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Anthropic is reportedly struggling to secure enough compute from cloud providers that increasingly view it as a competitor, even as its infrastructure spending balloons ahead of a planned November IPO. Its draft S-1 shows it spent ~$9B on compute and infrastructure in H1, up from $2.3B a year earlier, and could spend $750B in the coming years. Its IPO prospectus shows H1 2026 revenue of $16.3B, ~20% from two customers, vs. $1.1B in H1 2025, and an $80.7B net loss driven by accounting charges.
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Anthropic is reportedly struggling to secure enough compute from cloud providers that increasingly view it as a competitor, even as its infrastructure spending balloons ahead of a planned November IPO. Its draft S-1 shows it spent ~$9B on compute and infrastructure in H1, up from $2.3B a year earlier, and could spend $750B in the coming years. Its IPO prospectus shows H1 2026 revenue of $16.3B, ~20% from two customers, vs. $1.1B in H1 2025, and an $80.7B net loss driven by accounting charges.