Anthropic in Early Talks to Lease 1 Gigawatt from Apollo-Backed Stream, Google Would Guarantee the Debt
Anthropic is in early-stage talks to lease up to 1 gigawatt of compute capacity from Stream Data Centers, a developer majority-owned by private equity firm Apollo Global Management, according to a report from The Information citing people familiar with the discussions. The deal would make Anthropic a direct tenant of Stream-built sites — not an owner.
The structure differs from prior Anthropic infrastructure arrangements. A June report described Anthropic pursuing direct leases across multiple sites totaling over 1 GW, with Google backing those commitments. An August $15 billion Morgan Stanley-led debt package funded the Texas campus, where Google took roughly a 20% equity stake. This proposed Stream deal introduces Apollo as landlord, shifting the capital development burden to private equity while Anthropic pays rent.
Apollo as Landlord, Google as Guarantor
Stream is majority-owned by Apollo Global Management, one of the largest alternative asset managers in the world. Under the proposed arrangement, Stream develops and owns the sites; Anthropic occupies them as a tenant.
Google’s role in this deal is different from its prior equity and financing arrangements. The Information reports that talks have included a potential credit guarantee from Google — not equity participation. A credit guarantee places Google’s balance sheet behind Anthropic’s lease obligations to Stream, allowing Anthropic to secure better lease terms without Google holding a direct stake in the project. The exact scope of any guarantee remains unresolved.
Hardware Still Undecided
For compute, Anthropic is most likely to equip the facilities with tensor processing units co-designed by Broadcom and Alphabet’s Google, consistent with its long-standing TPU dependency. GPUs from Nvidia or other chip vendors remain a possibility, suggesting Anthropic may be keeping hardware options open as the chip supply landscape shifts.
What 1 Gigawatt Means
A typical hyperscale data center campus runs 50 to 200 megawatts. The largest single-tenant commitments in the 2024-2025 wave — Microsoft, Google, Amazon — were in the 300 to 500 MW range for individual campuses. A 1 GW single-tenant lease would be among the largest discrete compute commitments on record for any company.
At standard power usage effectiveness ratios for AI data centers — typically 1.2 to 1.3 — each H100-class GPU slot draws roughly 1.5 kW total. By that measure, 1 GW of data center capacity can support somewhere between 650,000 and 800,000 H100-class GPUs. Anthropic’s compute footprint was already estimated at approximately 1.4 GW by late 2025; the proposed 1 GW addition would represent a roughly 70% capacity increase, not counting continued buildout at the Texas campus.
The talks are early-stage and no terms have been finalized. Neither Anthropic, Stream, nor Apollo has commented publicly.