Anthropic recorded an $80.7 billion net loss in the first half of 2026 while generating $16.3 billion in revenue, according to a leaked draft IPO filing reviewed by The Wall Street Journal. The company has struggled to obtain sufficient cloud capacity from Amazon Web Services, Google and Microsoft, which increasingly view the Claude developer as a competitor as well as a customer. Anthropic believes its cloud-contract spending could exceed $750 billion, including agreements still under negotiation, and is leasing data centers and working with third-party operators despite concerns about their limited operating histories. Two customers accounted for about one-fifth of first-half revenue, underscoring customer concentration risk. Anthropic also warned that damages from harmful AI behavior could exceed available insurance coverage. The company told prospective investors that third-quarter revenue reached $16.8 billion, up 45% from the previous quarter, and is reportedly targeting a November IPO.