are not stated. Anthropic has not confirmed the figures publicly, and the article does not say it tried.

What a buyer of Claude capacity should read into this

Three things worth putting on a list. The first is region and availability: if an application is latency-sensitive to a Claude call and the pool of hardware behind it is less consistent than it used to be, that will show in the tail. The second is price. A supplier that is paying for its own data centers has a different cost base than one reselling a hyperscaler's, and that cost base ends up in the next contract. The third is concentration. The piece writes that two customers hold about a fifth of Anthropic's revenue; if your team is a serious buyer, that is a seat at the table and a reason to ask for commitments the public price list does not show.

Source

TechCrunch: Anthropic's cloud partnerships are getting messy.