The severe power shortage facing the AI industry has compelled Anthropic, an organization typically hesitant to invest in physical assets, to purchase $3.4 billion in natural gas turbines.
According to a report by the Financial Times, the company, which is pursuing an initial public offering this year, has acquired Caterpillar generators originally ordered by equipment supplier OnePWR. These generators possess the capacity to generate up to 1.7 gigawatts of electricity.
Traditionally, Anthropic has favored leasing computing resources over purchasing them. In its S-1 filing from May, the company revealed it is paying SpaceX subsidiary xAI $1.25 billion monthly through May 2029 for access to computing power. The filing also noted, "We expect to enter into additional similar services contracts," indicating plans for further rental agreements.
However, as computational demand surges, the power market has become increasingly unpredictable, potentially forcing Anthropic's hand. With a backlog for natural gas turbines extending into the early 2030s and lengthy wait times to connect to the electrical grid, the company acted decisively.
This acquisition appears to be a strategic necessity. The Financial Times reports that OnePWR ordered the turbines years ago but failed to secure financing. Although Anthropic initially intended to purchase from OnePWR, it bypassed the supplier to negotiate directly with Caterpillar.
It remains unclear why OnePWR struggled to secure funding despite Anthropic's apparent interest as a potential client. Regardless, Anthropic likely prioritized retaining the generating capacity for itself to prevent competitors from acquiring it.
In recent years, AI firms have aggressively increased their procurement of natural gas equipment. Google, Amazon, Microsoft, and Meta have all announced intentions to construct massive natural gas power plants to supply their data centers on-site, minimizing dependence on the public grid.
This surge in demand has revitalized the fracking industry, used for extracting gas from underground formations. If expansion continues as projected, U.S. data centers alone are projected to consume more natural gas than the combined consumption of Germany and Japan by 2035. Furthermore, this reliance exposes hyperscalers to market volatility; one analyst predicts prices could more than triple by the end of the decade, potentially leading to significant buyer's remorse for Anthropic.
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