Anthropic is facing a cloud capacity crunch as major providers like AWS, Google and Microsoft see the company as a rival, not a friend. Despite aiming to spend $750 billion on cloud contracts, including ongoing negotiations, the firm is still falling short. To compensate, Anthropic is leasing its own data centers and working with third-party operators, but worries about their reliability.

The financials are dire, with a $80.7 billion net loss for the first half of the year, despite $16.3 billion in revenue. Just two customers account for a fifth of sales. Anthropic warns it could be liable for damages caused by harmful AI behavior, potentially exceeding its insurance coverage.

Last week, the company reported third-quarter revenue of $16.8 billion, a 45% increase from the previous quarter. With an IPO targeting November, Anthropic’s cloud conundrum is more urgent than ever. The race to secure the digital infrastructure of the future is heating up, and humanity’s trust in these tech giants is at stake.