Anthropic Builds Its Own Data Centers Alongside AWS

Anthropic is expanding its artificial intelligence infrastructure beyond major cloud providers by leasing its own data centers and AI chips, creating a partial competitor to Amazon Web Services (AWS). The development, disclosed in Anthropic's registration statement made public October 26, 2026, could limit Amazon's opportunity to capture additional computing revenue from one of its largest AI customers.

According to the filing, Anthropic's infrastructure strategy, called Anthropic Direct, involves leasing computing equipment and facilities designed to its specifications. The company continues purchasing computing capacity from Amazon and Alphabet's Google while developing independent infrastructure through additional data center agreements.

Anthropic has committed $110 billion to AWS through 2036 and $114.5 billion to Google's cloud services through 2033, according to CNBC's analysis of the filing. These agreements establish substantial long-term revenue commitments for both technology providers.

Fluidstack, the infrastructure company involved in Anthropic's $50 billion Texas and New York data center agreement announced in November 2025, is identified as a development and operations partner. Anthropic also plans to secure additional facility leases.

Investor Paul Kedrosky described the strategic implications during the October 27 episode of Prof G Markets, highlighting how Anthropic is developing both customer-facing products and the underlying infrastructure needed to operate them.

"They're essentially reduplicating AWS, Amazon Web Services, in both directions," said Kedrosky.

Kedrosky argued that relying heavily on major competitors creates strategic vulnerabilities for Anthropic. Developing independent infrastructure could reduce its dependence on competing cloud providers and limit the revenue share paid through their cloud marketplaces.

However, Anthropic's infrastructure expansion does not immediately eliminate its existing financial obligations to Amazon. According to its registration statement, long-term computing agreements require payment for reserved capacity regardless of actual usage.

Anthropic also structures its infrastructure expansion through equipment and building leases rather than purchasing assets outright. Consequently, these commitments appear primarily as long-term lease obligations instead of immediate capital expenditures.

Amazon has invested heavily in infrastructure to accommodate growing demand for artificial intelligence computing. Its capital expenditures increased from $52.7 billion in 2023 to $132 billion in 2025, while management reaffirmed an approximately $220 billion cash capital expenditure forecast for 2026.

The investment has significantly affected Amazon's cash generation. According to the company's financial disclosures, free cash flow declined from $32.9 billion in 2024 to $7.7 billion in 2025. For the 12 months ending September 30, 2026, Amazon recorded a $42.4 billion free cash flow outflow, compared with $7.6 billion in the preceding three-month reporting period.

Amazon also faces uncertainty over how much additional business it can secure from Anthropic as the AI company develops independent computing capacity. Nevertheless, existing contracts provide AWS with substantial committed revenue.

During an October 23 statement, Amazon CEO Andy Jassy said AWS capacity was largely sold out through 2027, with a substantial portion of 2028 capacity already committed.

Amazon's October 29 financial results provided further evidence of continued cloud demand. AWS revenue increased 39% to $46.0 billion, marking its sixth consecutive quarter of accelerating growth. The division reported an operating margin of 38.7%.

AWS's backlog also increased from $496 billion at June 30, 2026, to $578 billion three months later. Amazon's management described the backlog as broadly distributed across customers and business commitments.

"Well diversified," said Jassy when describing AWS's backlog.

Jassy also projected that AWS revenue growth would exceed 40% in both 2027 and 2028. Amazon did not disclose how much of the $82 billion quarterly backlog increase came from Anthropic and OpenAI.

Amazon additionally holds a substantial ownership interest in Anthropic, valued at $190.4 billion on June 30, 2026, according to the company's disclosed financial information. Anthropic has stated that operating its own data centers could provide long-term cost advantages as computing requirements expand.