Anthropic Flags Gas Supply as One of Its Biggest Near-Term Risks
The data center buildout could cause a massive increase in gas prices as companies scramble for limited supplies and infrastructure fails to meet demand.
Leading artificial intelligence firm Anthropic has identified natural gas supply as one of its most significant near-term risks as the demand for energy in data centers surges. The rapid expansion of data centers is expected to consume a substantial amount of natural gas, driving up costs and potentially leading to supply disruptions.
Cleanview projects that 110 gigawatts of behind-the-meter gas projects are in development as of October 2026, up from 20 gigawatts in July 2025. Anthropic's IPO filing highlighted the risks associated with fuel price volatility and supply disruptions, stating that such issues could adversely affect the company's ability to contract for firm fuel supply.
The company's expansion into data center development, such as its $50 billion partnership with Fluidstack and announced sites in Texas and New York, exposes it to increased competition among users for the same natural gas supply and pipeline capacity, potentially driving up prices. Anthropic acknowledges this risk, noting that competition could drive up the price of natural gas in affected areas and adversely impact its ability to secure a stable supply.
While renewables may offer a solution, Anthropic dismisses them in its IPO filing, citing limited availability and higher costs.
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