Anthropic Taps Google to Back $1 Trillion Data Center Push Ahead of IPO

TLDR

• Anthropic has signed 12+ preliminary US data center leases totalling over 1 gigawatt of capacity
• Google is in discussions to act as a financial guarantor on those lease obligations
• Anthropic is shifting away from renting cloud infrastructure to running its own servers
• The company recently raised $65 billion in Series H funding, valuing it at $965 billion
• Anthropic has confidentially filed for a US IPO and could debut at a $1 trillion valuation

Anthropic is moving to control its own computing infrastructure as it prepares for a potential IPO. The AI startup has signed more than a dozen preliminary agreements to lease US data centers with a combined capacity exceeding 1 gigawatt.

The company is also in talks with Google to act as a financial guarantor on those lease agreements. A guarantee from Google would give landlords confidence that a $2 trillion company is standing behind the rent.

This is a shift from how Anthropic has operated until now. Like most AI startups, the company has relied on cloud providers such as Amazon Web Services and Google Cloud for computing power.

By leasing and operating its own facilities, Anthropic wants to cut out the middleman. Running its own hardware is generally cheaper than renting capacity from cloud providers.

A Deep Tie to Google

The relationship between Anthropic and Google goes beyond a standard business arrangement. Google is an investor in Anthropic, a cloud provider to Anthropic, and now potentially a lease guarantor.

In April, Alphabet committed up to $40 billion in Anthropic. Google has also co-designed some of the server chips Anthropic may deploy at these new facilities.

Anthropic has been expanding its use of Google’s custom TPU chips and is reportedly planning to scale up to as many as 1 million units.

This infrastructure expansion follows an announcement in November 2025 when Anthropic said it would invest $50 billion in US data centers. The new lease agreements suggest those plans are moving forward.

IPO on the Horizon

Anthropic recently raised $65 billion in a Series H funding round, led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. The round valued the company at $965 billion, putting it ahead of OpenAI as the most valuable AI startup.

The company has confidentially filed paperwork for a US IPO. It has not yet set a share price or the number of shares it will sell.

If Anthropic lists at a $1 trillion valuation, it would rank among the most valuable companies in the world. It could also become the second or third largest IPO in history, behind SpaceX and Saudi Aramco.

Earlier this week, Anthropic launched Claude Fable 5, its most capable consumer-facing AI model to date. The company says Fable 5 performs well on coding, research, and complex long-form tasks.

Anthropic is not alone in this infrastructure push. OpenAI, xAI, and other AI developers are all competing for data center capacity. Training frontier AI models demands large amounts of compute, and that compute requires power-heavy facilities.

The race to lock down infrastructure is accelerating across the industry as demand for AI services continues to grow.

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