Anthropic secures power supply with $3.4 billion generator deal

The agreement involves 1.7 gigawatts of heavy-duty natural gas generators from OnePWR Solutions. Anthropic is assuming existing commitments previously held by OnePWR with Caterpillar and the deal includes the necessary engineering and construction for equipment installation, with generators expected to be available within the next two years.

Anthropic is currently preparing for an initial public offering (IPO), having filed its S-1 with the SEC in September. The filing revealed approximately $900.9 billion in aggregate committed spending on computing and infrastructure, with $451.6 billion slated for expenditure before 2030. The company is seeking a $1.3 trillion valuation and plans to offer 825 million shares between $70 and $78 each.

The S-1 also highlighted potential risks, including reliance on natural gas and the potential for volatile prices. Anthropic anticipates increased competition for natural gas supply due to the growing demand from data center operators.

Anthropic’s investment reflects a broader strategy, outlined in the S-1, called “Anthropic Direct,” which aims to secure computing capacity by leasing chips directly and placing them in dedicated data centers. This separates commitments for data center capacity from those for the compute infrastructure within. The company also noted that procuring electrical equipment like transformers and turbines can take years, leading to potential price increases and limited production capacity.

Anthropic isn’t alone in seeking to control its power supply. Alphabet acquired Intersect Power for $4.75 billion in December 2025. xAI has utilized natural gas turbines for its Colossus data centers in Tennessee and Mississippi. Meta has pursued on-site natural gas generation for its Ohio data center campus, and Microsoft signed a $16 billion agreement with Constellation Energy to purchase electricity from the Three Mile Island nuclear facility in Pennsylvania. Amazon has also secured data center energy capacity through an agreement with Talen Energy, involving a $20 billion investment and 1,250 jobs in Pennsylvania.