Anthropic‘s cloud partnerships are getting messy. The company is having trouble securing enough cloud capacity from AWS, Google, and Microsoft, which increasingly see the Claude-maker as a competitor rather than a customer, according to an S-1 filing leaked to The Wall Street Journal. That dynamic matters because Anthropic depends on those same hyperscalers for computing power, and the filing indicates the dependence is both expensive and incomplete.

The leaked filing provides more color to figures Reuters and the Financial Times reported in late September. Anthropic believes it could spend more than $750 billion on cloud contracts, with some of that spending tied to deals still in negotiation. Even that projected spend is not enough, so Anthropic is leasing its own data centers and working with third-party data center operators. The company worries those operators have a “limited operating history,” which could make them less reliable than the hyperscalers it is turning to.

The projected spend sits alongside severe financial losses. Anthropic reported an $80.7 billion net loss in the first half of the year and $16.3 billion in revenue during the same period, according to the WSJ report. The filing also shows customer concentration: only two customers account for about a fifth of sales. Last week, Anthropic told prospective investors that third-quarter revenue alone reached $16.8 billion, up 45% from the previous quarter. Revenue is growing quickly, but losses and concentration remain part of the picture as the company reportedly targets a November IPO.

The filing also builds on previously reported catastrophic risk disclosures. Anthropic warns it could be held liable for damages caused by harmful AI behavior at a scale that would exceed available insurance coverage. The company did not immediately respond to TechCrunch’s request for comment.