Anthropic warned in its S-1 that natural gas supply and pricing could delay or derail parts of its data center buildout, Wired reported. Some of its planned facilities rely on dedicated on-site gas-fired generation.
The company bears fuel and related costs “on a pass-through basis without cost caps,” the filing said, leaving it exposed to increases in the price of natural gas and its transportation. The sites also face constraints on pipeline capacity and firm fuel transportation.
Competition for gas in a few jurisdictions
Behind-the-meter and on-site power arrangements are feasible only in some jurisdictions, so Anthropic expects more competition among data center operators for the same gas supply and pipeline capacity.
That could raise local gas prices and make it harder to contract firm supply and secure pipeline connections, according to the filing.
If it cannot secure firm gas supply and transportation, a planned site could be “delayed or abandoned,” Anthropic said. It also flagged the risk of supply or delivery disruptions once a facility is operating.
