Anthropic Flags Gas Supply as One of Its Biggest Near-Term Risks

Anthropic has warned investors that securing natural gas at stable prices could be a major near-term risk as it expands its data centre operations. The concern reflects a broader US data centre boom that could intensify competition for fuel and pipeline capacity, potentially affecting both the company’s costs and household energy bills.

Cleanview estimates that 110 gigawatts of behind-the-meter gas projects were in development by October 2026, up from 20 gigawatts in July 2025. BloombergNEF says grid-connected data centres could add 15 billion cubic feet of daily gas demand by 2035, with onsite projects adding a further three billion. Anthropic has begun leasing and developing facilities, including through a $50 billion partnership with Fluidstack, and has projects across several states where supply may be tight.