Anthropic negotiates 1-GW data center: Which infrastructure stocks benefit from AI boom

AI company Anthropic, backed by Amazon, is negotiating with Stream Data Centers over leasing up to one gigawatt of computing capacity. According to information from The Information dated September 22, 2026, the discussions are in an early and preliminary phase. Data center developers told The Information that the capital requirement for full expansion to one gigawatt is around 40 billion US dollars. This sum represents the construction cost for the capacity, not the value of the lease agreement.

Stream Data Centers is majority-owned by Apollo Global Management. What is special about the structure: according to reports, Google is to serve as credit guarantor for the lease payments. No agreement has been signed to date, and none of the companies involved has officially confirmed the negotiations.

Three-party structure between Anthropic, Apollo, and Google

The potential agreement shows an unusual constellation between three parties: Anthropic as tenant, Stream Data Centers as operator, and Google as possible guarantor. According to Four Week MBA's analysis, the significance lies less in the gigawatt figure itself than in this structure.

A credit guarantee serves as a standalone product in infrastructure deals. When a data center developer provides capital for a project on a gigawatt scale, they must secure the tenant's payment capacity over many years. If the tenant's credit profile is insufficient, a third party with stronger creditworthiness typically steps in as guarantor. Who takes on this guarantee provides insight into the relationships among the parties involved.

Hardware configuration still open

The planned facilities are expected to be equipped with Google's Tensor Processing Units (TPUs) and Broadcom chips. However, NVIDIA GPUs or other AI chips remain options on the table. The final hardware configuration has not been determined since no contract has been concluded.

One gigawatt of power corresponds to the capacity required to operate hundreds of thousands of high-performance AI chips. Such scales signal growing infrastructure needs for training and operating large language models.

Open questions about contract structure

Key details of the agreement remain unclear. Neither the lease value, contract term, location of data centers, nor start date are known. The scope and amount of credit guarantee required by Google have also not been specified.

All sources consistently emphasize the preliminary nature of the discussions. Negotiations at this stage can fail or be fundamentally reshaped before an agreement is reached.

Infrastructure stocks in focus for investors

The project illustrates the ongoing trend toward direct control over computing infrastructure at AI companies. Rather than relying exclusively on cloud providers, companies like Anthropic are negotiating their own or exclusively leased capacity.

For investors, several segments come into focus:

• Data center developers: Companies like Apollo Global Management, which realize major projects through subsidiaries like Stream Data Centers, benefit from long-term lease agreements with stable cash flows.
• Chip manufacturers: NVIDIA, Broadcom, and Google develop specialized processors for AI workloads. Demand for TPUs and GPUs grows with each new data center project.
• Server infrastructure: Providers of server and storage solutions for AI data centers such as Super Micro Computer are generally regarded as beneficiaries of such projects. However, the reports on this project do not name specific suppliers.
• Power supply: One gigawatt of power requires significant investment in power supply, cooling, and network connections. Infrastructure companies in the energy sector could benefit indirectly.

Broader market development

The Anthropic project exemplifies a shift in the AI sector. While hyperscalers like Amazon Web Services, Microsoft Azure, and Google Cloud remain the primary providers of computing capacity, specialized AI firms are seeking ways to reduce their dependence and better control costs.

The willingness to invest billions in dedicated infrastructure demonstrates the expected long-term nature of the AI boom. At the same time, the discussed credit guarantee by Google shows what financial risks are involved in such major projects – a guarantee has so far only been reported, not confirmed.

Assessment for investors

The estimated capital requirement of around 40 billion dollars makes clear the scale of AI infrastructure expansion. For investors in the DACH region, this gives rise to several considerations:

First, established data center REITs (Real Estate Investment Trusts) and infrastructure funds should benefit from rising demand. Second, chip manufacturers remain direct beneficiaries, even if valuations have already risen significantly. Third, suppliers for cooling, power supply, and network technology are gaining in relevance.

However, the early stage of negotiations calls for caution regarding short-term speculation. Concrete investment decisions require binding contract agreements, not preliminary discussions.

The DAX closed on September 22, 2026 at 25,695 points, up 0.21 percent. The movement reflects overall stable market sentiment, while technology and infrastructure stocks remain in investors' focus.