Anthropic is confronting a strategic challenge in securing cloud infrastructure as major providers including Amazon Web Services, Google Cloud and Microsoft Azure increasingly view the company as a competitive rival rather than a client, according to a leaked regulatory filing reported by The Wall Street Journal. The document, part of Anthropic's confidential S-1 submission later obtained by the Journal, confirms earlier disclosures from Reuters and the Financial Times regarding the scale of the company's cloud spending plans.

Anthropic projects expenditures exceeding $750 billion on cloud contracts over the coming years, with some agreements still under negotiation. To address capacity constraints, the company has begun leasing its own data center space and collaborating with third-party operators, though it acknowledges these partners possess 'limited operating histories' that may affect reliability compared to established hyperscalers.

The financial pressures stem from Anthropic's $80.7 billion net loss recorded during the first half of 2026, despite generating $16.3 billion in revenue over the same period. The company's customer concentration remains notable, with just two clients accounting for approximately 20% of sales.

Additional regulatory disclosures in the filing warn that Anthropic could face liability for damages related to harmful AI behavior that might exceed existing insurance coverage. The company also recently informed investors that third-quarter revenue reached $16.8 billion, representing a 45% sequential increase. Anthropic continues to pursue a public listing, with reports indicating a potential November initial public offering.

The company has not yet responded to requests for comment from technology news outlets.