Anthropic inks $3.4 billion deal for gas-powered data centers - the largest of its kind - to secure AI autonomy ahead of planned IPO

In late September, investment banking company Piper Sandler released a short memo saying it had served as a financial advisor for San Antonio-based equipment supplier OnePWR Solutions on its $3.4 billion sale of its power generation platform to a “frontier AI lab.”

Now, the AI lab in question has been revealed. Anthropic is committing $3.4 billion to secure gas-fired power generators for its expanding data center operations—the largest direct investment in power generation equipment by an AI company, according to the Financial Times .

The deal involves 1.7 gigawatts of heavy-duty natural gas generators from OnePWR Solutions, according to the FT . Anthropic agreed to the transaction, taking over generator commitments that OnePWR had previously made with Caterpillar . The arrangement also includes engineering and construction capabilities necessary to install the equipment. The generators are expected to become available in the next two years.

Meanwhile, Anthropic is preparing for its IPO, with the company filing its S-1 with the SEC in September. In the registration statement, Anthropic disclosed approximately $900.9 billion in aggregate committed spending on computing and infrastructure, which would include purchase commitments and lease agreements. Of that amount, about $451.6 billion is expected to be spent before 2030, with most of the remaining commitments extending through 2045. Another $70.7 billion is due within the 12 months following Sep. 30, according to the amended S-1 filed in November.

The company is seeking a $1.3 trillion valuation, selling 825 million shares at a range of $70 to $78 a piece.

The S-1 also outlined key concerns for Anthropic, of which gas-powered data centers were included. The company warned that the dependence on natural gas could put the data center buildout under threat of volatile prices.

“As data center operators increasingly rely on natural gas-fired generation, and because behind-the-meter and on-site arrangements are feasible only in some jurisdictions given the applicable regulatory frameworks, we expect increased competition among users for the same natural gas supply and pipeline capacity in those areas,” the filing read.

Anthropic and OnePWR Solutions did not immediately respond to a request for comment from Fortune .

The commitments outlined in Anthropic’s S-1 reflect the company’s effort to secure its own computing capacity needed to develop and operate its AI models. Currently, Anthropic’s infrastructure strategy spans several technology suppliers including Amazon Web Services, Google Cloud, Nvidia , and AMD .