Anthropic secures $3.4bn gas power equipment deal for data centres

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Anthropic gas power deal

Highlights

Anthropic acquired 1.7 gigawatts of Caterpillar generators from OnePWR for $3.4 billion in September, securing near-term and two-year power equipment delivery.
Anthropic's direct procurement marks the largest single AI-lab power equipment purchase, reflecting surging demand, longer lead times, and technology firms bypassing intermediaries.
Anthropic is preparing a public offering amid financing pressure, aiming to fund $895 billion in computing infrastructure by 2045 after Blackstone signaled possible junk credit downgrade.

Direct power procurement strategy

As first reported by the Financial Times, Anthropic agreed in late September to buy commitments for 1.7 gigawatts of heavy-duty generators from San Antonio, Texas-based OnePWR Solutions for $3.4 billion. The transaction includes engineering and construction capabilities needed to install the generators, although Anthropic did not acquire OnePWR itself and none of the supplier's employees transferred to the AI company, according to a person familiar with the matter.

OnePWR had ordered Caterpillar generators two years earlier but needed financing to complete the transaction, according to a person familiar with the matter. Anthropic had initially planned to become a OnePWR customer, but instead chose to take over the existing Caterpillar equipment orders, securing access to engines ordered before prices rose sharply and that are available in the near term and over the next two years.

Neither OnePWR nor Anthropic commented on the deal. The purchase is described as the largest known single acquisition of power-generation equipment by an AI lab, underscoring how stretched manufacturing lead times and strong demand for gas turbines and generators are prompting technology groups to bypass traditional intermediaries.

Infrastructure race and financing pressure

Control of power equipment is becoming a strategic advantage as AI companies expand data centre capacity. Elon Musk's SpaceX has used direct energy procurement to accelerate large-scale facilities, with xAI, owned by SpaceX, buying mobile gas turbines earlier this year for $2 billion, while Alphabet acquired energy developer Intersect in late 2025.

Anthropic is also a major SpaceX customer, with monthly payments to lease computing capacity expected to reach $3.1 billion by year-end. On Monday, Anthropic said it had nearly $900 billion in computing commitments through 2045, after relying heavily on partners for power, chips, data centres and land and paying a premium to secure capacity needed to meet demand.

Arash Nazhad, managing director and head of clean energy and power at Stifel, said companies believe owning part of their power infrastructure and developing in-house capabilities can help protect them from disruptions outside their control. Anthropic is preparing for a public offering as early as this month to help finance more than $895 billion in computing infrastructure spending through 2045, but those ambitions face pressure after Blackstone warned investors it might receive a junk credit rating instead of the investment-grade rating previously expected.

Our earlier coverage of the U.S. AI data center boom examined how soaring financing costs, construction delays, and power limits are starting to undermine developers’ expansion plans. It highlighted that only a minority of announced projects look credible, while investor sentiment has weakened amid cost overruns, delayed timelines, and growing pressure to secure reliable power supplies for new sites.

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