Anthropic: The AI Deal Record

Akamai (Provider) · Anthropic (Buyer)

Value

$11.6B

$20.6B with all options

Capacity / term

n/a · 7y

First revenue

2027-07

Sources

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

Found via web research this run; the largest deal added this week. Neither Akamai nor Anthropic (as a CPU-cloud provider relationship) was on the EDGAR watchlist under this pairing, so this surfaced only via the general web scan, not the daily EDGAR watch. Scale check: Akamai's trailing revenue is in the low-$4B/year range, so an $11.6B commitment landing over 7 years (~$1.7B/year run rate at full ramp by 2028) is large relative to the company but consistent with the company's own guidance language and the capex build it says the deal requires; this is explicitly why Akamai stock re-rated sharply on the announcement (per Yahoo Finance, TechCrunch). Cross-source: SEC 8-K exhibit (primary, Akamai's own release) plus Bloomberg (tier-1, headlining a slightly-rounded '$12 billion') and TechCrunch, both citing the same $11.6B/7-year figures as the base commitment; Bloomberg's '$12 billion' headline rounds the $11.6B base, not a conflicting figure. CPU-only workload, distinct in kind from the GPU-capacity deals that make up most of the ledger.

Conditions: Expanded multi-year agreement for Anthropic's CPU-based AI compute workloads on Akamai Cloud's distributed infrastructure and software, $11.6B base contractual commitment over 7 years, with an option for up to $9B in additional commitments (company describes the combined potential as 'up to approximately $20 billion'; 11.6+9=20.6, so the row's max_with_options_usd is the computed sum rather than the rounded soundbite). Revenue recognition begins H2 2027, reaching an estimated ~$1.7B annualized run rate by end of 2028. Akamai anticipates about $5.5B of its own capex tied to building out the committed capacity ($1.7B of that landing in 2026), which is Akamai's cost to fulfill the contract, not part of this row's value. Akamai granted Anthropic a warrant for non-voting convertible Series B Preferred Stock, 7.7M shares on an as-converted basis (~5% of Akamai's outstanding common stock) at an $111.33 strike; roughly 2% of that vests with the $11.6B base commitment and the remaining ~3% vests in tranches (~1% per additional $3B) as the option is exercised. Company states no impact to 2026 revenue guidance from this contract.

Lambda (Provider) · Anthropic (Buyer)

Value

$35B

Capacity / term

350 MW

First revenue

2027-01

Sources

[1] tier-1[2] tier-1

Backfilled 2026-09-18 during the weekly ledger review, found alongside the Nscale row while researching Anthropic's reported $517B compute-commitment aggregate (that aggregate is not itself ledgered; it is a media rollup, not a company disclosure, and mostly restates deals already on the ledger). Second of Anthropic's two reported deals in the same week (the other being anthropic-nscale-monarch-2026-08); both stay separate rows since they name different providers, sites and figures.

Conditions: Reported cloud-compute agreement layered on top of the existing Hut 8 Beacon Point capacity (hut8-beacon-point-phase1-2026-05 / -phase2-2026-07, Nueces County, Texas): per Bloomberg's sourcing, Anthropic pays Lambda, Lambda installs Nvidia chips at roughly 350MW of the Beacon Point campus, and Nvidia (reported, unconfirmed, as the tenant behind the Hut 8 leases) sits above the arrangement as both chip supplier and underlying facility lessee, paying Hut 8's rent. This row records the Anthropic-to-Lambda commercial layer only; it is not an expansion_of the Hut 8 rows since it is a different contract, a different counterparty pair and a different dollar figure describing a different layer of the same physical capacity, and summing it with the Hut 8 rows would double count the underlying MW. Flagged circular given Nvidia's presence on multiple sides of the same capacity chain. Term length and GPU count were not disclosed in any report found. Initial energization expected Q1 2027. Neither Anthropic, Lambda nor Nvidia has confirmed the deal; held at status reported (excluded from binding aggregates) on two independent tier-1 reports.

Nscale (Provider) · Anthropic (Buyer)

Value

$45B

Capacity / term

460 MW · 6y

$16.30M per MW-year

First revenue

2027-10

Sources

[1] tier-1[2] tier-1[3] other

Anthropic's largest single reported compute commitment on the ledger at the time of writing, surfaced alongside the AMD and Qualcomm-Amazon gaps the week of 2026-09-11. CNBC independently corroborated Bloomberg's initial report the same day; Reuters also picked it up. Backfilled a month late for the same reason as the other rows added this run: the original branch could not be merged once main's history moved past its base. Still watching Nscale's IPO filings for primary confirmation.

Conditions: Six-year, ~460MW compute capacity lease at Nscale's Monarch Compute Campus in Mason County, West Virginia (a 2,250-acre site Nscale acquired March 2026, planned for up to 8GW total, first 2GW phase targeted online H1 2028). Nvidia Vera Rubin chips, reported to come online 'late' 2027. Neither Nscale nor Anthropic has issued an official press release or SEC filing confirming the deal; it is entered at status reported (excluded from binding aggregates) rather than binding, per the ledger's rule for stories two or more tier-1 outlets independently confirm without a primary source. Nscale filed for a US NYSE listing (ticker NSCL) around 2026-09-18 and press coverage of that filing describes the Anthropic lease anchoring its contracted backlog, but as of this row's 2026-10-12 recheck no S-1/F-1 text naming Anthropic or stating deal terms could be independently located and read, so that filing is not counted as the needed primary confirmation yet. Revisit and flip to binding once the registration statement itself can be read and confirms the deal.

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.

Volta Infra (Provider) · Anthropic (Buyer)

Value

$10B

Capacity / term

133 MW · 6y

$12.53M per MW-year

First revenue

2026-12

Sources

[1] primary[2] tier-1

Promoted from candidates.json (id volta-anthropic-compute-agreement-2026-08, added 2026-08-28) now that a primary source exists for the deal terms: Volta's own launch press release, not just Bloomberg's sourced report. The candidate entry is removed since the row now carries the same verification standard as every other row (one primary plus one tier-1, per CLAUDE.md's figure-verification rules), with the counterparty-identification caveat carried in flags.conditions rather than left as an open blocker. Backfilled a month late: the branch that first promoted this row could not be merged once main's history moved past its base, so recorded is set to the actual entry date. Re-checked against the same primary sources on 2026-10-12; nothing material had changed.

Conditions: Six-year, $10B compute services agreement, the anchor deal of Volta's stealth-exit launch (alongside a separate, distinct $5B AI Infrastructure Program financing facility with Azora that is not part of this deal). Capacity comes from the Bitdeer-owned Tydal, Norway campus that Volta itself leases under bitdeer-volta-tydal-lease-2026-08 (133MW gross/121MW IT, phase 1 online 2026-12-31, phase 2 2027-03-31); this row is the compute-services layer Volta sells on top of that leased real estate, not a restatement of the lease. Volta's own press release names only an 'unnamed AI Lab' as the counterparty; Bloomberg (citing people familiar with the matter) identified the customer as Anthropic the same week, the same primary-terms-plus-tier1-identification pattern already used for riot-anthropic-rockdale-lease-2026-08. As of this row's 2026-10-12 recheck, neither Volta nor Anthropic has since named the customer directly.

AMD (Financier) · Anthropic (Buyer)

Value

up to $5B

Capacity / term

n/a

First revenue

not disclosed

Sources

[1] primary[2] tier-1

Companion equity row to amd-anthropic-gpu-deployment-2026-07, split per the ledger's convention for combined commercial-plus-investment announcements (see the Jane Street-CoreWeave and Microsoft/Nvidia-Anthropic rows for the same pattern). Backfilled a month late for the same reason as its companion row: the branch that first added it could not be merged once main's history moved past its base.

Conditions: AMD's strategic equity investment of up to $5B in Anthropic, announced the same day as the companion GPU deployment row (amd-anthropic-gpu-deployment-2026-07). Neither company disclosed milestone terms or a share count/strike price. Circular: the customer's chip supplier is also its investor.

AMD (Provider) · Anthropic (Buyer)

Value

not disclosed

Capacity / term

2 GW

First revenue

2027

Sources

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

Gap found while researching candidates the week of 2026-09-11: a well-sourced, ledger-scale July deal that had never been entered. AMD's second-largest AI-lab GPU commitment after its OpenAI arrangement, and Anthropic's first large AMD deployment alongside its Nvidia and Google TPU fleets. Backfilled here a month late: the branch that first added this row could not be merged once main's history moved past its base, so recorded is set to the actual entry date, not the research date. Re-checked against the same primary sources on 2026-10-12; nothing material had changed.

Conditions: Strategic partnership to deploy up to 2 gigawatts of AMD Instinct MI450 Series (MI455X) GPUs in AMD Helios rack-scale solutions with EPYC 'Venice' CPUs and Pensando networking, running AMD ROCm; builds on Anthropic's existing MI355X deployment. First 1GW begins deploying in H1 2027. No chip-purchase dollar figure was disclosed by either company (media estimates of 'tens of billions of dollars' are not company-stated, so amount_usd is left null); the 2,000MW capacity figure alone clears the ledger's inclusion threshold. Companion row: amd-anthropic-equity-2026-07 (AMD's up-to-$5B equity investment, announced the same day). Circular: the chip supplier is also taking an equity stake in its own customer.

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.