Anthropic is in early discussions with Stream Data Centers, majority-owned by Apollo Global Management, to directly lease up to approximately 1 GW of computing capacity and deploy tensor processing units designed by Broadcom and Google to reduce reliance on traditional cloud billing and unit costs. Google may also provide credit guarantees for some projects. The details have not been publicly confirmed by either party, and discussions are still in the early stages.

This aligns with previously disclosed pathways. The company has signed over a dozen letters of intent for U.S. data centers, totaling more than 1 GW of capacity, which are non-binding documents for due diligence. Apollo and Blackstone previously financed approximately 1 GW of tensor processing units valued at around $35 billion through special purpose vehicles, with hardware entering a leasing structure via Google and Broadcom, with initial deployments at sites like Fluidstack. Google has provided guarantees for rents at multiple data centers, with public statements indicating potential exposures in the billions of dollars.

The computing puzzle also includes multi-GW next-generation tensor processing units from Google and Broadcom, to be delivered starting in 2027; Amazon's Trainium with a cap of about 5 GW; and AMD's accelerator cards at about 2 GW. The goal is to increase online capacity from approximately 1.4 GW by the end of 2025 to around 9.5 GW by the end of 2027. On the equity side, Google has committed to additional investments, with the company valued at approximately $965 billion after a round in May 2026, and has secretly submitted IPO documents. Annualized revenue has been reported at around $30 billion, with over a thousand enterprise clients in the million-dollar range.

Directly renting power and managing cabinets means that model companies transition from being cloud tenants to co-signers of power and chips. Cloud providers will still offer some capacity, but pricing power shifts from hourly instances to decade-long leases and guarantees. Power queuing and substations, rather than software interfaces, become the next bottleneck.

The market mechanism rewrites cloud gross margins into infrastructure spreads. Buyers are model labs looking to lock in machines and reduce unit inference costs, while sellers are data center platforms holding land, power, and private loans. The event-driven aspect comes from parallel discussions on direct leasing and guarantee structures. Beneficiaries include Google, Broadcom, and Apollo, who can package chip residuals and rental guarantees, while pressured parties are general clouds that can only sell accelerator card hours at catalog prices. Funding shifts from operational cloud fees to debt and decade-long leases of special purpose vehicles.

Source: Public Information