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Anthropic leads OpenAI on valuation and revenue in 2026, but here are 10 data-backed reasons it could still lose the AI race
1. It still doesn’t own the compute it runs on #
Anthropic’s growth is backed almost entirely by three hyperscalers, not its own infrastructure:
That’s $88 billion in pledged partner capital, on top of Anthropic’s own $100 billion AWS commitment. Multi-cloud spreads the risk. It doesn’t remove it. Anthropic doesn’t fabricate chips. It doesn’t own data centers. It doesn’t set power-contract terms the way Google does through its own TPU program. When a supply crunch hits, Anthropic has no fallback layer that belongs to it.
Every arrow in that diagram comes from a company that also runs, or backs, a competing model. Google has Gemini. Microsoft has Copilot.