Anthropic is exploring leasing as much as 1GW of computing capacity from Stream Data Centers, according to The Information. Stream is a US data center developer controlled by Apollo Global Management.
Data center developers say deploying a full 1GW of computing capacity would require at least $40 billion in capital investment. Anthropic would need to provide financial guarantees for the lease and separately raise funds for the chips installed within those data centers.
Anthropic has discussed becoming a direct tenant and deploying TPUs jointly designed by Google and Broadcom, though Nvidia GPUs could also be used. Google may provide a credit guarantee, but the specific scope of that support remains unclear.
The talks are still at an early stage, and capacity and deal structure are still under negotiation.
Apollo acquired a majority stake in Stream in November 2025, when Apollo said the developer had delivered more than 20 data center campuses and held a development pipeline of more than 4GW.
This potential lease agreement would extend Anthropic's strategy of moving beyond obtaining server capacity solely from cloud service providers.
Anthropic has committed to investing more than $100 billion in AWS over 10 years to secure up to 5GW of capacity, and has reached an agreement with AMD to deploy up to 2GW of Instinct GPUs.
Anthropic co-founder and Chief Compute Officer Tom Brown has said: "Running across a diverse range of hardware allows us to assign the right compute workloads to the right hardware."
Previously, Anthropic signed a 20-year lease agreement with TeraWulf covering approximately 401MW of critical IT load in Kentucky.
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