Anthropic: The AI Deal Record

Riot Platforms (Provider) · Anthropic (Buyer)

Value

approximately $9.1B

$16.1B with all options

Capacity / term

191 MW · 20y

$2.38M per MW-year

First revenue

2027-12

Sources

[1] primary[2] tier-1[3] tier-1

Surfaced via the EDGAR watchlist hit on Riot's 8-K filed 2026-08-10 (accession 0001104659-26-093406), matched on "data center lease". Riot's pivot from Bitcoin mining to AI infrastructure lands its first named hyperscale-AI tenant; the stock rose roughly 17% on the news.

Conditions: 20-year Data Center Lease and Services Agreement at Riot's Rockdale, Texas campus, initial term through June 2048; two 5-year renewal options could extend total value to $16.1B (max_with_options_usd). Delivered in two phases: 96MW by December 2027, remaining 95MW by June 2028 (191MW total). Riot's own 8-K/earnings disclosure named only an unidentified 'leading frontier AI lab'; Bloomberg identified the tenant as Anthropic on 2026-08-11. Riot separately arranged a $573M interim construction financing facility via Morgan Stanley to build out the leased capacity; that financing is not itself a compute deal and is not a separate ledger row.

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TeraWulf (Provider) · Anthropic (Buyer)

Value

approximately $19B

Capacity / term

401 MW · 20y

$2.37M per MW-year

First revenue

2027-07

Sources

[1] primary[2] tier-1

20-year lease at the Justified Data Campus, a former Century Aluminum smelter site in Hawesville, Kentucky (Hancock County), 401 MW critical IT load. Initial capacity online H2 2027, full 401 MW by early 2028. Same week TeraWulf sold its 50.1% stake in the separate Abernathy Joint Venture (168 MW, Texas) to an investor group led by Fluidstack for approximately $530M; that sale is a real-estate/JV divestiture, not a compute deal, and is not itself a ledger row. Surfaced this run via the EDGAR watchlist hit on TeraWulf's Q2 2026 8-K (filed 2026-08-05), which restated the lease; the deal itself predates this run by a month and was missing from the ledger.

Conditions: Anthropic holds two successive five-year renewal options (up to 10 additional years beyond the 20-year initial term); lease is expected to be supported by investment-grade credit.

SpaceX (Provider) · Anthropic (Buyer)

Value

approximately $45B

Capacity / term

n/a · 3y

First revenue

2026-05

Sources

[1] primary[2] tier-1

Anthropic rents all compute capacity at SpaceX's Colossus 1 facility in Memphis, TN, at $1.25B/month through roughly May 2029 ($1.25B x 36mo = $45B; internally consistent across sources). SpaceX and xAI completed their corporate merger in February 2026 (implied combined-entity valuation $1.25T reported at the time), so this ledger treats SpaceX as the single provider entity across all Colossus deals; Musk's control of both sides pre-merger is now moot post-merger, so not flagged circular. capacity.mw_it is left null on purpose: sources report Colossus 1's total power draw as 250-300 MW depending on date, which is the facility's overall footprint rather than a disclosed per-contract IT-load figure, and dividing the $45B by that number implies $48-60M/MW/yr, well outside the ledger's plausible band for a reason that is really 'wrong denominator' rather than 'wrong deal'; chip_count (220,000+ GPUs across H100/H200/GB200 generations, per Wikipedia's Colossus entry) is the more reliable durable unit reported for this specific deal.

Amazon (Financier) · Anthropic (Buyer)

Value

up to $25B

Capacity / term

n/a

First revenue

not disclosed

Sources

[1] tier-1[2] primary[3] primary

Amazon's April 2026 expansion: up to $25B of further investment in Anthropic ($5B immediate, up to $20B milestone-tied), on top of the $8B invested through November 2024. The up-to figure is recorded with its qualifier and the staged structure in conditions; only time will tell how much funds. Circular: announced in the same breath as Anthropic committing over $100B of spend back to AWS.

Conditions: Staged: $5B immediate, up to a further $20B tied to milestones. Announced alongside Anthropic's ten-year AWS spend commitment (anthropic-aws-commitment-2026-04).

Amazon (Provider) · Anthropic (Buyer)

Value

at least $100B

Capacity / term

n/a · 10y

First revenue

not disclosed

Sources

[1] primary[2] primary[3] tier-1

Anthropic's commitment of more than $100B over ten years to AWS technologies, announced with Amazon's up-to-$25B investment (amazon-anthropic-investment-2026-04) and up to 5 GW of new Trainium capacity. Sits alongside Anthropic's $30B Azure commitment and the Google TPU agreement as the third leg of its stated multi-cloud strategy. Circular: buyer and provider are cross-invested.

Conditions: Includes deployment of up to 5 GW of new Trainium compute capacity for training and serving Claude, with significant Trainium3 capacity expected online in 2026. The 5 GW is an up-to ceiling, so no MW is recorded on this row; the ledger only counts capacity floors.

Microsoft (Provider) · Anthropic (Buyer)

Value

at least $30B

Capacity / term

n/a

First revenue

not disclosed

Sources

[1] primary[2] primary[3] tier-1

Anthropic committed to purchase at least $30B of Azure compute capacity as part of a three-way alliance with Microsoft and Nvidia. Circular: the compute provider (Microsoft, up to $5B) and the chip supplier (Nvidia, up to $10B) simultaneously agreed to invest in the buyer; see msft-nvda-anthropic-investment-2025-11.

Conditions: Announced alongside an option to contract additional compute capacity of up to 1 GW on Nvidia Grace Blackwell and Vera Rubin systems.

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Microsoft (Financier) · Nvidia (Financier) · Anthropic (Buyer)

Value

up to $15B

Capacity / term

n/a

First revenue

not disclosed

Sources

[1] primary[2] primary[3] tier-1

Compute-linked equity: Microsoft (up to $5B) and Nvidia (up to $10B) investing in Anthropic alongside Anthropic's $30B-plus Azure purchase commitment (anthropic-azure-commitment-2025-11). The investments reportedly lifted Anthropic's valuation to around $350B. Circular by definition: suppliers funding their own customer.

Conditions: Combined figure: Microsoft up to $5B and Nvidia up to $10B, staged investments announced as part of the Azure compute alliance.

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Google (Provider) · Anthropic (Buyer)

Value

not disclosed

Capacity / term

1 GW

First revenue

2026

Sources

[1] primary[2] primary[3] tier-1

Anthropic's expanded Google Cloud TPU commitment: access to up to one million TPUs and over 1 GW of capacity online in 2026, announced 2025-10-23. The row demonstrates the MW-only inclusion path: no dollar value was ever disclosed, so none is recorded, and the reported tens-of-billions figure stays out of every total. Part of Anthropic's stated multi-cloud approach across Google TPUs, Amazon Trainium and Nvidia GPUs.

Conditions: Dollar value never disclosed by either party; contemporaneous tier-1 reporting put it at tens of billions of dollars. Capacity recorded at the disclosed floor: over 1 GW of compute coming online in 2026, with access to up to one million TPUs.

Amazon (Financier) · Anthropic (Buyer)

Value

$4B

Capacity / term

n/a

First revenue

not disclosed

Sources

[1] tier-1[2] other

The earliest row in the ledger and the template for compute-linked equity: Amazon's additional $4B investment (total $8B) announced alongside AWS becoming Anthropic's primary cloud and training partner on Trainium silicon. The compute relationship this seeded later produced Project Rainier (~500,000 Trainium2 chips activated October 2025, ~1M by year-end) and the April 2026 expansion (amazon-anthropic-investment-2026-04, anthropic-aws-commitment-2026-04). Circular: the compute provider funding its own customer.

Conditions: Doubled Amazon's total Anthropic investment to $8B; only the incremental $4B tranche is recorded on this row. Announced with AWS becoming Anthropic's primary cloud and training partner, training on AWS Trainium.