Whisky firm Gordon and MacPhail, which ownes Benromach Distillery in Forres, has made the claim over flood alleviation work.
The company said in a statement to a local paper that the Burn of Mosset scheme would add to its costs because of the need to protect water quality.
Moray Council told BBC Scotland it was "surprised" such a claim had been made.
The council told the BBC in a statement: "We can confirm that a compensation claim of£184m has been submitted in respect of the Burn of Mosset flood alleviation scheme.
"The council undertook significant and costly works to improve and protect the water supply for the distillery as part of the scheme, so we are surprised that such a claim has been made.
"This is especially so given the condition of the spring before work commenced, as evidenced at the public inquiry by Dr Alan MacDonald.
"However, negotiations on the claim are at a very early stage."