The AI race has reached a point where having the best model is no longer enough. The real competition is now about who can secure enough computing power to keep improving those models.
That is exactly why the latest reports around Anthropic and Meta have caught everyone’s attention.
According to multiple reports, Anthropic is in early discussions to lease AI computing capacity from Meta in a deal that could be worth up to $10 billion over two years. While nothing has been finalized yet, the talks reveal how valuable AI infrastructure has become.
Interestingly, this news comes just as Anthropic is also preparing for what could be one of the biggest IPOs in AI history.
Why Does Anthropic Need Meta?
Training and running advanced AI models requires enormous amounts of computing power.
The biggest bottleneck today is not ideas.
It is access to high-end AI chips, especially Nvidia GPUs.
Anthropic has already acknowledged that limited compute capacity has forced it to restrict usage of some of its most advanced models. As demand for Claude continues to rise among businesses and developers, securing additional infrastructure has become a priority.
If Meta agrees to lease computing capacity, Anthropic would make regular monthly payments over two years, with both companies having the flexibility to end the agreement before it expires.
The discussions are still at a very early stage, and there is no certainty that a final agreement will happen.
A New Business Opportunity for Meta
This deal is not only important for Anthropic.
It could also open a completely new revenue stream for Meta.
Meta has spent aggressively building AI infrastructure over the past few years. Reports suggest the company could invest as much as $145 billion in capital expenditure during 2026, with a large portion dedicated to AI data centers and computing infrastructure.
CEO Mark Zuckerberg has previously indicated that Meta is exploring ways to monetize this infrastructure beyond its own AI products.
Instead of using every server solely for internal projects, Meta could rent excess computing power to other AI companies, much like cloud providers rent computing resources today.
If successful, this would help investors see a clearer financial return on Meta’s massive AI investments.
Anthropic Is Already Spending Billions on Compute
The Meta discussions are not happening in isolation.
Anthropic has already signed an enormous infrastructure agreement with SpaceX.
That deal reportedly commits Anthropic to paying $45 billion over three years for computing resources at SpaceX’s Colossus data center.
That works out to roughly $1.25 billion every month.
Adding Meta as another infrastructure partner would reduce dependence on a single supplier while giving Anthropic access to even more computing capacity.
For AI companies today, compute has become as critical as electricity.
The Bigger Story Is Anthropic’s IPO
At the same time, Anthropic is quietly preparing for a public listing that many expect could happen as early as October, subject to regulatory approvals and market conditions.
The company confidentially filed its registration documents with US regulators earlier this year.
Several of Wall Street’s biggest investment banks, including Morgan Stanley, Goldman Sachs and JPMorgan Chase, are reportedly leading the IPO process.
Right now, bankers are meeting institutional investors to understand how much demand exists and what valuation the market may be willing to support.
These discussions help determine pricing before shares are officially offered to the public.
The Numbers Are Turning Heads
Anthropic’s financial growth has surprised even seasoned technology investors.
Some reported highlights include:
- Annualized revenue grew from around $9 billion at the end of 2025 to approximately $47 billion by May 2026.
- Claude Code, the company’s AI coding product, has become one of its fastest-growing businesses.
- Anthropic’s latest private funding round reportedly valued the company at around $965 billion.
If that valuation holds, Anthropic could become one of the most valuable technology companies ever to go public.
Why Being First Matters
Anthropic is not the only AI company considering an IPO.
OpenAI has also reportedly filed confidential paperwork.
However, recent reports suggest OpenAI may wait until 2027 before listing publicly.
That creates an opportunity for Anthropic.
Being the first major AI model developer to enter public markets could give it several advantages:
- Set the valuation benchmark for future AI companies.
- Capture investor interest while enthusiasm remains strong.
- Raise significant capital before market conditions potentially become less favorable.
The first successful IPO often shapes investor expectations for every company that follows.
There Are Still Big Challenges
Despite the excitement, investors will also pay close attention to the risks.
Some important questions remain:
- Infrastructure costs remain extremely high.
- The company is investing billions every year in computing capacity.
- Profitability is still expected to take time.
- Public investors will closely examine how much reported revenue has actually been recognized versus future contracted business.
Strong revenue growth is encouraging, but public markets usually expect greater transparency than private investors.
What This Says About the AI Industry
Perhaps the biggest takeaway is how the AI landscape is changing.
A year ago, most conversations focused on better chatbots and smarter models.
Today, the conversation has shifted toward something much more fundamental.
Who owns the infrastructure?
Who controls the GPUs?
Who can supply enough computing power to support the next generation of AI?
Those questions are becoming just as important as building the models themselves.
Companies that invested early in AI infrastructure are now discovering that those investments may become profitable businesses on their own.
What Investors Should Watch Next
Over the coming months, several developments will be worth following:
- Whether Meta and Anthropic finalize their computing agreement.
- Updates on Anthropic’s IPO timeline.
- Investor reaction to its valuation and financial disclosures.
- Whether more technology companies begin renting AI infrastructure instead of building everything themselves.
- How competitors like OpenAI, Google and Microsoft respond as demand for AI computing continues to grow.
The AI race is no longer only about building smarter models.
It is increasingly becoming a race to secure the computing power needed to run them.
And that may end up being one of the biggest investment themes of the next decade.