Anthropic is rapidly expanding its computing power reserves, this time partnering with a cloud computing startup that has only been operational for a few months.
Bloomberg reported on Tuesday, citing sources familiar with the matter, that Anthropic has signed a $10 billion computing power procurement agreement with NVIDIA-backed cloud infrastructure startup Volta Infra Holdings Ltd. The six-year contract involves a data center in Norway managed by Volta and operated in partnership with bitcoin mining company Bitdeer Technologies Group. Volta disclosed the deal earlier in the day without naming the client; both Anthropic and Bitdeer declined to comment.
This marks the latest move in a series of computing capacity acquisitions by Anthropic.
As demand for its Claude product continues to grow, Anthropic has already secured computing agreements with SpaceX, Advanced Micro Devices Inc., and Akamai Technologies Inc., and is reportedly in talks with Meta Platforms Inc. to lease data center capacity. This latest transaction once again highlights the urgent need for computing resources among AI developers and the escalating capital bets behind this infrastructure race.
Norwegian Data Center: 133 Megawatts of Capacity Equipped with NVIDIA's Latest Chips
According to Volta, the Norwegian data center involved in the partnership has a computing capacity of 133 megawatts and will be outfitted with NVIDIA's newest generation of Vera Rubin chips. Volta CEO Ricard Boada declined to name the client.
Founded in January by former Brookfield Asset Management Ltd. executives, Volta specializes in AI computing power leasing and helps clients finance the procurement of high-cost chips. The company also announced on the same day the completion of a $300 million venture capital funding round, giving it a valuation of $2.4 billion.
Volta's partner, Bitdeer, is a classic example of a bitcoin mining company undergoing transformation.
With bitcoin prices under pressure, an increasing number of mining companies are reallocating portions of their data center computing power from cryptocurrency mining to AI applications. In its monthly operational report on July 21, Bitdeer stated its plans to convert some of its crypto mining sites in Texas, Tennessee, and Washington.
Financing and IPO: Anthropic's Capital Expansion Path
Behind the computing power arms race lies a continuously rising demand for capital.
Earlier this year, Anthropic completed a $65 billion funding round, with the proceeds primarily used to cover the high costs of AI development. Meanwhile, the company is reportedly considering raising capital through an initial public offering, potentially hitting the open market as early as this year.
This $10 billion agreement with Volta underscores AI developers' heavy reliance on external financing and computing power suppliers. Anthropic and its competitor, OpenAI, both depend on a mix of large tech companies and emerging cloud computing startups to build the data center networks they believe are necessary for the continuous evolution of AI systems and large-scale commercial deployment.
Industry Concerns: Circular Transactions and Risk Contagion
This computing power expansion is not without controversy.
Over the past year, multiple financing arrangements involving OpenAI and Anthropic have faced criticism for their "circular" nature—the increasingly complex and intertwined network of dependencies between technology suppliers and AI developers could amplify potential losses if AI demand fails to meet current high expectations.
OpenAI's scale ambitions are equally evident: founder Sam Altman has previously stated publicly that the company expects to invest "trillions" of dollars in AI physical infrastructure.
OpenAI is currently planning a new data center in Georgia, potentially costing over $30 billion. According to Bloomberg, NVIDIA is also in talks with OpenAI to assist in leasing a massive computing hub being promoted by SoftBank Group in Ohio, valued at $500 billion with a capacity of 10 gigawatts.
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