Anthropic Buys $3.4 Billion in Gas Generators Ahead of Nasdaq Listing

Anthropic has agreed to buy 1.7 gigawatts of gas-fired generators for $3.4 billion from San Antonio-based OnePWR Solutions, according to the Financial Times, citing a person familiar with the matter. The transaction closed in late September. It's the largest known single purchase of power-generation equipment by an AI laboratory, and it lands as the Claude developer prepares for a potential Nasdaq listing as early as this month.

The numbers only get bigger from there. An amended S-1 filing dated November 2 discloses approximately $895.4 billion in computing and infrastructure commitments through 2045, substantially all tied to compute. Roughly $447.5 billion of that is expected to be incurred by the end of 2030, with approximately $69.8 billion due in the 12 months following September 30, 2026.

How the OnePWR deal is structured

OnePWR had ordered the heavy-duty generators from Caterpillar roughly two years ago but needed financing to complete the transaction, the FT reported. Anthropic initially planned to become a OnePWR customer. Instead, it took over the existing equipment orders — acquiring the generators along with the engineering and construction capabilities needed to install them.

The deal stops short of a full acquisition. Anthropic did not buy OnePWR itself, and none of the supplier's employees transferred to the AI company. Both Anthropic and OnePWR declined to comment.

The structure matters because it secures hardware ordered before the recent surge in generator prices. The FT noted the equipment is available in the near term and over the next two years.

Why are AI labs buying power equipment directly?

The purchase reflects a broader shift: 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.

Anthropic isn't alone. Elon Musk's xAI — which the FT says is owned by SpaceX — bought mobile gas turbines for $2 billion earlier this year. Alphabet, Google's parent, acquired energy developer Intersect in late 2025.

Anthropic has relied heavily on partners for power, chips, data centres and land, including Amazon Web Services, Google Cloud, Microsoft Azure and SpaceX. Its monthly payments to SpaceX for leased computing capacity are expected to reach $3.1 billion by year-end, the FT reported. Owning generators gives Anthropic more control over the electricity feeding 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, managing director and head of clean energy and power at Stifel, speaking to the FT.

What the S-1 says about revenue and losses

Third-quarter revenue reached $17 billion, according to the S-1 filing — more than 12 times the same period a year earlier, Investing.com reported. The company posted an operating loss of $567 million for the quarter, after a profitable second quarter, partly because it leaned on expensive short-term computing capacity.

Cash flow tells a stronger story. Operating cash flow for the first nine months of 2026 came in at $6.6 billion, reversing a $2 billion outflow a year earlier. As of September 30, Anthropic held $146.6 billion in liquidity, including cash, short-term investments and available bank credit lines.

The company is targeting a public offering that could rank among the largest in history. But its 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.

How much capacity does the gas deal cover?

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.

The 1.7 GW generator purchase secures near-term capacity. It's unclear how much of the year-end target the purchase covers, or what fraction of Anthropic's total power supply will come from gas versus grid or lower-emission sources. The terms of the generator financing, and its impact on Anthropic's credit profile ahead of the IPO, remain undisclosed.

The clean-energy tension

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

Investors sizing up the IPO will weigh $17 billion in quarterly revenue against a possible junk rating — and the question of who ultimately pays for 895 billion dollars' worth of compute.