Anthropic Strikes $3.4 Billion Gas-Fired Power Deal for Data Centres Ahead of IPO

Anthropic has agreed to purchase 1.7 gigawatts of gas-fired generators for $3.4 billion from San Antonio-based OnePWR Solutions, the Financial Times reported, citing a person familiar with the matter. The transaction, completed in late September, is the largest known single purchase of power-generation equipment by an AI laboratory and marks a deeper push by the Claude developer into energy infrastructure as it prepares for a potential Nasdaq listing as early as this month.

The Deal Structure

OnePWR had ordered the heavy-duty generators from Caterpillar roughly two years ago but required financing to complete the transaction, according to the FT. Anthropic had initially planned to become a OnePWR customer but instead took over the existing equipment orders, acquiring the generators along with the engineering and construction capabilities needed to install them. Anthropic did not acquire OnePWR itself, and none of the supplier's employees transferred to the AI company, the FT reported. Both Anthropic and OnePWR declined to comment.

The purchase reflects a broader trend: AI developers are bypassing traditional utilities and specialist power companies to secure electricity infrastructure directly, as manufacturing lead times for gas turbines and generators stretch years into the future. Elon Musk's xAI, which the FT says is owned by SpaceX, bought mobile gas turbines for $2 billion earlier this year, and Google's parent Alphabet acquired energy developer Intersect in late 2025.

Infrastructure Control and Compute Commitments

The generator deal coincides with Anthropic's push to take greater control of the infrastructure supporting its operations. In an amended S-1 filing dated November 2, the company disclosed approximately $895.4 billion in computing and infrastructure commitments through 2045, substantially all related to compute. Of that, roughly $447.5 billion is expected to be incurred by the end of 2030, with approximately $69.8 billion due in the 12 months following September 30, 2026 [5].

Anthropic has relied heavily on partners—including Amazon Web Services, Google Cloud, Microsoft Azure, and SpaceX—to secure power, chips, data centres and land. The company's monthly payments to SpaceX for leased computing capacity are expected to reach $3.1 billion by year-end, the FT reported [4]. Buying generators directly gives Anthropic more control over the electricity needed for its facilities.

"By owning some of their power infrastructure and having the capabilities in-house, companies believe they can better protect themselves against disruptions beyond their control," said Arash Nazhad, a managing director and head of clean energy and power at Stifel, speaking to the FT [4].

Financials and IPO Timing

Anthropic's third-quarter revenue reached $17 billion, according to the S-1 filing [5]. Investing.com reported this is more than 12 times the same period a year earlier [1]. The company posted an operating loss of $567 million for the quarter, after a profitable second quarter, partly because it relied on expensive short-term computing capacity [1]. Operating cash flow for the first nine months of 2026 was $6.6 billion, reversing a $2 billion outflow a year earlier [1]. As of September 30, the company had $146.6 billion in liquidity, including cash, short-term investments and available bank credit lines [2].

The company is targeting a public offering that could rank among the largest in history. However, its ambitious spending plans face financing headwinds. Blackstone warned investors that Anthropic might receive a junk credit rating rather than the investment-grade rating previously expected, the FT reported [4].

Capacity Targets and Clean-Energy Context

As reported by the New York Times and cited by Investing.com, Anthropic expects more than 3.5 gigawatts of computing capacity by the end of 2026 and aims to double that figure next year—enough electricity to power all the homes in Chicago [1]. The gas-fired generator purchase secures near-term capacity; the FT noted the equipment is available in the near term and over the next two years [4]. Longer-term power solutions remain in development.

Anthropic is incorporated as a public benefit corporation with a stated mission of responsible AI development. The shift to direct gas-fired generation underscores the tension between AI labs' immediate power needs and broader decarbonisation goals, particularly as data-centre electricity demand surges.

What Remains Unknown

The OnePWR deal secures equipment ordered before the recent surge in generator prices, with availability in the near term and over the next two years, according to the FT [4]. It is unclear how much of Anthropic's 3.5 GW year-end target this 1.7 GW purchase covers, or what fraction of the company's total power supply will come from gas versus grid or lower-emission sources. The terms of the generator financing and the impact on Anthropic's credit profile ahead of the IPO have not been disclosed.