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Wire · Power · Anthropic

W.049Anthropic agreed to pay $3.4B for 1.7 GW of gas generators a Texas developer had ordered from Caterpillar. That is about $2,000 a kilowatt, and nearly as much as Caterpillar’s power generation sales in a quarter

Anthropic bought commitments for 1.7 GW of heavy-duty gas-fired generators from OnePWR Solutions for $3.4B in late September, the Financial Times reported on November 8. OnePWR, a Texas developer, had ordered the equipment from Caterpillar about two years earlier. That is about $2,000 a kilowatt; the deal also includes engineering and construction capabilities to install the equipment. It is nearly as much as Caterpillar’s Power Generation sales in the third quarter.

· Run 19 · Wire
Deal value
$3.4B
for 1.7 GW of gas generators
Per kilowatt
$2,000
between Entergy’s gas plants for Meta and Lazard’s range
Against Caterpillar
99%
of its $3.42B of Q3 power generation sales
Against Anthropic’s cash
2.6%
of $131.8B in cash and short-term investments

The deal

Anthropic took over another company’s place in the queue. OnePWR Solutions, a San Antonio developer of on-site power, ordered generators from Caterpillar about two years ago and needed financing to complete the purchase, the FT reported, citing a person familiar with the matter. Anthropic had planned to become a OnePWR customer and instead took over the orders. The deal also includes engineering and construction capabilities to install the equipment; the FT did not say how the price splits between equipment and that work. Anthropic did not buy OnePWR, and no staff moved. The FT did not report where the generators will go, and neither company commented.

Timing is what the money buys. The equipment was ordered before prices rose and is available in the near term and over the next two years, according to the FT as relayed by FourWeekMBA. Caterpillar said on its October 29 call that it is taking some large-engine orders for delivery as far out as 2029, and turbine orders into 2030. GE Vernova counts 122 GW of gas turbine backlog and slot reservations and expects its full-year 2026 gas orders to be priced about 50% higher per kilowatt than 2025’s.

The capacity is larger than OnePWR described in February. Then it said it held more than 400 MW of generation equipment and expected more than 800 MW over 24 months, more than 1.2 GW together. The FT reports 1.7 GW. Neither says whether the February equipment is the same as the Caterpillar orders, and neither names the engine or turbine models.

About $2,000 a kilowatt sits among recent gas plant costs

Capital cost, dollars per kilowatt of capacity. Anthropic–OnePWR: $3.4B ÷ 1.7 GW (FT); the deal includes engineering and construction capabilities, and whether installation is in the price is not reported. Entergy Louisiana for Meta: $3.2B for three combined-cycle plants, 2,262 MW, approved August 2025. Canady’s: Dominion and Santee Cooper, about $5B for 2,180 MW, excluding pipelines (IEEFA). Lazard: combined-cycle capital cost range, June 2025, as cited by IEEFA; the outlined part is the range. AEP for Google: about $4B for 702 MW of Bloom fuel cells, October 2026. The items differ in scope: generators, whole plants and fuel cells; the scopes are not fully disclosed, and AEP did not break down its $4B. Rounded to the nearest $10.

0$2,000$4,000$6,000Anthropic–OnePWR1.7 GW of gas generators; deal includes engineering and constructionAnthropic–OnePWR, 1.7 GW of gas generators; deal includes engineering and construction: about $2,000 per kW$2,000Entergy for Metathree combined-cycle plants, 2,262 MW, approved Aug 2025Entergy for Meta, three combined-cycle plants, 2,262 MW, approved Aug 2025: about $1,410 per kW$1,410Canady’s plantDominion / Santee Cooper, 2,180 MW, excl. pipelinesCanady’s plant, Dominion / Santee Cooper, 2,180 MW, excl. pipelines: about $2,290 per kW$2,290Lazard, combined cyclecapital cost range, June 2025, per IEEFALazard, combined cycle, capital cost range, June 2025, per IEEFA: $2,400–$2,600 per kWLazard, combined cycle: up to $2,600 per kW$2,400–$2,600AEP for GoogleBloom fuel cells, 702 MW, Wyoming, Oct 2026AEP for Google, Bloom fuel cells, 702 MW, Wyoming, Oct 2026: about $5,700 per kW$5,700
0$2,000$4,000$6,000Anthropic–OnePWR1.7 GW of generatorsAnthropic–OnePWR, 1.7 GW of generators: about $2,000 per kW$2,000Entergy for Meta2.26 GW combined cycle, 2025Entergy for Meta, 2.26 GW combined cycle, 2025: about $1,410 per kW$1,410Canady’s plant2.18 GW, South CarolinaCanady’s plant, 2.18 GW, South Carolina: about $2,290 per kW$2,290Lazard, combined cyclerange, June 2025Lazard, combined cycle, range, June 2025: $2,400–$2,600 per kWLazard, combined cycle: up to $2,600 per kW$2,400–$2,600AEP for Google702 MW fuel cells, 2026AEP for Google, 702 MW fuel cells, 2026: about $5,700 per kW$5,700

Against the supplier and the buyer

One order nearly matches a quarter’s power generation sales at Caterpillar. Caterpillar’s Power Generation sales were $3.42B in the third quarter, 30% more than a year earlier, driven by turbines and large reciprocating engines mostly for data centers. The $3.4B deal is 99% of that, though it is with OnePWR, not Caterpillar, includes engineering and construction capabilities and covers equipment available over about two years. Caterpillar said on its call that its backlog was a record of about $78B.

For Anthropic it is small. The deal is 2.6% of the $131.8B in cash and short-term investments Anthropic reported at September 30 in its amended IPO filing, and 0.38% of the $895.4B it has committed to spend, mostly on computing, through 2045. $69.8B of those commitments fall due within a year. The FT reported that Anthropic’s monthly payments to SpaceX for leased computing are expected to reach $3.1B by year-end, about $37.2B a year at that rate.

AI labs are buying power equipment directly. The FT compared the deal with xAI’s purchase of mobile gas turbines for $2B earlier this year and Alphabet’s purchase of the energy developer Intersect in late 2025. Meta’s Louisiana campus will run on three gas plants Entergy is building for it.

The deal is nearly as large as Caterpillar’s power generation sales in a quarter

$ billions. Caterpillar Power Generation sales (part of its Power & Energy segment), third quarter of 2025 and of 2026, as reported on October 29. Anthropic–OnePWR: the $3.4B the FT reported, a deal with OnePWR, not Caterpillar, that also includes engineering and construction capabilities.

0$1B$2B$3B$4BCaterpillar Q3 2025, Power Gen sales: $2.63B$2.63BCaterpillar Q3 2025Power Gen salesCaterpillar Q3 2026, Power Gen sales: $3.42B$3.42BCaterpillar Q3 2026Power Gen salesAnthropic–OnePWR, one deal, Sep 2026: $3.4B$3.4BAnthropic–OnePWRone deal, Sep 2026
0$1B$2B$3B$4BCat Q3 ’25, Power Gen sales: $2.63B$2.63BCat Q3 ’25Power Gen salesCat Q3 ’26, Power Gen sales: $3.42B$3.42BCat Q3 ’26Power Gen salesAnthropic, deal: $3.4B$3.4BAnthropicdeal

Against Anthropic’s own figures it is a small item

$ billions. Generator deal: as reported by the FT. Q3 revenue, commitments due within 12 months of September 30 and cash and short-term investments at September 30: Anthropic’s amended S-1, as read by sec-api.io. SpaceX payments: the FT’s expected $3.1B a month by year-end, times 12; a rate, not a reported annual figure. Total commitments of $895.4B through 2045 are off the scale.

0$35B$70B$105B$140BGenerator dealreported by the FT, Nov 8Generator deal, reported by the FT, Nov 8: $3.4B$3.4BQ3 2026 revenuethree months to Sept 30, S-1/AQ3 2026 revenue, three months to Sept 30, S-1/A: $17.0B$17.0BSpaceX paymentsexpected $3.1B a month by year-end, × 12SpaceX payments, expected $3.1B a month by year-end, × 12: $37.2B$37.2BCommitments duedue within 12 months of Sept 30Commitments due, due within 12 months of Sept 30: $69.8B$69.8BCash and investmentscash and short-term investments, Sept 30Cash and investments, cash and short-term investments, Sept 30: $131.8B$131.8B
0$35B$70B$105B$140BGenerator dealFT, Nov 8Generator deal, FT, Nov 8: $3.4B$3.4BQ3 2026 revenueS-1/AQ3 2026 revenue, S-1/A: $17.0B$17.0BSpaceX payments$3.1B a month × 12SpaceX payments, $3.1B a month × 12: $37.2B$37.2BCommitments duewithin 12 monthsCommitments due, within 12 months: $69.8B$69.8BCash and investmentsshort-term, Sept 30Cash and investments, short-term, Sept 30: $131.8B$131.8B
The figures behind the charts
ItemAs ofValue
Anthropic–OnePWR, $ per kW (derived)Sep 2026$2,000
Entergy for Meta, $ per kW (derived)Aug 2025$1,410
Canady’s, $ per kW (derived)Apr 2026$2,290
Lazard combined cycle, $ per kWJun 2025$2,400–$2,600
AEP fuel cells for Google, $ per kW (derived)Oct 2026$5,700
Caterpillar Power Generation sales, Q3 2025 / Q3 2026Oct 29$2.634B / $3.421B
Anthropic cash and short-term investmentsSep 30$131.8B
Anthropic commitments: 12 months / by 2030 / totalSep 30$69.8B / $447.5B / $895.4B

What this changes on 06.ai

  • Anthropic compute pack: the filing names data center and power developers among its unconsolidated interests; 1.7 GW of its own generation is a new line to set against the gigawatts the pack assumes Anthropic lines up, once sites are known.
  • A power-equipment price series is worth keeping: dollars per kilowatt for each disclosed AI-lab or hyperscaler generation deal (this one, AEP–Google, Entergy–Meta), with what each price includes.
  • Watch Anthropic’s next filing for the deal as a commitment or a capital expense, and for where the generators are installed.

Sources and method

ItemFigureSource
DealCommitments for 1.7 GW of heavy-duty gas-fired generators for $3.4B from OnePWR Solutions, late September; the deal includes engineering and construction capabilities to install the equipment; OnePWR had ordered from Caterpillar about two years earlier and needed financing; Anthropic did not buy OnePWR; xAI bought mobile gas turbines for $2B earlier this yearFinancial Times, via Investing.com, Nov 8
DealSame report, as carried by Reuters; the FT reported the deal on SundayReuters, via MarketScreener, Nov 8
DealThe equipment was ordered before prices rose and is available in the near term and over the next two years (FT); neither company commentedFourWeekMBA, Nov 8
OnePWRBehind-the-meter power developer with in-house engineering and construction; more than 400 MW of generation equipment in inventory and more than 800 MW expected over 24 monthsOnePWR release, Feb 3, 2026
CaterpillarPower Generation sales $3.421B in Q3 2026 against $2.634B a year earlier, on turbines and large reciprocating engines, mainly for data centersCaterpillar Q3 release, Oct 29 (SEC)
CaterpillarRecord backlog of about $78B; taking some large-engine orders as far out as 2029 and turbine orders into 2030; large-engine capacity to reach nearly three times 2024’s by 2030Caterpillar Q3 call, Oct 29 (transcript)
AnthropicCommitments $895.4B, of which $69.8B due within 12 months and $447.5B by the end of 2030; cash and short-term investments $131.8B at Sept 30; Q3 revenue $16.96BAnthropic S-1/A, read by sec-api.io
AnthropicThe amended registration statementSEC EDGAR, S-1/A
MetaThree combined-cycle plants, 2,262 MW, about $3.2B, approved Aug 20, 2025S&P Global, Aug 20, 2025
MetaThe Entergy plants are combined-cycle combustion turbine facilitiesIndustrial Info, Aug 2025
ComparatorsCanady’s: 2,180 MW for $5B excluding pipelines; Lazard 2025 combined-cycle capital cost about $2,400–2,600/kWIEEFA, Apr 2026
AEPAbout $4B for 702 MW of Bloom fuel cells serving Google near CheyenneAEP release, Oct 14 (via Webull)
GE VernovaGas backlog 64 GW plus 58 GW of slot reservations; Turbomachinery, Oct 28
GE VernovaExpects full-year 2026 gas orders to be priced about 50% higher per kilowatt than 2025’sGE Vernova Q3 call, Oct 28 (transcript)

We read the FT’s report through Reuters and other syndications. Per kilowatt: 3400 ÷ 1700 × 1,000 = 2000; 3200 ÷ 2262 × 1,000 = 1415; 5000 ÷ 2180 × 1,000 = 2294; 4000 ÷ 702 × 1,000 = 5698 ($ millions ÷ MW, in $ per kW). AEP gave a total, not a per-kilowatt figure. OnePWR in February: 400 + 800 = 1200 MW. Caterpillar: 3.421 ÷ 2.634 − 1 = 29.9%; 3.4 ÷ 3.421 = 99.4%. Charts and table round dollars per kilowatt to the nearest $10. The backlog figure is from the call transcript; the release says only that backlog was a record. Anthropic: 3.4 ÷ 131.8 = 2.58%; 3.4 ÷ 895.4 = 0.38%; 3.1 × 12 = 37.2 ($B). The S-1/A figures are as read by sec-api.io; GE Vernova: 64 + 58 = 122 GW.

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Wire reports are written within hours of the news, on a six-hour schedule. Each lists its sources and shows the arithmetic behind its figures. Not investment advice.