Anthropic in Talks on Up to $10B Meta Compute Lease Ahead of Potential IPO, Spotlighting Crypto Data Center Demand

Anthropic is negotiating a potential lease of up to $10 billion in computing capacity from Meta Platforms as it accelerates efforts to scale ahead of a possible IPO. Deal talks Reuters, citing The New York Times, said Anthropic in June proposed a two-year agreement to rent Meta's compute capacity, paying monthly fees for access. The structure would allow either side to exit before the two-year term ends. The deal is not finalized and key terms remain under discussion. If completed, the arrangement would give Anthropic access to Meta's large base of chips and data center capacity to train and run advanced AI models—a core input for large-model developers. For Meta, leasing out capacity would monetize infrastructure built for its own AI ambitions and create a new revenue stream beyond advertising, while putting it in more direct competition with third-party compute providers such as CoreWeave and Nebius. Why crypto and infrastructure players are watching The proposal highlights the premium on physical compute and power. The same constraints that shape crypto mining economics—chips, electricity, and rack space—are increasingly dictating the pace of AI expansion. That context also helps explain why Anthropic's separate 20-year data center lease with Bitcoin miner TeraWulf has drawn attention: miners' facilities and power arrangements can be adapted to host AI hardware, creating overlap between crypto infrastructure and AI compute demand. Anthropic's approach, pairing potential capacity leases from hyperscalers like Meta with long-duration agreements such as the TeraWulf lease, suggests AI developers are building diversified compute supply to improve resiliency and support rapid scaling. The ultimate financial and operational impact will hinge on final terms and actual utilization. IPO timeline and other developments Bloomberg reported Anthropic is preparing for a potential public listing, with banks arranging investor meetings that could support an IPO as soon as October, subject to market conditions and Anthropic's decision. A listing in October would likely come ahead of any OpenAI IPO; Bloomberg has tied OpenAI to a 2027 timeframe. Chinese AI developer DeepSeek is also said to be considering a future IPO, potentially positioning Anthropic among the first major new-generation AI model makers to go public. Separately, Anthropic recently received U.S. government approval to restore access to its Mythos 5 model for select companies and federal agencies, signaling growing commercial and public-sector adoption as it builds infrastructure and investor interest. Bottom line A potential $10 billion compute lease with Meta, alongside long-term commitments such as the TeraWulf lease and renewed access to Mythos 5, underscores how leading AI firms are locking in scarce physical compute. For crypto infrastructure operators, the trend points to expanding demand for data center space and power—and a tighter linkage between mining and AI hosting economics as both compete for the same constrained resources.