Anthropic's $3.4B Generator Order Puts AI Power Gap in Focus

By Grace Kim

Anthropic committed about $3.4 billion in late September for 1.7 gigawatts of Caterpillar gas-fired generators, according to a Financial Times report Sunday. The commitment covers generators, engineering and construction. The FT called it the largest known single purchase of power-generation equipment by an AI lab.

OnePWR Solutions of San Antonio had placed the Caterpillar orders about two years earlier. The company lacked financing to complete them. Anthropic took over the orders without acquiring OnePWR, and no OnePWR employees transferred. Anthropic and OnePWR did not respond to comment requests. Reuters could not immediately verify the FT report.

What did Anthropic buy?

Anthropic first planned to buy electricity from OnePWR as a customer. It later chose to take over the generator orders itself.

The deal includes the engineering and construction work needed to install the equipment, according to a person familiar with the matter. Taking over existing orders preserves Anthropic's place in Caterpillar's queue and brings the associated installation capability.

Piper Sandler lists a completed $3.4 billion sale of OnePWR's power-generation platform to "a frontier AI lab." The bank serves as OnePWR's exclusive financial adviser. Its listing does not name Anthropic.

MLQ calculated the reported price at roughly $2 million per megawatt, or about $2,000 per kilowatt. Neither the FT nor Piper Sandler has disclosed how the total splits between equipment and services.

How does OnePWR fit the transaction?

OnePWR develops turnkey behind-the-meter power. Its projects include microgrids and owned-and-operated plants, usually backed by long-term power purchase agreements.

In February, OnePWR said it held more than 400 MW of generation equipment and balance of plant in inventory. The company expected to take delivery of more than 800 MW over the following 24 months, supporting plants due online in 2026 and 2027.

The combined figure of about 1.2 GW falls short of the 1.7 GW in the FT's account. No explanation has emerged for the gap.

OnePWR chief commercial officer Antti Ekqvist said in February: "An increasing share of planned capacity is bypassing the grid altogether through behind-the-meter solutions."

Why is an AI lab buying its own generation?

Anthropic's amended IPO registration statement, filed Nov. 2, says access to electricity limits data-center expansion in several markets. New power sources and grid connections can take years to develop.

The filing lists about $895.4 billion in aggregate commitments, substantially all for compute and infrastructure, of which $447.5 billion is expected before the end of 2030. The filing does not mention OnePWR.

In February, Anthropic pledged to pay for 100% of the grid upgrades needed to connect the data centers it develops. It also pledged to help bring new generation online to match consumption. For capacity leased in existing facilities, Anthropic said it was still exploring options. Owning on-site generators offers a direct way to add generation near its data centers.

Other AI builders are following the same route. xAI bought mobile gas turbines for $2 billion earlier this year, according to the FT. Mississippi has permitted 41 gas turbines at the power site serving the Colossus expansion.

Which suppliers are capturing the demand?

Engine makers are booking the demand. The figures cover reported sales and backlog, not future capacity plans.

• Caterpillar: Third-quarter Power Generation sales rose 30% to $3.42 billion, driven mainly by turbines and large reciprocating engines for data centers. Total company backlog reached about $78 billion.
• Cummins: The company credited data-center generators for growth in its Power Systems business.

What remains undisclosed?

The FT report and follow-up coverage do not identify installation sites. They also give no delivery schedule.

On-site gas plants require air permits, and those permits face active legal challenges. A federal judge has allowed the NAACP's pollution case concerning xAI's turbines to proceed.

The transaction also arrives as Anthropic prepares for an IPO. MLQ reported that the roadshow is expected to start this week. Prospective investors are discussing valuations of about $1.2 trillion to $1.3 trillion. Those are market expectations, not a completed pricing.

The amended filing does not state whether the $3.4 billion sits inside the $895.4 billion of disclosed commitments. The immediate commercial questions therefore concern site selection, delivery timing and the eventual split between equipment and services.

At $2,000 per kilowatt, the reported purchase provides a benchmark for future AI power procurement, while permitting and delivery timing will determine when the full 1.7 GW can serve data-center loads.