Anthropic has named reliance on private natural gas plants as one of its biggest near-term risks, warning in its IPO filing that the data center gas buildout could push prices higher in some regions and affect both its AI ambitions and other data center operators nationwide.

Many companies are building their own gas plants rather than waiting years for a grid connection. Energy analyst firm Cleanview estimates behind-the-meter gas projects in development reached 110 gigawatts as of October 2026, up from 20 gigawatts in July 2025. Anthropic said competition from other gas-fired data centers could expose it to "fuel price volatility and supply disruptions that are outside of our control" and "could drive up the price of natural gas in such areas."

The demand surge comes as the natural gas market is already tight, with US export terminals sending more gas abroad and export demand expected to double over the next decade. BloombergNEF estimates grid-connected data centers alone could add 15 billion cubic feet per day of gas demand by 2035, a 15 percent increase, with onsite gas capacity adding another 3 billion cubic feet per day.

Anthropic has traditionally rented compute from cloud providers including Amazon, Google, Microsoft and SpaceX, but has recently moved to lease and develop its own data centers, including a $50 billion partnership with Fluidstack and sites in Texas and New York. It has also been tied to on-site gas projects in Louisiana, Texas and West Virginia. BNEF's Enrique Gonzalez said rising gas prices in Louisiana and Texas, where LNG projects are concentrated, "wouldn't be surprising." Anthropic dismissed renewables in its filing, saying newer sources "may not be available in the quantities or on the timelines we require."

Source: Wired science